02 20 2024

On 28 November 2023, Vietnam’s National Assembly passed the new Law on Real Estate Business (the “2023 REB Law”), which will take effect on 1 January 2025. The new law is expected to address the shortcomings of the existing Law on Real Estate Business of 2014 (as amended in 2020) (the “2014 REB Law”) and ensure alignment with the other relevant laws, such as the new Housing Law, the new Land Law, and the 2020 Investment Law. This article briefly summarizes some of the most worth mentioning new regulations and changes in the 2023 REB Law, along with their rationale. 

02 05 2024

During the 13-year application period, the Law on Credit Institutions 2010, as amended in 2017 (the “2010 CI Law”) played an important role in shaping the regulatory landscape governing the activities of credit institutions, encompassing both management mechanisms and safeguards for the legal system’s integrity.

01 16 2024

On 24 November 2023, the National Assembly passed the Law on Telecommunications No. 24/2023/QH15 (the “2023 Telecom Law”) to replace the Law on Telecommunications No. 41/2009/QH12, as amended in 2017 and 2018 (the “2009 Telecom Law”) which has been considered impractical and no longer suitable for the new development trend. The issuance of the 2023 Telecom Law has been voted as the most prominent ICT (Information and Communications Technology) event in 2023 by the ICT Press Club due to its far-reaching impact on the upcoming national digital transformation. This article will discuss some worth-noting new points introduced under the 2023 Telecom Law.

12 14 2023

With the rapid development of digital technology, numerous concepts have proliferated in the virtual world, among which, virtual assets stand out as a prominent one. In practice, while some countries have recognized their legal validity, Vietnam has yet to officially acknowledge virtual assets. It appears as a commonly circulated asset in Vietnam while lacking legal status and specific identification provisions, leading to various loopholes and challenges for transactions and practical enforcement. The circumstance is deemed inappropriate and out of step with global trends as well as the era of digital technology development.

12 13 2023

On its journey towards privacy empowerment, Vietnam has recently taken a monumental leap with the official launch of the National Portal for Personal Data Protection (NPDP). This event, following the enactment of Decree No. 13/2023/ND-CP on Personal Data Protection (Decree 13), marks a significant milestone in Vietnam’s commitment to securing privacy and fending legitimate rights of its citizens as data subject, immersing in the global trend of data protection.

12 05 2023

On 8 November 2023, the State Bank of Vietnam ("SBV") issued Official Letter No. 8631/NHNN-CSTT ("OL 8631") to address several questions related to some provisions of Circular No. 39/2016/TT-NHNN dated 30 December 2016, which as amended and supplemented by Circular No. 06/2023/TT-NHNN dated 28 June 2023 (“Circular 39”) that regulates lending activities of credit institutions, foreign bank branches (collectively referred to as “CIs”) with respect to their customers.

11 18 2023

On 22 June 2023, the Vietnam National Assembly officially passed the new Law on Electronic Transactions No. 20/2023/QH15 (the “2023 ET Law”), which will supersede the current Law on Electronic Transactions No. 51/2005/QH11 dated 29 November 2005 (the “2005 ET Law”) and take effect from 1 July 2024.

11 17 2023

On September 18, 2023, the Government issued Decree No. 70/2023/ND-CP ("Decree 70"), amending and supplementing Decree No. 152/2020/ND-CP dated December 30, 2020, which regulates foreign employees working in Vietnam and the recruitment and management of Vietnamese employees working for foreign entities or individuals in Vietnam. Decree 70 took immediate effect upon issuance, except for the section regarding job postings as mentioned in Section 3, which is scheduled to become effective on January 1, 2024.

11 15 2023

On November 6, 2023, the Vietnam Competition Commission (VCC) issued Decision 287/QD-CT, conditionally clearing an M&A transaction involving Kido Foods and Nutifood, both well-recognized brands in Vietnam. This decision is particularly notable, as it seemingly marks the VCC’s first conditional approval of economic concentration since its establishment in April 2023. Furthermore, the decision’s full-text public release is a noteworthy development. This step is especially significant in light of the Competition Law, which generally requires the national competition authority to publish complete versions of its decisions, a mandate that has been effective for more than four years.

