Ensuring a safe and transparent environment for blockchain in Vietnam

Speaking at the event, Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV) and Vice Chairman of NCA, said that Vietnam is proactively building a comprehensive legal corridor for the development of crypto assets, in which cybersecurity is identified as a fundamental factor to build trust.

This is demonstrated through three important legal events, creating a solid foundation for the market. That is: The National Assembly passed a Resolution on the development of an international financial center, including content on innovation and specialized exchanges. And a specialized exchange here is understood as an exchange for crypto assets, including both secured and unsecured crypto assets. The Ministry of Finance has submitted to the Government a pilot Resolution on crypto asset exchanges, with blockchain as the core technology.

According to Deputy Governor Pham Tien Dung, the banking industry in the process of development is directly or indirectly related to the blockchain ecosystem. Some applications are being widely deployed by banks, bringing convenience to users. Thus, it can be seen that Vietnam does not stop at strategy but has taken specific steps in terms of law, creating a basis for investment and business activities in this field.

Meanwhile, in terms of national security, Lieutenant General Nguyen Minh Chinh, Permanent Vice Chairman of the NCA, emphasized that to develop Vietnam's blockchain ecosystem in a safe, healthy and sustainable manner, Vietnam needs to focus on three strategic contents.

First, design a secure ecosystem from the ground up with every technology layer from blockchain infrastructure, smart contracts, custodial wallets and identity systems needing to integrate security, encryption and monitoring standards.

Second, to improve early detection and rapid response capabilities, it is necessary to establish a warning mechanism and share information for inter-sectoral response among parties.

Third, ensuring compliance with laws and international standards, development must be associated with regulations on anti-money laundering, personal data protection, and capital flow control.

As digital assets and blockchain continue to expand, cybersecurity threats are also increasing, requiring a proactive and sustainable approach to protect system integrity and foster trust in the technology.

According to Chainalysis statistics, from 2020 to February 2025 alone, the world has recorded 657 attacks on blockchain systems, causing losses of 12.8 billion USD. The first 6 months of 2025 alone witnessed losses of 2.17 billion USD. Of which, attacks on personal wallets accounted for 23.35% of the total losses - an alarming figure for both users and businesses.

Some notable attacks involving platforms originating from Vietnam include: Sky Mavis (Ronin) in 2022 causing damage of more than 600 million USD, KyberSwap in 2023 estimated damage of about 50 million USD.

Therefore, ensuring security from the very beginning will play a key role in building a transparent and sustainable blockchain.

Source: https://www.sggp.org.vn/dam-bao-moi-truong-an-toan-va-minh-bach-cho-blockchain-viet-nam-post806425.html