Technology industry

Vietnam’s digital technology industry law needs a legal framework for sandboxes and digital assets

The Ministry of Information and Communications has proposed to develop a law on the digital technology industry with new content.

At a recent workshop, Ms. To Thi Thu Huong, Deputy Director in charge of Information Technology Department, Ministry of Information and Communications, said that by the end of 2021, the revenue of computer and communications industry were estimated at 136 billion USD. , 22 times higher than in 2009.

There were 64,000 digital technology companies nationwide at that time. The industry’s average growth rate during 2015-2020 was twice the GDP growth rate, becoming one of the economic sectors with the fastest growing rate and largest scale in the country.

Huong said that the development of the digital technology industry law is suitable for the development of the computer industry, forming the digital technology industry when the trend of convergence between the fields of computer, telecommunications and communication shapes the IT and media industries, creating new activities, innovation, value creation and new markets.

The Digital Technology Industry Bill includes two groups of policies.

The first group of policies includes industrial activities, digital technology, digital technology products and services, sandboxing, management of artificial intelligence products, and management of major digital technology products and services.

The second group of policies is to ensure the development of digital technology industry, domestic digital technology products, digital data, high-performance computing center and cross-border business.

Deputy Minister of Information and Communications Pham Duc Long said that digital technology has come to life, so the development of the digital technology industry law needs a development corridor. The law will help promote digital technology and promote the development of Made in Vietnam products. To produce “Make in Vietnam” products and services, data is required and the data must be legal. The sandbox regulations also aim to promote the development of this industry and promote Made in Vietnam products and services.

The sandbox as a goal

The Digital Technology Industry Bill has been reported to the government and submitted to the National Assembly (NA) to be added to the NA agenda in 2023. In particular, the issue of digital assets and sandboxes received special attention.

The Vietnam Chamber of Commerce and Industry (VCCI) said digital assets include online accounts, email accounts, social media accounts and others. Digital assets, even though they are also civil law property, have a number of different characteristics compared to traditional types of property. However, at present, the legal system does not have basic regulations to be the basis for transactions, transfer of rights and obligations of these types of assets.

The VCCI proposed that the Digital Technology Industry Bill Compilation Committee set the basic principles for digital assets.

Mr. Nguyen Quang Dong, Director of the Institute for Communication Policy Research and Development, said that in 2021, the world chose NFT as the keyword of the year, but so far , Vietnam did not recognize or have any digital asset regulations.

“The Vietnam Digital Communications Association recommended that in the digital technology industry law, priority be given to solving two issues, including the sandbox mechanism and digital assets,” said Dong.

Nguyen Thanh Tuyen, Deputy Director of IT Department (Ministry of Information and Communications), said the bill will contain a definition of digital and virtual assets.

“We consider data as a resource, but who owns this resource? There is a need to have regulations allowing Vietnamese people to do business and profit from digital assets, instead of those assets held by giants These are the issues included in this bill,” Tuyen said.

The IT industry and the digital future will be one of the important drivers of economic development. Therefore, developing a comprehensive and appropriate legal framework in terms of incentives and support will create an important driving force for the development of this industry.

The Ha

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