What is the role and strategic vision of the National Data Association in developing Vietnam’s data economy, particularly in providing data-related resources to support research, startups, and innovation?

At the First National Congress for the 2025-2030 tenure of the National Data Association, held on March 22, 2025, in a keynote address, Party General Secretary To Lam expressed his belief that the Association would become the “Home for Digital Knights” and a “Pioneer” in the implementation of Politburo Resolution No. 57 and other resolutions on science and technology, thereby helping Vietnam become a digital nation, with digital governance, a digital economy, and a digital society developed on a foundation of Vietnamese data that is “accurate, sufficient, clean, and livable.”

He also assigned seven key missions to the Association. These include conducting research and proposing improvements to the legal framework surrounding data; playing a core role in building, developing, utilizing, and enriching national data; proactively adopting, mastering, and gradually becoming self-reliant in core data technologies, particularly AI, big data, blockchain, and cloud computing; supporting the advancement of modern data infrastructure; strengthening international cooperation, learning from global experiences, mobilizing resources, and participating in global data initiatives; establishing effective enforcement and monitoring mechanisms; and ensuring data security by developing secure systems, products, and services, formulating data security standards, and nurturing an industry around data security.

Importantly, the Party General Secretary emphasized the Association’s role in several key programs and initiatives. These include developing a data market for sustainable development; building a national open AI platform; rapidly promoting data literacy among the general public; organizing innovation challenge competitions based on data; and continuously enhancing national capabilities in data technology self-reliance.

Its strategic vision is to collaborate with relevant agencies and organizations to gradually achieve sovereign, secure, and transparent control over data, thereby driving socio-economic development and safeguarding national sovereignty, interests, and cybersecurity in cyberspace.

The Association also emphasizes four core values of data. These are security and safety – ensuring data is not compromised, stolen, or manipulated by foreign forces or cybercriminals; innovation – enabling optimal data utilization to unlock innovation and create added value across economic sectors; responsibility – as data is tied to public and community interests, its use must comply with the law, respect ethics, protect privacy, and uphold cultural values; and collaboration – promoting consensus, knowledge sharing, and resource connectivity to build a comprehensive, sustainable, and internationally-competitive data ecosystem.

What is your perspective on the Association’s role in accelerating digitalization, transforming business models, and developing a sustainable data market?

With the mission of acting as a bridge between the State, businesses, and the community, the National Data Association plays an important role in fostering a dynamic, transparent, and sustainable data ecosystem. It contributes to connecting different economic stakeholders in participating in the data market and promotes the formation of a data economy ecosystem, in which data is recognized as an asset that can be valued, traded, and reused.

The Association represents the voice of businesses and the data community, protects the rights and interests of its members, and proposes mechanisms and policies to promote the development of the data industry. It contributes to building a transparent and consistent legal framework for the data economy, particularly in matters concerning data ownership, sharing, and personal data protection. It also plays a part in improving training capabilities and enhancing the quality of high-skilled data professionals.

It also participates in fostering innovation and technology transfer in the field of data, encourages the development of open data mining and analytics platforms, strengthens international cooperation, and facilitates the transfer of technology from developed data economies around the world.

As a national-level socio-professional organization, the National Data Association will actively engage in policy consultation and the improvement of laws and regulations related to data security and safety. It will continue to act as a bridge between the government, businesses, and citizens by organizing seminars, dialogues, and forums to share challenges in data management, research, teaching, business, application, and development. Through these platforms, the public can raise concerns regarding personal data protection, and State agencies can introduce upcoming policies, thereby contributing to the formation of a transparent and civil “culture of data use” and enhancing public trust.

The Association will take the lead in coordinating with government bodies, political system agencies, and the business community to research, develop, and implement solutions that ensure data security and safety, cybersecurity, and information safety in the face of increasing risks and challenges in today’s environment.

To realize its role, mission, and strategic vision, what key tasks will the Association focus on in the immediate future?

