Việt Nam launches $38.4b National Data Development Fund to fuel digital transformation

Việt Nam launches $38.4b National Data Development Fund to fuel digital transformation

The National Data Development Fund has been established, operating as a non-budget state financial fund with an initial capital of VNĐ1 trillion (US$38.4 billion).

The National Data Development Fund is set up to help accelerate digital transformation. — Photo baochinhphu.vn

The Government has established the National Data Development Fund, with an initial capital of VNĐ1 trillion (US$38.4 billion), to strengthen digital infrastructure and promote data governance.

Under Decree No.160/2025/NĐ-CP, the fund operates as a non-budget state financial fund. As a non-profit entity, it is administered by the Ministry of Public Security and authorised to maintain its official seal and operate accounts at both the State Treasury and commercial banks legally operating within Việt Nam's financial system.

The fund's operational framework encompasses supporting the development and application of artificial intelligence (AI), big data, machine learning, cloud computing, blockchain technology, and Internet of Things (IoT) infrastructure, serving state management, national interests, public welfare, and socio-economic development goals.

A cornerstone of its functions is accelerating digital transformation, particularly in rural areas, mountainous regions, and areas with socio-economic difficulties. Besides, the fund will channel resources to scientific research, technological innovation, data-related research activities, with a focus on developing a network of experts, scientists, technology orgnisations, and data associations both domestically and internationally.

Support will extend to activities involving the development and application of critical data, core data, and information related to national defence, security, and foreign affairs.

Beyond State budget support, the fund will generate revenue through lending interests, deposit interest, sponsorships, aid contributions, donations from organisations and individuals, and other sources under existing legal frameworks.

The decree also establishes detailed regulations governing the receipt, management and use of sponsorships, aid, trust funds and donations to the fund. For monetary contributions, sponsors may provide cash directly or execute bank transfers through the fund's bank accounts.

Non-monetary contributions in the form of physical assets or alternative formats will be processed according to agreements between the fund and contributing parties, with documentation maintained in sponsorship, contribution, and donation files. Meanwhile, trust fund arrangements require trustees to transfer Vietnamese đồng or foreign currencies through the fund’s bank accounts. 

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