This was heard at yesterday's forum 'GM Blockchain Security Forum 2025' hosted by the National Cyber Security Association (NCA). The event is part of a series of activities towards Vietnam Cyber Security Day on August 6.
The forum brought together government officials, financial leaders, and cybersecurity experts to discuss blockchain regulation and security infrastructure.
Speaking at the forum, Deputy Governor Pham Tien Dung of the State Bank of Vietnam (SBV) and Vice President of the NCA emphasized the importance of building a comprehensive legal framework for crypto asset development. He underscored cybersecurity as a foundational pillar for trust in the sector.
Deputy Governor Pham Tien Dung pointed to three key legal milestones shaping Vietnam’s crypto landscape:
- The National Assembly passed a resolution supporting the development of an international financial center, which includes provisions for specialized trading exchanges—interpreted to cover crypto exchanges with or without collateralized assets.
- The Ministry of Finance has submitted a proposal for a pilot program on crypto asset trading, with blockchain technology at its core.
- The banking sector, he noted, is already actively engaging with blockchain technology through various applications that improve user experience.
Meanwhile, Lieutenant General Nguyen Minh Chinh, Executive Vice President of the NCA, outlined three strategic priorities for safeguarding Vietnam’s blockchain ecosystem:
- Secure-by-Design Architecture: Security, encryption, and monitoring protocols must be embedded at every layer—from blockchain infrastructure and smart contracts to custodial wallets and identity systems.
- Proactive Threat Response: Building inter-agency alert systems and fostering real-time information sharing are critical for detecting and responding to cyber threats swiftly.
- Regulatory Alignment: Ensuring compliance with anti-money laundering laws, data protection regulations, and capital control frameworks will be essential to the ecosystem’s long-term viability.
As blockchain adoption accelerates, so do the associated risks. Chainalysis reported 657 blockchain-related cyberattacks worldwide between 2020 and February 2025, with total losses reaching US$12.8 billion. In the first half of 2025 alone, attacks caused $2.17 billion in damage - individual wallet breaches accounted for 23.35 percent of that figure, raising serious concerns for both users and businesses.
Vietnam has not been immune. Notable cases include the 2022 Sky Mavis (Ronin) breach, which caused over US$600 million in losses, and the 2023 KyberSwap attack, resulting in damages of approximately $50 million.
These incidents, according to experts, highlight the critical need for security-first development to ensure transparency and sustainability in Vietnam’s blockchain future.
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