The recently issued Decree clarifies that the National Data Development Fund is a non-budgetary state financial fund, operating on a not-for-profit basis, and managed by the Ministry of Public Security.
The fund is a legal entity, possessing its own operating budget, financial statements, and a seal. It is authorized to open accounts at the State Treasury and legally operating commercial banks in Vietnam.
The primary objective of the fund is to support activities related to the development and application of artificial intelligence technology, big data, machine learning, cloud computing, blockchain, the Internet of Things, and other data processing technologies. These initiatives aim to serve state management, national and public interests, and socio-economic development.
The fund also seeks to promote data application for national digital transformation, particularly in rural, mountainous, and socio-economically disadvantaged areas, as well as for science, technology, and innovation activities in data.
The state budget provides an initial capital of VND1,000 billion (US$38.33 million) to the fund. Annually, based on budget balancing capabilities, the fund will receive support to maintain this VND1,000 billion level at the beginning of each fiscal year.
In addition to state budget allocations, the fund's non-state budget funding sources include revenue from its operations (such as loan and deposit interest), grants, aid, contributions, and gifts from organizations and individuals, along with other legally permissible sources.
