Vietnam will have a data exchange

On the afternoon of November 30, with the majority of delegates present in agreement, the National Assembly passed the Data Law, which stipulates that the data floor is a platform providing data-related resources to serve research, startup development, innovation, etc.

Regarding the transfer and processing of cross-border data, the law stipulates that agencies, organizations and individuals are free to transfer data from abroad to Vietnam, process foreign data in Vietnam, and have their legitimate rights and interests protected by the State in accordance with the provisions of law.

Transferring core and important data includes: transferring data stored in Vietnam to data storage systems located outside of Vietnam.

Vietnamese agencies, organizations and individuals transfer data to foreign organizations and individuals in Vietnam. Vietnamese agencies, organizations and individuals use processing platforms outside of Vietnam to process data.

The transfer and processing of data as prescribed above must ensure national defense, security, protection of national interests, public interests, rights and legitimate interests of data subjects and data owners in accordance with the provisions of Vietnamese law and international treaties to which Vietnam is a member.

National Assembly deputies press the button to approve the bill. Photo: National Assembly

Chairman of the National Defense and Security Committee Le Tan Toi said that some opinions suggested clearly defining the types of data that are prohibited or restricted from being transferred abroad, the process of transferring data abroad, as well as the responsibility for compensation for damages when incidents occur in the transmission of this data. Some opinions suggested studying to classify data types, excluding data from foreign enterprises... to ensure the feasibility of the law.

Based on the opinions of National Assembly deputies, the National Assembly Standing Committee directed the study, review and revision of the name of this article to "transfer and process cross-border data" to ensure comprehensiveness. The drafting agency also supplemented and revised in the direction that agencies, organizations and individuals are free to transfer data from abroad to Vietnam, process foreign data in Vietnam, and have their legitimate rights and interests protected by the State in accordance with the provisions of law.

To ensure feasibility, suitability with practice and flexibility in the management process, the National Assembly Standing Committee proposed to only stipulate basic and principled contents in the bill and assign the Government to specify details.

In addition, the newly passed Law also specifically regulates data trading floors. Data trading floors are platforms that provide data-related resources to serve research, startup development, and innovation. The floor also provides data-related products and services to serve socio-economic development; it is an environment for trading and exchanging data and data-related products and services.

The organization providing data platform services is a public service unit or state-owned enterprise that meets the conditions for providing services and is licensed to establish. Data that is not allowed to be traded includes data that is harmful to national defense, security, foreign affairs, or cryptography; and data subjects do not agree, unless otherwise provided by law.

Some opinions agree with the establishment of a data exchange, however, it is suggested that only some basic principles for the data exchange should be stipulated and the Government should regulate them, with a roadmap suitable to Vietnam's reality.

In response to delegates' opinions, the National Assembly Standing Committee directed a review and revision in the direction of changing the name to "data floor", only regulating the basic content of the data floor and assigning the Government to specify the details of the content according to its authority.

Step by step establish a data market, promote the development of data-related products and services to promote digital transformation in industries and sectors of the economy, transform the communication method between state agencies and organizations, individuals and social relations in the digital environment.

Deputy Prime Minister: Data Law will make important contributions to socio-economic development

According to Deputy Prime Minister Le Thanh Long, when the Data Law is passed by the National Assembly, it will make important contributions to socio-economic development, ensuring national defense and security, especially in the period of digital transformation and increased international integration.

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According to Minister of Information and Communications Nguyen Manh Hung, if Vietnam wants to become a developed socialist country with high income, it must be in the leading group in digital technology and digital technology industry.

Source: https://vietnamnet.vn/viet-nam-se-co-san-giao-dich-du-lieu-2347229.html