The Association will soon focus on collaborating with relevant agencies and organizations to effectively implement the strategic directions of Party General Secretary To Lam, with the following key priorities.

First, it will conduct research and make proposals to help improve the legal framework for data, creating favorable conditions for data to be collected, circulated, connected, shared, and fully utilized while still ensuring data security, safety, and sovereignty. It will participate in building institutions for data development, including data products and services, the data market, and the data economy. The Association will propose the establishment of ownership rights and the management, processing, valuation, and distribution of data. It will also review and recommend policies and mechanisms that encourage and incentivize investment in the data sector and market, especially the development of data application models. Furthermore, it will make recommendations to State agencies on introducing breakthrough policies to attract FDI from global technology corporations and on promoting the participation of domestic and international enterprises in startups and investment in Vietnam’s data market. At the same time, it will research and develop products and services that ensure data security and personal data protection.

Second, the Association will concentrate on developing four key categories of data: human data, location data, activity data, and object data, in order to serve socio-economic development, management, governance, and national defense and security.

Third, it will strengthen the application, mastery, and eventual autonomy of core data technologies, particularly AI, big data, blockchain, and cloud computing. It will focus on developing core data products as directed by the government, including the National Data Sharing and Coordination Platform, the National Data Exchange, the National Blockchain Platform, National Decentralized Identity Solutions, the National Email System, the National Virtual Assistant, the National High-Performance Computing Center, and the National Digital Asset Exchange.

Fourth, the Association will work to build modern and advanced data infrastructure that is proactively invested in to lay the foundation for digital transformation. It will concentrate resources on the operation of national databases and the four pillar datasets: human, product, location, and activity. Alongside the National Data Center, it will expedite the development and completion of databases that support digital economic and digital society development, especially in agriculture, industry, commerce, energy, cultural heritage, national monuments, social insurance, labor markets, education, healthcare, transportation, and natural resources and the environment.

Fifth, it will enhance international cooperation, learn from global experience, attract resources, and participate in global data initiatives. It will promote information exchange, knowledge sharing, and the application of advanced technologies; selectively absorb international best practices suited to Vietnam’s conditions; and gradually build a unique “Vietnam Data” brand based on set principles.

Sixth, the Association will build effective implementation and supervision mechanisms for data management. It will coordinate with relevant agencies and organizations to establish and operate a more synchronized and rigorous supervision system powered by advanced digital technologies to ensure full and effective legal compliance within the scope of the Association’s duties.

And seventh, it will develop systems and products for data security, foster data security services, and establish standards for data protection to form an industry dedicated to this field. It will enhance the safeguarding of data sovereignty and security by applying advanced digital technologies and participating in the formulation and refinement of regulations to prevent and counter any attacks, intrusions, or data theft targeting national or sectoral databases

The People’s Council of northern Thai Nguyen province has approved a project to build the Hanoi – Thai Nguyen – Cho Moi expressway under the Public – Private – Partnership (PPP) model.

The 100.69-km expressway will start from the intersection of the Ring Road No.3 in Hanoi and end at the Thanh Binh intersection in Cho Moi commune in  former Bác Kan province (now Thai Nguyen).

Total investment capital is estimated at VND16.789 trillion ($638 million). Of which, over VND5.3 trillion ($201 million) will be funded from the State budget.

The project consists of two sections. The first section is 61.2km long,  lasting from Hanoi to Thai Nguyen. It will have six lanes, allowing a maximum speed of 100 kph. The second, lasting from Thai Nguyen to Cho Moi commune, will have four lanes and allowing a maximum speed of 100 kph.

 

We’ve heard the phrase “China Plus One” mentioned during the ASEAN Conference 2025. From your perspective, how has that concept evolved?

The concept of “China Plus One” has been around for quite some time and Vietnam was that “one.” That’s why Vietnam became so significant. Many large corporations, including major banks like UOB, established a strong presence in Vietnam early on. There was already a deep trust in Vietnam’s stability and environment.

