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Platform rules must be publicly available and must detail user responsibilities,haaland body transaction processes, data confidentiality, fraud prevention, risk management, dispute resolution, and personal data protection.

The draft Data Law proposes the establishment of data trading platforms under the management of the Ministry of Public Security, which will provide legal and secure services for the buying, selling, and exchanging of data.

A smart data management center of the Public Security. Source: VNA

Vietnam's Ministry of Public Security is drafting a Data Law, which will regulate the development, processing, and management of data, and establish government regulatory mechanisms for data governance.

The bill will also outline the responsibilities of relevant organizations, agencies, and individuals.

In particular, Article 51 of the Bill introduces regulations on data trading platforms. These platforms will be online environments where data-related products and services can be exchanged, bought, and sold in a lawful, accurate, and reasonable manner. The Ministry of Public Security will issue licenses for the establishment and operation of these platforms, ensuring oversight and security. State-owned enterprises and public administrative units under government management will be responsible for operating data trading platforms and will be required to submit periodic reports to their regulators. The data traded on these platforms must be derived from non-personal data or personal data with the consent of the data subject. The data traded must not jeopardize national security, defense, state secrets, or public interests, or infringe on the legal rights and interests of organizations and individuals.

The operating rules of the platforms must be made public and cover the responsibilities of users, the transaction processes, information confidentiality, fraud prevention, risk management, dispute resolution, and personal data protection.

The Ministry of Public Security has stated that the law aims to develop a network of data trading platforms in line with the national data strategy, digital transformation goals, and the growth of the digital economy and society. These platforms are expected to increase connectivity, foster the development of data-related businesses, and provide consulting on data governance strategies. They will also serve as a foundation for solutions that ensure information security and protect personal data.

To achieve this, the government will develop regulations on data ownership, the buying and selling of data, data property rights, data copyright, and the legal protection of data as an asset.

According to the drafting committee, current laws and regulations do not fully address or unify the rules governing data trading platforms, data intermediary services, or data analysis and aggregation services. Meanwhile, the data market, along with the development of data products and services, plays a crucial role. It is a key factor in establishing and promoting the data market, enhancing competitiveness, and supporting the digital transformation process.

In its feedback, the Ministry of Industry and Trade suggested clarifying the types of data that can be traded on the platforms and called for additional responsibilities for parties such as platform infrastructure operators.

The Ministry of Justice expressed concern that the draft law only allows state-owned enterprises and public administrative units to operate data trading platforms, as the sector is a conditional business. They suggested opening participation to private entities, with the government setting technical conditions or safeguards to protect data security.

Under the recently-approved National Data Strategy, Vietnam aims to pilot and test five data trading platforms by 2030. The Data Law is expected to be submitted to the National Assembly for initial discussion during the 8th session, which will begin in October.