On November 30, the National Assembly approved the Data Law, including a provision to establish a data exchange platform aimed at fostering research, entrepreneurship, and innovation. The platform will also facilitate the trading and sharing of data to support economic and social development.

The platform, referred to as the "data exchange," will serve as a hub for data resources and related services. It is designed to: Support research and innovation; Offer data-related products and services for economic and social development; Enable transactions and exchanges involving data and associated services.

Only public entities and state-owned enterprises that meet service provision criteria and obtain official licensing will be allowed to operate data exchanges.

Certain types of data, such as those compromising national defense, security, or foreign relations, or those without the consent of data owners (unless otherwise legally permitted), will not be eligible for trading.

The law also establishes principles for cross-border data transfers. It allows individuals, organizations, and entities to: Freely transfer data from abroad to Vietnam; Process foreign data within Vietnam.

For critical or core data transfers, such as transferring locally stored data to foreign servers, the process must ensure compliance with national security, public interests, and the legal rights of data owners under Vietnamese law and international agreements.

National Assembly delegates called for clarity on restricted data types, transfer protocols, and liability for data breaches. The law includes flexible, principle-based guidelines and assigns the government responsibility for detailing specific regulations to ensure adaptability to real-world challenges.

The establishment of the data exchange platform aligns with Vietnam's broader strategy to digitize its economy and society.

The new law aims to gradually build a functional data market, encouraging the development of data-related products and services while promoting digital transformation in various sectors.

The law also emphasizes ensuring data privacy and protecting sensitive information, with explicit prohibitions on trading data that could harm national interests or lacks proper authorization.

Tran Thuong