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For Vietnam, the data economy is opening up a highly promising new space for development. At the third meeting in 2026 of the Government Steering Committee for Science and Technology Development, Innovation, Digital Transformation, and Project 06, Prime Minister Le Minh Hung emphasized: “Data and artificial intelligence are not merely tools; they are core resources and driving forces that lead the digital transformation process and create breakthroughs for the national economy.” This message demonstrates that data has been placed at the center of the country's development strategy in the new era.

Illustrative photo.

According to the e-Conomy SEA 2025 report published by Google, Temasek, and Bain & Company, Vietnam’s digital economy is expected to contribute more than USD 72 billion, equivalent to approximately 14% of national GDP, by 2025. With a growth rate of 17% compared to the previous year, Vietnam is currently one of the fastest-growing digital economies in Southeast Asia. Numerous studies forecast that by 2030, data could contribute approximately USD 79 billion to GDP and generate up to USD 80 billion in revenue for the economy.

According to Dr. Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy Research, data should be viewed as a new factor of production in the modern economy, similar to capital, labor, or technology. He argues that the value of data lies not in its storage but in its ability to circulate and be effectively utilized throughout the digital economy. When shared, connected, and properly used, data can create new business models, improve labor productivity, and promote large-scale innovation.

Vietnam possesses numerous advantages that enable it to participate more deeply in this race. First is its population of nearly 100 million people, coupled with one of the highest rates of internet and smartphone usage in the region. E-commerce, digital payments, social media, and online platforms generate enormous volumes of data every day, providing a vital source of raw material for the development of digital services and artificial intelligence applications. This is an advantage that not every country enjoys.

In addition, the legal framework governing data is gradually being improved. The Cybersecurity Law, along with regulations on personal data protection, has established an important foundation for safeguarding national data sovereignty. At the same time, many major domestic technology companies are accelerating investments in data centers, cloud computing, and digital infrastructure. Localities are also actively attracting foreign direct investment into high-tech sectors. In April 2026 alone, Ho Chi Minh City granted investment certificates to four high-tech projects with a combined value exceeding USD 1.23 billion, focusing on digital infrastructure and advanced technology development.

However, opportunities are always accompanied by significant challenges. In reality, the data economy is not merely a competition in storage capacity or the number of data centers. More importantly, it requires computing power, AI development capabilities, cybersecurity competence, and mastery of core technologies. If Vietnam focuses solely on building physical infrastructure and leasing storage space, it risks becoming a data-processing destination rather than a creator of high-value-added data products and services.

Another challenge lies in data sovereignty and security. As data becomes increasingly intertwined with financial activities, government operations, national security, and citizens’ daily lives, the risks of information leaks or dependence on foreign technologies could create long-term consequences. Therefore, developing “Make in Vietnam” technology platforms, AI ecosystems, and cybersecurity solutions is not only an economic imperative but also a mission to safeguard national digital sovereignty.

According to Dr. Nguyen Duc Hien, Deputy Head of the Central Policy and Strategy Commission, Vietnam is transitioning from the phase of digital transformation to what he calls “AI transformation,” in which data will become the core foundation of economic growth. He estimates that AI could contribute approximately USD 120-130 billion to Vietnam’s economy by 2040. However, alongside this potential come increasing risks related to cybersecurity, data breaches, and challenges arising from the processing of massive amounts of data in finance, banking, and digital platforms.

To realize its ambition of becoming a leading “Data Powerhouse” in Asia by 2045, Vietnam must develop three pillars in a synchronized manner: digital infrastructure, digital human resources, and digital institutions. Digital infrastructure should encompass 5G and 6G networks, data centers, cloud computing, and the Internet of Things. Digital human resources should focus on data science, artificial intelligence, and cybersecurity. Meanwhile, digital institutions must create a favorable environment for data sharing, privacy protection, and innovation. Once these three pillars are firmly established, data will truly become a new engine of growth, enabling Vietnam to enhance its competitiveness and strengthen its position on the global digital economic map.

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