A landmark UN cybercrime treaty, aimed at tackling offences that cost the global economy trillions of dollars annually, is set to be signed in Vietnam’s capital, Hanoi, by around 60 countries over the weekend.

The convention, which will take effect after it is ratified by 40 nations, is expected to streamline international cooperation against cybercrime.

“Cyberspace has become fertile ground for criminals every day, sophisticated scams defraud families, steal livelihoods, and drain billions of dollars from our economies,” UN Secretary-General Antonio Guterres said at the opening ceremony.

“The UN Cybercrime Convention is a powerful, legally binding instrument to strengthen our collective defences against cybercrime.”

The convention targets a broad spectrum of offences from phishing and ransomware to online trafficking and hate speech, the UN has said, citing estimates that cybercrime costs the global economy trillions of dollars each year.

Vietnam President Luong Cuong said the signing of the convention marks the birth of a global legal instrument to strengthen international cooperation against cybercrime.

He added that the agreement reflects the vitality of multilateralism, where countries set aside their differences and share responsibilities for global peace, security, stability, and development.

The UN Office on Drugs and Crime (UNODC), which led the treaty negotiations, said the agreement includes provisions to protect human rights and promotes legitimate research activities.

The European Union, the United States and Canada sent diplomats and officials to sign the treaty in Hanoi.

Vietnam views the treaty as an opportunity to enhance its global standing and cyber defences amid rising attacks on critical infrastructure.