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Cyber security crucial for businesses: official

Cyber security risks could lead to trillions of dollars in economic losses to businesses, said Tran Van Dung, Chairman of the State Securities Commission.
Cyber security crucial for businesses: official ảnh 1A seminar titled ‘Cyber resilience for the board of directors’ took place in Hanoi on August 16 (Photo: VNA)

Hanoi (VNS/VNA)- Cyber security risks could lead to trillions of dollars in economic losses tobusinesses, said Tran Van Dung, Chairman of theState Securities Commission.

In addition to direct costs to handle the crisis, repair systems and pay forlawyers, cyber-attacks could also result in reduced confidence among customers,affecting enterprises’ business activities, Dung added.

The Vietnam Institute of Directors (VIOD) and the Association of CharteredCertified Accountants (ACCA) held a seminar titled ‘Cyber resilience for theboard of directors’ in Hanoi on August 16.

According to attendees at the seminar, cyber threats are intensifying in Asia.Hackers are 80 percent more likely to attack organisations in Asia, whilenearly 80 percent of internet users in Asia have not received training on cybersecurity.

Total economic losses are estimated to reach 1.75 trillion USD, accounting for7 percent of Asia Pacific’s gross domestic products (GDP).

Cyber-attacks might lead to data privacy breaches and losses in confidentialinformation, reputation, customer trust, revenue and jobs, said Sharath Martin,regional policy consultant, ACCA ASEAN & ANZ (Australia – New Zealand).

Damage caused by computer viruses caused economic losses of 12.3 trillion VND (540million USD) in Vietnam last year, according to a survey by the security firmBKAV.

Digital usage is increasing in Vietnam, said Martin, as the country has thehighest number of registered domains in Asia. The mobile penetration ratestands at 144 percent, of which, 50 percent are smartphones.

The country’s e-commerce growth was 35 percent annually.

Ha Thu Thanh, VIOD’s chairman of the board of directors, said that networksecurity issues should become the top priority for most of business boards.

Boards of directors should prioritise cyber security risks as an issue in riskmanagement, not just a technology problem, Thanh said.

“Therefore, boards of directors should play a key role in studying cybersecurity risks associated with their businesses to know that if the preventionand detection of the risks in the businesses were controlled by the businesses’management systems or not,” Thanh emphasised.

Sharath Martin pointed out key insights for boards of directors.

Firstly, boards of directors and senior managers should bring cyber securityissues into all boardroom topics. The boards should also develop a cybersecurity strategy, he said.

Secondly, the boards should address their cyber defensive frailties. Businessesshould have executives responsible for information security.

Thirdly, he highlighted the speed of detection and recovery.

Lastly, he said that businesses needed to ensure that the investments ininformation security must keep pace with technology adoption.

Within the framework of the seminar, VIOD and ACCA also signed a Memorandum ofUnderstanding to increase the two sides’ co-operation in raising awareness andpromoting international corporate governance practices to become key factorsfor the sustainable development of Vietnamese enterprises.-VNS/VNA 
VNA

Deputy PM Ho Quoc Dung pressed ministries and agencies to rapidly convert their assigned tasks into concrete action plans with clearly defined responsibilities, and effectively launch projects that create strategic technology products capable of sharpening national competitiveness.

The portal will provide technological solutions and data infrastructure, while the service centre will facilitate system integration.

Mel Shalev, a former senior Israeli technology expert, who have spent decades working, conducting research and collaborating with partners in Vietnam, noted that the rapid advancement of artificial intelligence (AI) is bringing profound changes to education worldwide, suggesting Vietnam capitalise on this trend to enhance teaching and learning effectiveness.

In Vietnam, digital transformation in the finance and banking sector is accelerating cashless payments, expanding access to financial services, improving market transparency and supporting economic growth and macroeconomic management.

Fostering the habit of using legitimate copyrighted publications, respecting authors’ rights, and promoting a healthy digital consumption culture will help create a more sustainable environment for the publishing industry in the future.

According to Dr. Le Minh Nghia, Chairman of the Vietnam Financial Consulting Association (VFCA), AI has become a key driver reshaping the global financial industry. In Vietnam, the technology is already widely used in banking and finance for credit analysis, electronic customer identification (eKYC), risk management, service personalisation and real-time transaction processing.

Since the Prime Minister issued Directive 38, which directs ministries and agencies to strengthen efforts against IP violations, 1,438 cases had been detected and processed as of May 27.

The workshop aims to achieve three key objectives providing a platform for academic exchange and strengthening collaboration between leading international scientists and young researchers, including doctoral students; promoting multidimensional scientific dialogue on major open questions in the field; and initiating new directions for international research cooperation with the active participation of Vietnam's physics community.

With the bilateral relations continuing to grow and the determination of both sides to advance innovation, cooperation in AI and high technology is expected to become one of the most dynamic pillars of Vietnam-Singapore relations in the coming time.

Vietnam, Israel deepen cooperation prospects in quantum technology

After four editions of the Top Industry 4.0, this year, the programme was officially renamed “Vietnam I4 Impact Awards”, which is not just a change in name but a shift in development thinking and core values.

Experts said close coordination among State management agencies, research institutes, universities, and businesses will improve training quality and serve the dual goals of quality education and practical research application.

To promote copyright protection, Vietnam is accelerating efforts to master core technologies and build integrated platforms capable of receiving, processing, distributing and protecting digital content on a unified system.

OVs hope the two countries can establish an interconnected cooperation mechanism in the technology supply chain, from sharing research, testing, and development infrastructure to training human resources, thereby forming a technology alliance able to compete with others in the ASEAN region and the world.

Part of the Vietnam Innovation Challenge 2026, the programme goes beyond conventional coding competitions by requiring participants to develop AI-driven solutions to business challenges in real time.

Many experts in Singapore expressed their hope that the General Secretary and President’s visit will pave the way for more substantive cooperation mechanisms between Vietnam and Singapore in high technology, innovation and human resources development.

Ho Chi Minh City currently hosts 143 science and technology enterprises, accounting for around 20% of the national total. Total factor productivity (TFP) contributes 59% to the city’s GRDP growth, with science and technology responsible for 74% of TFP growth.

Over recent years, NSTDA has built strong partnerships with Vietnamese research institutes and organisations in agriculture, biotechnology, energy and sustainable development. Notable examples include joint projects on cassava value chains, salt-tolerant rice, biotechnology products and an initiative on green energy cooperation and development in the Mekong basin.

Vietnam now needs more effective digital transformation to create higher productivity, new growth models and stronger competitiveness in the AI era, said participants at the plenary session of the Vietnam-Asia DX Summit 2026.

The project aims to transform VNeID into a modern, secure and highly scalable national digital platform capable of effectively serving citizens, businesses, agencies and organisations in handling administrative procedures, accessing online public services, conducting electronic transactions and using digital utilities.