Proposal to assign the Ministry of Public Security to manage the Data Development Fund of over 1,000 billion VND

The Ministry of Public Security's submission stated that the draft decree aims to create a legal basis for the establishment, management and use of the National Data Development Fund. Attract and effectively use all investment resources for the development of science, technology, innovation and national digital transformation. Develop preferential policies to encourage businesses, especially small and medium enterprises, to invest in data development.

At the recent launching ceremony of the National Data Association, General Secretary To Lam emphasized that data is the "blood" of the digital economy. Photo: Nhat Bac

The Fund's operational objective is to support development activities and application of artificial intelligence, machine learning, cloud computing, blockchain, Internet of Things and other technologies in data processing to serve state management, national interests, public interests, and socio-economic development.

• Towards dataizing the economy

• Data is the "blood" of the digital economy

• General Secretary To Lam: State and private sector jointly invest in data infrastructure

Along with that, develop a network of experts, scientists, science and technology organizations, and data associations at home and abroad. Invest in businesses and individuals researching solutions to increase data protection, transfer data technology, innovate data, develop data-related technology applications to serve state management, national interests, public interests, and socio-economic development.

The Ministry of Public Security proposed that the Government establish a National Data Development Fund. The National Data Development Fund is a non-budgetary state financial fund, operating on a non-profit basis and managed by the Ministry of Public Security.

The Fund operates under a model similar to a single-member limited liability company with 100% of charter capital held by the State, according to separate regulations on organization and operating mechanism stipulated in this Decree.

Regarding the Fund's operating budget, the Ministry of Public Security proposed two sources, including the State budget and non-State budget. Of which, the State budget source providing capital for the Fund is at least 1,000 billion VND and is supplemented annually to ensure maintaining the level of 1,000 billion VND at the beginning of each fiscal year;

The state budget source used to provide the Fund is allocated from the source of expenditure for development investment; from the revenue of state-owned enterprises and public service units trading in data products and services after submitting to the state budget; from the revenue source of fees for exploiting and using data in national databases and specialized databases.

Non-state budget sources are collected from the Fund's operating results, including loan interest, loan guarantee costs, deposit interest and other revenues; sponsorship, aid, contributions and non-refundable gifts from organizations and individuals; other sources as prescribed by law.

According to the Ministry of Public Security, the Fund will support and reward organizations and individuals with achievements in the work of building, developing, protecting, managing, and processing data. Support organizations and individuals providing data to Party, State, Vietnam Fatherland Front, and socio-political organizations; support organizations providing public services to overcome consequences and handle incidents related to data security and safety.

Source: https://nld.com.vn/de-xuat-giao-bo-cong-an-quan-ly-quy-phat-trien-du-lieu-hon-1000-ti-dong-196250327081558926.htm