Concurrently with the rest of the World, online transactions over the internet have become commonplace in Vietnam and continue to expand its reach to all aspects of business. The banking and retail sectors are just two of the major industries that currently rely, at least in part, on remote transactions. This evolution also has a dark side with the development of cybercrime where a victim is fraudulently induced to provide personal or private information that the cybercriminal utilizes to appropriate assets. In this Insight, Le & Tran explores the recent developments and progression of cybersecurity law and data retention in Vietnam. Further, the regulations are applied to the real world and useful advice is provided to assist you in following the law and protecting the information of your business and your clients/customers. Existing cyber fraud situation in Vietnam Along with the development of communication networks and information technology (IT) applications, fraud conducted through the internet has grown substantially, both in quantity and sophistication. Although the authorities and media have repeatedly warned people about these fraudulent actions, the continuous evolution of methods and modus operandi of cybercriminals, combined with intimate knowledge of their victims’ hopes and desires, enables them to scam large sums of money nationwide. Cyber fraud in the past mainly consisted of scams that would target those connecting online, persons establishing friendships, or would request money transfers from victims in order to receive gifts at customs. In addition, it was common to hack social media accounts or impersonate relatives or acquaintances to ask for money or mobile scratch cards. The fraud that exists nowadays has become much more...