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On May 12 in Hanoi, at the forum “Building digital trust in finance in the AI era (Artificial Intelligence - AI),” Lieutenant General Pham The Tung, a member of the Party Central Committee and the Deputy Minister of Public Security, warned that fraud methods and asset misappropriation are becoming increasingly sophisticated and organized, particularly as AI can generate counterfeit forms that are difficult to detect.
Vietnam is targeting two-digit economic growth this year and in subsequent periods. However, the growth of the digital economy—especially in finance—will not be sustainable without a solid foundation of trust, the Deputy Minister said.
According to Lt. Gen. Pham The Tung, in the current digital environment, trust is no longer a matter of sentiment but a prerequisite for transactions and for financial decisions to be made.
“If data is the ‘fuel’ of the digital economy, then trust is the ‘soft infrastructure’ that determines the operating capability of the entire financial system,” he stressed.
The Public Security Ministry highlighted that governance of risk in the digital environment is changing rapidly. Previously, risks were mainly associated with technology systems. Now, risk is shifting strongly toward human factors, directly affecting users.
Forum delegates also noted that fraud and asset misappropriation techniques are becoming more sophisticated and better organized. AI is being exploited to create impersonations that are difficult to detect, increasing the risk to digital financial security.
To respond, the Public Security Ministry said a shift is needed from passive defense to proactively building a safe and trustworthy financial ecosystem.
A safe financial system, according to the ministry, should not only ensure technological safety, but also protect users by equipping them with risk-identification skills and providing timely assistance when incidents occur.
Lt. Gen. Pham The Tung said the ministry identifies a central role in ensuring security in cyberspace, including actively identifying and fighting high-tech financial crime and increasing international cooperation to combat cross-border crime.
At the same time, he emphasized that digital trust cannot be built by a single agency. It requires close coordination among state agencies, financial institutions, technology organizations, and society at large.
He also pointed to the role of citizens in the digital finance ecosystem, noting that people can be both a vulnerable link and the first line of defense.
The forum “Building digital trust in finance in the AI era” was organized by the Alliance for Digital Trust and co-organized with the National Cyber Security Center and the High-Tech Crime Prevention Association, MoMo, under the auspices of the Public Security Ministry, the State Bank of Vietnam, and the Ministry of Finance.
It brought together representatives from management authorities, financial organizations, technology companies, and cybersecurity experts to discuss solutions for building a safe, transparent, and sustainable digital finance ecosystem amid rapidly developing AI.
During discussion sessions, experts focused on new security challenges as AI becomes more involved in financial and banking activities, including risk governance, data protection, detection of impersonation behaviors, prevention of high-tech fraud, and strengthening user protection in the digital space.
Many views presented at the forum suggested that digital trust is becoming a foundational element of the digital economy and requires close cooperation among management agencies, financial institutions, technology firms, and citizens.
Lt. Gen. Pham The Tung concluded: “In the AI era, technology can determine the speed of development, but trust will determine the growth limit. If we cannot solve the trust problem, we will not advance far, even if technology advances.”
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