Vietnam Races to Secure Digital Banking Sector Amid Growing Cyber Threats

As Vietnam's financial sector accelerates its digital transformation—processing over 41 million transactions daily with 95% now conducted through digital channels—authorities are scrambling to build robust cybersecurity defenses to protect national economic security. The rapid shift has exposed vulnerabilities that officials warn could undermine public trust in the financial system.

Background and Context

Vietnam's banking sector has undergone a remarkable digital transition, with the interbank electronic payment system handling an average of more than VND1.55 quadrillion (approximately $63 billion) in daily transactions by the third quarter of 2025. This digital revolution has dramatically improved financial accessibility but has also created an expanded attack surface for cybercriminals targeting the nation's critical financial infrastructure.

The scale of these transactions highlights both the success of Vietnam's financial digitalization and the potential consequences of security failures. Financial clearing systems processing millions of daily operations represent a tempting target for both domestic and international cybercrime syndicates, according to security experts at a December workshop in Hanoi organized by the National Cybersecurity Association and the State Bank of Vietnam.

Key Figures and Entities

Phan Thai Dung, Deputy Director General of the SBV's Information Technology Department, identified several critical emerging threats during the workshop, including organized cybercrime groups launching targeted attacks on banking systems and hackers exploiting vulnerabilities in global IT infrastructure. "The buying and selling of cyberattack tools on underground markets has heightened overall risks to critical information systems," Dung warned participants.

Lieutenant General Nguyen Minh Chinh, Standing Vice Chairman of the National Cybersecurity Association, emphasized that financial security in the digital era "directly links to public trust, market stability, and the security of the national economy." He pointed to Resolution No57-NQ/TW of the Politburo as foundational policy emphasizing the need for development combined with cybersecurity, noting that digital trust and national digital sovereignty require robust security foundations.

Legal and Financial Mechanisms

Vietnam has responded to these challenges with the passage of the Law on Cybersecurity 2025, approved by the National Assembly on December 10, 2025. The legislation establishes a unified legal framework for cybersecurity protection and introduces several significant operational changes to how financial institutions must approach digital security.

Notably, the new law mandates increasing the minimum budget allocation for cybersecurity from 10% to 15% of information technology project costs—a clear signal of the shift from administrative management to technical implementation. The legislation also introduces a five-level classification system for information systems based on data sensitivity and potential impact, with the Ministry of Public Security designated as the lead agency for unified state management.

Additional provisions require improved mechanisms for managing IP address identification and authenticating digital account registration information—measures designed to reduce anonymity in financial transactions that cybercriminals often exploit.

International Implications and Policy Response

The challenges facing Vietnam reflect broader global concerns about securing digital financial systems against increasingly sophisticated cross-border threats. Officials emphasized that high-tech fraud and scams have grown more complex and international in scope, requiring cooperation between financial institutions, technology providers, and government agencies.

Lieutenant General Chinh stressed that "development must go hand in hand with security and safety," highlighting the tension between fostering digital innovation and implementing adequate safeguards. The new legal framework attempts to balance these competing priorities by establishing clear security requirements while still allowing room for financial technology advancement.

International cybersecurity experts note that Vietnam's approach—including mandatory minimum cybersecurity spending and centralized oversight—represents an increasingly common model among nations seeking to secure critical financial infrastructure while maintaining digital growth momentum.

Sources

This report draws on official statements from the State Bank of Vietnam and the National Cybersecurity Association, presented at the December 23 workshop in Hanoi titled "Protecting national financial security in the digital era." Additional information comes from Vietnam's Law on Cybersecurity 2025 and Resolution No57-NQ/TW of the Politburo on science and technology development.