Vietnam’s Digital Transformation: Calls for Urgent Regulation in AI and Semiconductors
Experts and policymakers are urging the National Assembly to expedite new regulations in the artificial intelligence (AI) and semiconductor sectors, highlighting a crucial gap in legal frameworks. Bui Hoang Phuong, Deputy Minister of Science and Technology, noted that the current lack of regulations hampers investment and development in these critical areas.
The proposed draft law consists of nine chapters and 56 articles aiming to enhance digital technology, including semiconductors, AI, and digital assets. It emphasizes creating policies that support domestic industries and product exports. Dr. Nguyen Vinh Huy, Vice President of the Ho Chi Minh City Business Association, advocated for clearer definitions of digital technology to avoid overlaps with existing laws, while Truong Thi Kim Chi from Quang Trung Software Park called for an "AI system" approach to streamline regulations related to digital technology products.
Experts also highlighted the need for supportive banking policies, including potential tax exemptions and profit-sharing frameworks aimed at startups and innovation-driven enterprises. Le Thi Ni proposed regulations that protect personal data and resolve disputes with foreign entities. Additionally, attracting international talent is seen as vital, with suggestions for income tax incentives for tech professionals.
With Vietnam positioning itself as a hub for semiconductors, collaboration with Europe is also on the horizon, as noted by Bruno Sivanandan of the European Chamber of Commerce. He underscored the importance of a harmonized regulatory environment to foster investment.
In light of the increasing digital economy, currently at 18.3% of GDP, inclusive innovation and ethical AI practices remain priorities. Yet, disparities persist, particularly in rural areas, and challenges in encouraging women in STEM fields need to be addressed as Vietnam pushes towards its 2045 vision of becoming a high-income nation.
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