But today, it’s no longer just “China Plus One.” It’s “China Plus Plus Plus Plus… Vietnam.” Businesses aren’t just looking for one alternative location — they’re diversifying across multiple countries. Some say, “We can’t put everything in Vietnam,” so they add other locations like Malaysia.

Now, it’s no longer about country-level diversification alone. It’s about industrial corridors. In Vietnam, that might mean Ho Chi Minh City, Hanoi, the VSIP zones, and other industrial clusters. In Malaysia, it’s Johor, Penang, or Sarawak. So you’re seeing a full ecosystem developing across regions not just countries.

But this is just the beginning. Change is constant, and we’re going to see even more transformation going forward. We’re always looking for the next shift and that, in my view, is crucial.

What about the global economy and de-risking policies? Do you think de-risking is driving real business decisions in Asia?

There’s a very interesting perspective I heard recently that the global economy is now in a “de-risking era.” If you trace this back, the world since World War II has been driven by Americans taking the lead. And the rest of the countries all follow the way the American works..

Whether it’s trade rules, capital market flows, or regulatory frameworks, much of it has been defined by the United States. If you look at the global economic landscape today, the largest economy is the U.S., followed by China, then Europe (or Germany), and Japan.

Japan and Germany, for instance, emerged from World War II and were significantly rebuilt with American support. As a result, the American model of doing business was widely adopted.

A major turning point came when China joined the WTO. At that time, China made up just 2% of global GDP. Today, that figure is around 15%. That growth surprised the U.S. which still holds about 25% of global GDP and they began to push for a reset in global supply chains.

This shift has had a huge impact, particularly on ASEAN. Since around 2016 when anti-globalization sentiment began rising ASEAN has emerged as a strategic alternative. In terms of global FDI, ASEAN’s share rose from 6% in 2015 to 18% today. That’s a threefold increase. And we’re not talking about projected figures these are real flows, happening now.

How has ASEAN managed to maintain its economic appeal amid global uncertainties, especially the recent slowdown in China?

The slowdown in China is certainly being felt, but ASEAN has shown resilience through what I call a “cushioning effect” driven by the realignment of global supply chains. What sets ASEAN apart is its geopolitical neutrality and strong regional cooperation. Rather than taking sides, ASEAN remains committed to openness and collective stability under the “ASEAN Outlook,” positioning itself as a steady hub amid global uncertainty. That’s the region’s strength in a rapidly shifting world.

Last year, you described Vietnam as a “bright star” within ASEAN. What factors make Vietnam stand out in the eyes of foreign investors, especially in the current global context?

Vietnam has consistently attracted strong FDI over the past decade. Several factors contribute to this: a hardworking and well-educated labor force, a competitive cost structure, and a clear strategic position in the alternative supply chain. Labor remains affordable, and investors are increasingly viewing Vietnam as a reliable and efficient manufacturing base.

Do you believe Vietnam will continue to attract more foreign investment in the coming years?

Absolutely. Vietnam will remain on the radar of foreign investors.

Take VSIP the Vietnam Singapore Industrial Parks. Five years ago, there were just nine zones. Today, there are 18. That’s a huge jump. One key example is Nghe An, where we’re seeing rising FDI inflows and more companies setting up operations. It’s a strong indicator of investor confidence in Vietnam.

While no single country will dominate, Vietnam is set to capture a significant share alongside Indonesia and Malaysia. It’s all part of a broader diversification strategy. I see ASEAN as a whole benefiting from this trend, rather than individual countries competing in isolation.

Has UOB observed any shift in investor sentiment toward Vietnam in recent years?

Following the tariff-related announcements in April, we surveyed around 100 investors. About 90% said they had no intention of changing their plans in Southeast Asia, including Vietnam. That said, a more cautious tone has emerged. Investors are becoming increasingly prudent. Instead of purchasing land outright, they may choose to lease. Rather than investing $200 million at once, they might spread the investment over time.

Some are now considering contract manufacturing (OEM) as an initial step, instead of immediately establishing full production facilities. This is not a sign of withdrawal; it reflects a more risk-averse approach. However, we must be realistic—integrating new suppliers into global supply chains is a rigorous process for multinationals. It cannot happen overnight.

