Digital Biz

Foreign enterprises pretty much dominated Vietnam’s cybersecurity market in the past but it is now quite balanced, with Vietnamese enterprises gaining in many respects. Local cybersecurity enterprises are working to raise their annual revenue by 35-45 per cent and secure a share of over 50 per cent in a market of $500 million by 2025.

On November 2, Meta Platforms Inc. (formerly Facebook Inc.) announced the establishment of a Climate Science Center (CSC) in Vietnam and over 30 countries and territories in the Asia-Pacific region. Meta is committed to reducing its environmental footprint and accelerating climate science advances in the community, while minimizing the problem of climate misinformation.

Information safety remains a complex matter in Vietnam, with nearly 2,000 websites masquerading as organizations in recent times, while nearly 100 million data records have been improperly released and more than 100,000 accounts and passwords in the key internal systems of organizations and businesses leaked.

According to a scheme to develop cashless payments in Vietnam in the 2021-2025 period, total value could reach 25 times GDP by 2025, with those in e-commerce to account for half. The government will complete the legal corridor and policies and upgrade infrastructure to reach the goal.

A draft code of conduct protecting children in cyberspace, developed by the Ministry of Information and Communications, stipulates that internet service and platform providers must actively detect and prevent any illegal activities, unhealthy content, and acts of child abuse.

E-commerce will need comprehensive change to maintain its growth and development amid the “new normal”, with challenges including logistics and supply chains being broken by the pandemic and the risk of customer information being exposed.