A proper response to tech boom
As technology keeps growing quickly, it is crucial to respond properly to its expansion to safeguard consumer and national economic interests. When confronted with something new, there is a tendency to look to others for advice, particularly those having dealt with it for longer. That explained why the technology boom received strong support in Vietnam during its early stages, mirroring trends in other countries and territories worldwide.
A variety of technology products, such as ride-hailing apps and social media platforms, have been popular among the public thanks to their connectivity and convenience. However, concerns about personal data breaches and online scams seemed to have been overlooked.
The attitudes toward technology, particularly major tech firms, such as Google, Apple, Facebook, TikTok and Amazon, have recently changed in other parts of the world. For example, the U.S. has filed a landmark lawsuit against Apple, accusing the tech giant of monopolizing the smartphone market and crushing competition. This action aims to cultivate a competitive market where all businesses can equally compete with each other, enable startups to enter the market and create job opportunities for many others.
Tightening regulations on tech firms not only aims to foster a fair competitive market, but also to safeguard consumers and national security, as cited by some countries when imposing penalties on Facebook and bans on TikTok. In other words, technology companies could selfregulate two decades ago, while today governments are taking steps to enact laws and regulations to keep these firms under control. Considering the worldwide response to the tech boom, Vietnam needs to revise relevant laws, or draft new ones, if need be, to adapt to the new situation. For instance, it is important to revise the Personal Data Protection Law to restrict tech firms’ collection of user data without adequate security measures, prevent the illegal sale of personal data, and minimize the risks of online scams. The tightened regulations would be needed to impose on all businesses and organizations with no exception, regardless of whether these new regulations might increase operational costs for them.
Embracing new things, such as e-commerce or cross-border services, while also maintaining a fair and competitive environment is important. Therefore, loopholes in the law should be addressed to prevent foreign companies from dominating the domestic market and negatively affecting local firms.
Without a comprehensive strategy to address the current situation, the Vietnamese market could easily become inundated with foreign products and services, spanning from delivery services to entertainment offerings. While prioritizing consumer benefits is crucial, what matters even more is the collective benefit to the economy and consumer safety.