From your experience, what sectors are currently attracting the most FDI interest in Vietnam and across ASEAN?

It depends on the country, but broadly speaking, there is strong investor interest in green energy, digital infrastructure, and fintech. If you look at what is shifting out of China, it is often labor-intensive manufacturing, consumer goods, and certain segments of technology that require geographic diversification. That said, not everything can move out of China. Take electric vehicles (EVs) as an example. Even if the assembly is relocated to Thailand, the core engine components still come from China.

The Vietnamese government has made notable policy shifts toward a green transition. What’s your view on Vietnam’s green ambitions?

“Going green” is an essential part of the journey for every economy. However, for emerging markets, it will take time. Take Indonesia as an example: about 70% of its power supply still comes from fossil fuels. That cannot change overnight. At UOB, we advocate for a just transition, one that balances environmental goals with economic development and livelihoods. It is about creating opportunities and sustainable growth while ensuring that no one is left behind.

As a developing market, where do you see untapped potential for FDI inflows into Vietnam?

Vietnam is still very much in an active FDI attraction phase. Many sectors that are drawing investment today have not yet reached their full potential. Manufacturing remains strong, particularly in electronics, E&E, TMT (technology, media, and telecommunications), and the consumer sector.

Interestingly, we continue to see significant interest from Taiwanese and Chinese investors. Textile is one of the big advantages of Vietnam. While some may consider textiles low-value, Vietnam’s strength in this area is unique. Whenever global supply chain leaders talk about textile production, Vietnam is always part of the conversation.

How is UOB’s FDI Advisory team supporting businesses entering the Vietnamese market?

At UOB, our role goes beyond banking. Our FDI Advisory team works closely with corporates to help them navigate new markets, especially in Vietnam. We connect them to government agencies, explain local regulations, and advise on incentives such as grants or local content requirements, including how to meet rules of origin in export markets.

We also introduce investors to trade associations to help integrate them into local supply chains and connect them with professional services in legal, human resources, and accounting. One challenge many Chinese companies face upon arriving in Vietnam is language, so having the right HR support is crucial. We help them understand how to work with local talent and comply with Vietnamese labor laws.

Our team also guides them through the regulatory complexity of ASEAN by assisting with licensing, clarifying market-specific policies, and fostering cultural alignment. These are essential steps for a smooth market entry and long-term success.

UOB recently announced the plan to build its new headquarters building in Ho Chi Minh City, Vietnam. Could you share the rationale behind this move?

Yes, that is a move that signals our long-term commitment. While most banks view real estate as a non-core asset, we see it differently.

In Chinese culture, there is a saying: “Even if the monk leaves, the temple remains.” Owning a building shows our clients that we are here to stay. It gives them confidence that UOB is not just entering the market opportunistically but is truly committed to supporting Vietnam’s economic development for the long term.

Our physical presence in places like Singapore, Malaysia, Thailand, Indonesia, China, and Vietnam reflects our investment in building long-term partnerships. That is the difference in how we operate.

This year marks 60 years of Singapore–Vietnam diplomatic relations. How is UOB, as a Singapore-based institution, contributing to stronger bilateral and ASEAN connectivity?

UOB has been present in Vietnam for 32 years. I still remember celebrating that milestone not long ago. Singapore and Vietnam marked 50 years of diplomatic ties two years ago, and now Singapore is celebrating its SG60 while UOB is marking its 90th anniversary.

These milestones reaffirm our commitment not only to Vietnam but also to the ASEAN region as a whole. We are not just looking at UOB at 90; we are planning for UOB at 100. Similarly, we are not only celebrating the past 60 years of Singapore; we are focused on how we can strengthen the next 40 years of economic and social connectivity.

We recently invested in building a new headquarters building here and took over Citi’s retail franchise in Vietnam. That speaks volumes about our intention to grow alongside Vietnam’s economy, its people, and its communities.