Vietnam unveils National Data Development Fund

THE HANOI TIMES — Vietnam established the National Data Development Fund to accelerate the development and utilization of national data effectively.

The fund will advance technologies such as AI, big data, and the Internet of Things (IoT) to improve public administration, national interests, and socioeconomic development.

It prioritizes the use of data in the national digital transformation agenda, especially in rural, mountainous, and economically disadvantaged regions.

It will also support scientific research, technological innovation, and creative activities centered on data.

The fund seeks to build a robust ecosystem of data professionals, researchers, technology organizations, and industry associations in both domestic and international markets.

Businesses and individuals working on innovative data solutions, data security, technology transfer, and the development of applications that contribute to public service and national development will receive financial backing.

Moreover, the fund will support organizations that provide public services for resolving data security incidents and managing critical data assets related to national defense, security, and foreign relations.

Initially, the fund will be backed by VND1 trillion (US$38.4 million) from the state budget, and it will be replenished annually based on fiscal conditions to maintain this level.

Additional funding will come from interest income, service revenues, grants, donations, and other lawful sources contributed by individuals and organizations.

Financial donations can be made via direct transfer or bank deposit to the fund’s official commercial account. In-kind contributions and other forms of support will be accepted based on mutual agreement and documented in formal records.

Entrusted funds will be transferred to the fund’s designated account in Vietnamese dong or foreign currencies.