The importance of digital data
“Data is an extremely important issue, an invaluable resource of the country. In the world, when defining the digital economy, data is one of the two indispensable elements to form a digital economy,” Senior Lieutenant Colonel Nguyen Anh Tuan - Deputy Director of the National Population Data Center - Ministry of Public Security, shared at the FPT Techday event at the end of 2024 in Ho Chi Minh City.
Speaking with Lao Dong, Mr. Le Hung Cuong, Deputy General Director of FPT Digital, FPT Corporation emphasized that data is the “gold mine” of the digital economy, the pillar of the digital economy, along with digital infrastructure and digital technology applications. Data plays an important role in analyzing, predicting and making business decisions.
In the context of Vietnam implementing the Prime Minister's National Strategy for Digital Economy and Digital Society Development to 2025, with a vision to 2030, digital data plays an increasingly important role.
Technology experts estimate that, with the current growth rate, Vietnam's digital economy can reach the target of 20% of GDP by 2025, expected to reach 52 billion USD.
Digital data mining problem
Mr. Tran Tuan Anh, Product Director of FPT IS, FPT Corporation, estimates that in Vietnam every year there are at least 10 billion agreements/contracts/or transactions occurring.
Most of these agreements/covenants/contracts are still done manually or partially digitized. This is a factor that slows down the growth of the digital economy.
According to Mr. Anh, citing data from the world's leading auditing firm PwC, up to 67% of customers leave a brand if their experience with the brand is poor. Therefore, the problem for businesses is how to understand customers and serve them better.
In addition, up to 71% of Vietnamese enterprises do not have the necessary data for emissions reporting, even though Vietnam has committed to achieving net zero emissions by 2050 (Net Zero) at COP26.
These challenges require solutions to obtain quality data sources, which are the premise for creating new resources and assets in the AI (artificial intelligence) era.
In Vietnam, many localities and agencies have started exploiting data to meet development trends in the new era.
The Ministry of Finance has developed nearly 100 software applications to serve the operations of the industry. These applications create input data sources to create the data system of the financial industry.
Hanoi City has relied on this common data warehouse for data analysis layers including 3 main types of data including data on industry economics; field data including data reflecting citizens' recommendations in the city, data from surveillance cameras, data from photo observation stations; spatial data.
“We ensure that these data are digital copies of Hanoi in the digital space, including geography and human activities in the city. Based on these three main data sources, the data warehouse we are building will be analyzed to support leaders at all levels of the city in making decisions when necessary,” Mr. Nguyen Viet Hung, Director of the Hanoi Department of Information and Communications, shared at a conference at the end of 2024.
Mr. Huy Nguyen - former engineer working at Google, founder of Phygital Labs shared that authenticated data is "gold" for developing the digital economy. He also shared 4 solutions to use digital data effectively.
- Strengthen data authentication: It is necessary to develop processes and standards to screen and verify the accuracy and update of data; apply blockchain and AI to manage the data life cycle.
- Develop a legal framework for data: Issue specific policies on ownership and cross-sectoral data sharing, along with strict sanctions for violations.
- Public-private partnership: Businesses and government agencies work together to create a testing environment (sandbox) for new data mining models, creating a launch pad for technology startups.
- Raising awareness and skills: Training human resources proficient in data analysis and network security; at the same time, promoting people's responsibilities and rights in providing and using data.
