Developing the data economy as a new growth driver while gradually shifting towards an AI economy, where artificial intelligence becomes a core production infrastructure rather than merely a supporting tool, was highlighted as a key direction for Vietnam at the Vietnam Economic Forum 2026 held in Hanoi on March 25.
Nguyen Trung Chinh, Chairman and Executive President of CMC Technology Group, made the proposal at the forum themed “Development model based on science–technology, innovation and digital transformation.”
According to Chinh, Vietnam’s economic growth over past decades has largely relied on labour expansion, capital accumulation, export promotion and deep global trade integration. However, as the country enters a higher development stage, this model is showing limitations, including declining low-cost labour advantages, slower improvements in capital efficiency, and increasing competition centred on productivity, technology and innovation.
He stressed that Vietnam needs a new growth engine in which data is recognised as a new production factor, while AI serves as the key tool to transform data into knowledge, products, services and competitive capacity. Three major mechanisms were identified through which the data–AI economy could drive breakthroughs: improving labour productivity on a broad scale; creating new industries such as Data-as-a-Service and AI-as-a-Service; and restructuring traditional sectors, including manufacturing, finance, healthcare, logistics and agriculture, towards smarter and more efficient operations.
Chinh proposed gradually developing a National AI Transformation Strategic Framework (AI-X) as a comprehensive roadmap to advance Vietnam towards an AI-driven economy. Under this approach, data forms the necessary foundation, while AI represents a higher value layer converting data into productivity and national competitiveness. The proposed framework comprises eight pillars, 12 programmes and 50 strategic actions, aiming to contribute between 150 billion USD and 250 billion USD to Vietnam’s economy by 2045.
He also emphasised the need to improve institutions so that data is recognised as an economic asset, alongside completing legal frameworks for data and AI and establishing regulatory sandboxes for new business models. Priority areas include developing data infrastructure and markets, commissioning technology firms to master core technologies, investing in submarine fibre-optic cables, large-scale data centres and AI infrastructure, and establishing data exchanges alongside selective open public data mechanisms.
In addition, Chinh highlighted the importance of stronger cooperation between technology enterprises and universities in workforce training, promoting innovation ecosystems and investment funds in AI and data, and attracting international experts and overseas Vietnamese to participate in domestic research and development centres.
At the forum, Associate Professor Dr Nguyen Duc Minh, Vice President of the Vietnam Academy of Social Sciences, noted that science, technology, innovation and digital transformation have become indispensable drivers for all economies, stressing that these factors should be placed at the centre of national development strategies.
Meanwhile, Dr Nguyen Duc Hien, Deputy Head of the Party Central Committee’s Policy and Strategy Commission, underscored the need to reassess Vietnam’s development model after 40 years of Doi Moi (Renewal) scheme, distinguishing between national development models, economic development models and growth models. He also emphasised that integrating science and technology across sectors must be implemented flexibly in line with each sector’s characteristics, viewing technology as a key driver for improving development quality and efficiency./.
