The first bottleneck is the legal gap surrounding data ownership, rights, and transactions. Many businesses in Vietnam still face uncertainty regarding who owns data, how it can be lawfully shared, and what liabilities arise when multiple parties process or exchange it. This ambiguity discourages investment in data commercialization and limits data’s role to internal reporting or process digitization rather than enabling new business models. Without a clear legal framework, data cannot fully function as a tradable economic asset.

The second bottleneck is fragmentation across data systems. For data markets to operate effectively, data must be standardized, interoperable, and reusable across sectors and institutions. However, disconnected databases, inconsistent technical standards, and limited integration continue to hinder seamless data exchange. In practical terms, data often remains siloed within ministries, enterprises, or local governments, reducing its broader economic value.

The third major challenge lies in valuation and market transparency. Unlike traditional commodities, data is an intangible asset whose value depends heavily on context, purpose, and usability. Without mechanisms for quality verification, traceability, and pricing, businesses lack confidence to trade or invest in data assets. This weakens the emergence of specialized data enterprises and slows the development of a functioning data marketplace.

To overcome these barriers, experts emphasize that Vietnam must adopt a comprehensive five-pillar strategy:

1. Institutional Framework: Establish transparent legal rules for ownership, access, sharing, and protection.

2. Data Infrastructure: Build interoperable national systems, cloud capacity, and digital platforms capable of supporting large-scale AI and analytics.

3. Human Capital: Develop a workforce skilled in data engineering, governance, analytics, and AI.

4. Data Security: Ensure robust multi-layered cybersecurity and personal data protection mechanisms.

5. Data Culture: Promote responsible, ethical, and innovation-driven data use across society.

International experience offers important lessons. The European Union’s Data Governance Act and Data Act illustrate how trusted frameworks, supervised intermediaries, and anti-monopoly protections can stimulate data sharing while preserving trust. OECD findings further show that data contributes significantly to productivity growth in advanced economies, reinforcing its status as a critical intangible asset.

For Vietnam, the enactment of the Personal Data Protection Law in 2026 marks a foundational step toward building trust. Yet legal compliance alone is insufficient. Many enterprises still lack governance systems, technical capacity, and cybersecurity readiness, especially as AI-driven cyber threats intensify. Therefore, the principle of “security by design” must become central to digital infrastructure development.

Equally important is human resource development. Although Vietnam has a growing digital workforce, the gap between educational output and market demand remains substantial. Practical, project-based collaboration among government, academia, and industry is increasingly viewed as essential for cultivating specialists who can transform raw data into commercial products, AI systems, and strategic services.

Ultimately, Vietnam’s transition to a data economy depends on more than technology deployment. It requires synchronized reform across policy, infrastructure, governance, and talent ecosystems. Data can only become a true growth engine when it is standardized, protected, tradable, and integrated into transparent market structures. If these foundational elements are addressed effectively, Vietnam has the potential not only to expand its projected multi-billion-dollar data market, but also to establish data as a cornerstone of sustainable economic growth, digital sovereignty, and national resilience.