At the launch ceremony for the implementation of the Data Law on 1/7, the national data center of the ministry of public security announced the establishment of the national data development fund. This fund aims to promote the development, exploitation, application, and governance of national data.
This is a non-profit, extra-budgetary state fund managed by the ministry of public security. It has received an initial allocation of 1 trillion VND from the state budget. Annual funding will be provided based on budget availability to maintain the 1 trillion VND level at the beginning of each fiscal year.
Non-state budget sources contributing to the fund include income from operational activities such as loan interest, deposit interest, sponsorships, aid, contributions, and donations from organizations and individuals, as well as other sources as regulated.
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Interface of the national data development fund. Screenshot |
Interface of the national data development fund. Screenshot
The fund’s objectives are to support the development of data technology, artificial intelligence, big data, and data applications for national digital transformation, especially in disadvantaged areas. It also aims to support data-driven startups, fostering a vibrant innovation ecosystem and data market in Vietnam.
To promote research and innovation, the fund will directly support several initiatives. This support targets scientific organizations, startups, and promising individual groups.
Specifically, the fund provides a monthly living allowance of 10 million VND for graduate students and scientists participating in qualifying research projects. It also provides up to 1 billion VND for each project or research work requiring data resources, workspace rental, or IT infrastructure for data processing and development.
A maximum of 1 billion VND is also the limit for funding research activities focused on policy development and improvements to data-related regulations and laws. Additionally, the fund offers a subsidized loan interest rate of 2% per year, up to a maximum of 1 billion VND, for businesses and organizations borrowing from credit institutions for data exploitation and development projects.
