Data is playing an increasingly important role in driving the digital economy. The effective creation and exploitation of data is a challenge for both governments and enterprises, as discussed at the DX Summit 2023 on May 24-25.
Cracking the potential of data to effectively serve the national digital transformation activities
The data market is becoming increasingly important as Vietnam moves towards a digital economy. According to Vietnam – Briefing, the data market in Vietnam was valued at $858 million in 2020 and is expected to reach $1.82 billion in 2023. The compound annual growth rate (CAGR) of the market is expected to be 5.32% in the 2023-2027 period. This indicator shows the potential of the data market in Vietnam, as well as the large amount of big data that needs to be processed in the future for comprehensive digital transformation.
Although the data growth rate is high and the number of data to be exploited is large, the data market in Vietnam is currently dominated by foreign companies, accounting for about 70-80% of the market share. Vietnamese companies such as Viettel, VNPT, FPT, CMC, FSI, and other technology companies only account for the remaining 20% of the market share.
Foreign solutions are often expensive and not yet truly optimized for the specific data challenges of Vietnam, and data security issues also pose many major challenges that need to be solved together by the government and technology companies.
On the government side, in early April 2023, the Ministry of Information and Communications issued Decision No. 516/QĐ-BTTTT approving the implementation plan for the “National Digital Data Year” with 4 main content groups, including Developing open data; Developing databases; Developing and promoting the use of unified digital platforms across the country or within each locality; Improving data management and data security capabilities.
The Ministry also identified that the creation and exploitation of data is the fundamental change of digital transformation, with digital data being the essential “raw material” to kick-start the comprehensive digital transformation process of all agencies, organizations, and businesses.
On the enterprise side, the challenge for Vietnamese technology companies is to master technology, accelerate research and development of new products and solutions, and Make in Vietnam solutions so that they can effectively access and exploit the data resources of their own country. At the same time, they need to work together with the Government in building a sustainable digital economy, strengthening data sovereignty in cyberspace, and contributing to shaping the country’s competitive advantage.
Pioneering with new technologies, the ecosystem of Vietnamese data storage and processing products is starting to accelerate
Currently, the connection and sharing of data between ministries, departments, and localities still has many limitations, obstacles, and inefficiency. The amount of data is large, but the collection, storage, analysis, exploitation, and shared use of valuable data resources that have been collected are still not efficient, leading to a waste of resources.
Sharing at the DX Summit 2023, Mr. Nguyen Hung Son, Chairman of the Board of Directors of FSI, said: “Data is playing an increasingly important role in driving the digital economy model. The creation and exploitation of digital data are identified as the core element as well as the main difference in the national digital transformation process. To exploit data effectively, it is necessary to synchronize data from all levels, ensuring that data in all formats can be linked to each other, complement each other, and enrich each other to create a centralized and comprehensive database.”
As a leading technology company in the field of data storage and processing in Vietnam, FSI has continuously researched and developed many solutions to manage and exploit data effectively. At the DX Summit 2023, FSI’s data storage and processing solutions attracted the attention of many guests thanks to their flexibility in implementation, the ability to solve the specific challenges of Vietnamese businesses, and the ability to accompany the entire journey of data exploitation toward comprehensive digital transformation of organizations and businesses.
In particular, the comprehensive data storage and processing platform VLAKE, developed based on the famous open technology Hadoop, helps to solve many important data challenges of agencies, organizations, and businesses. It is considered one of the outstanding big data processing solutions (Big Data) in the DX Summit 2023 event due to its complete features and leading position in new technology trends.
Sharing at the workshop “Solving the problem of data storage, processing, big data, developing digital government/administration”, Mr. Nguyen Xuan Dai, a senior DX consultant at FSI, said: “The FSI Data Platform (VLAKE) consists of 4 modules, Data Storage, Data Connection and Integration, Big Data Processing, and Data Visualization. It applies many advanced technologies such as Machine Learning, Deep Learning, AI, … to make the process of creating a large database quick, and accurate, saving lots of time and costs. This helps agencies and businesses to effectively connect and utilize data resources in the digital environment.”
The comprehensive data storage and processing platform VLAKE is highly appreciated by customers for its ability to connect data from multiple sources without relying on the original data management unit, and without interrupting the operation of the current system. At the same time, VLAKE can store all data formats, and all current database management systems with easy scalability, and does not require specialized hardware devices.
With a spirit of continuous innovation and development, FSI commits to providing a digital transformation solution ecosystem with advanced technology, top-notch services, accompanying all agencies, organizations, and businesses, solving complete data problems in multiple industries, and moving towards the successful development of digital government, digital economy, and digital society.
