Data – ‘oil’ of the digital economy
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Data – ‘oil’ of the digital economy

Previously, oil was considered the most valuable resource.

Deputy Minister of Information and Communications – Mr. Nguyen Huy Dung.

`Previously, we focused on purchasing hardware, then software, but now we focus on data mastery and data analysis,` Deputy Minister of Information and Communications Nguyen Huy Dung shared.

`Many people still say data is the oil of the 21st century. But actually there is a difference. Oil is finite, while data is infinite. According to statistics, on average each person creates 1.7

According to Mr. Minh, 99% of data is currently in raw form, only 1% is processed to create value.

`So how to develop the digital economy? First of all, it is necessary to build people’s confidence that their personal data is being respected and protected. Enact the Law on Privacy Protection, develop infrastructure

Sharing the same opinion, Mr. Nguyen Hung Son, General Director of FSI, said that digital transformation is the use of data and digital technology to comprehensively and comprehensively change all aspects of life.

`In fact, the amount of digitized data in organizations is estimated at less than 30%, the remaining over 70% is still on paper and there are no effective management and exploitation measures. That is the result.

Smart digital economy

According to Mr. Nguyen Trong Duong, Deputy Director of the Department of Information Technology – Ministry of Information and Communications, the digital economy is an economy that operates mainly based on technology, especially electronic transactions conducted through

Data - 'oil' of the digital economy

Vietnam Internet Day is held on December 16 in Hanoi.

Mr. Andrew Williamson, Vice President of Huawei, said that the increase in the use of digital solutions by both businesses and consumers has brought society to the threshold of a `smart economy`.

`Most agree that digital technology plays an important role in keeping society running smoothly during the pandemic. Artificial intelligence, image recognition technology significantly increases speed and

According to him, the potential for Vietnam’s digital economy is very promising.

`The driving force for digital transformation is clear and the need to embrace change has never been greater. However, countries will only realize the full benefits of this transformation if their digital strategies are in place.`

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