10 26 2023

The legal representative of a company in Vietnam is not only a managerial position, but also a legal status that entails significant rights and obligations. The legal representative can sign contracts, make decisions, and interact with the authorities on behalf of the company. Therefore, changing the legal representative is a complex and delicate process that requires careful planning and execution. This commentary aims to provide some insights and practical tips for multinational corporations (“MNCs”) who intend to change their legal representative, as well as other management roles, in Vietnam.

10 23 2023

The Law on Intellectual Property No. 50/2005/QH11 dated 29 November 2005 as amended in 2009 and 2019 was further amended in 2022 (collectively, the “IP Law”). Meanwhile, both Decree No. 103/2006/ND-CP dated 22 September 2006, guiding the implementation of a number of articles of the IP Law with respect to industrial property, and Decree No. 105/2006/ND-CP dated 22 September 2006, guiding the implementation of a number of articles of the IP Law with respect to the protection of intellectual property rights and state administration of intellectual property were amended only in 2010 (“Decree 103” and “Decree 105”, respectively).

08 24 2023

After nearly two months of amendments of domestic lending restrictions, which will be effective from 01 September 2023, the State Bank of Vietnam (“SBV”) has overruled itself and just ceased the effectiveness of some domestic lending restrictions under Circular No. 10/2023/TT-NHNN dated 23 August 2023 (“Circular 10”).

08 21 2023

On 20 June 2023, the National Assembly passed the Law No. 19/2023/QH15 on Protection of Consumers' Rights (the “2023 LPCR”), effective from 1 July 2024 and taking place of the Law No. 59/2010/QH12 on the Protection of Consumers' Rights, as amended on 2018 (the “2010 LPCR”).

08 11 2023

Key takeaways

  • Vietnam carbon market is planned to be piloted from 2025 to 2027, and officially operate from 2028.
  • The domestic carbon market operates under a “cap and trade” mechanism, wherein the primary participants are greenhouse gas (“GHG”) emitting establishments. These participants engage in transactions that involve the exchange of reduced GHG quantities, manifested in two forms: GHG Emission Quotas and Carbon Credits.
  • The carbon market and the relevant compliance requirements are considered to impact the business activities of enterprises in many aspects, however it also potentially open a new channel to generate revenue for enterprises, especially those in green industries.
07 20 2023

To recap, the State Bank of Vietnam (the “SBV”) issues new Circular No. 08/2023/TT-NHNN, dated 30 June 2023, on conditions for enterprises to borrow non-government guaranteed foreign loans (“Circular 08”). Circular 08 will come into force and replace Circular No. 12/2014/TT-NHNN (“Circular 12”) from 15 August 2023.

07 18 2023

The State Bank of Vietnam (the “SBV”) finally issues new Circular No. 08/2023/TT-NHNN, dated 30 June 2023, on conditions for enterprises to borrow non-government guaranteed foreign loans (“Circular 08”). Circular 08 will come into force and replace Circular No. 12/2014/TT-NHNN (“Circular 12”) from 15 August 2023.

07 12 2023

Key Takeaways:

  • Four new loan purposes are added to the list of purposes which credit institutions are prohibited from granting loans to Vietnam-based borrowers, including: (i) deposits; (ii) payments of capital contribution in companies; (iii) purchase of shares in unlisted companies; and (iv) financial offsetting.
  • For the first time, the State Bank provides the legal framework for digital lending in Vietnam.
06 19 2023

E-commerce continues to thrive in Vietnam, even amid an economic slowdown, and its growth is expected to persist in 2023 and beyond. The country's retail e-commerce market in 2022 reached an estimated value of US$16.4 billion, accounting for 7.5% of total goods and service revenues. Vietnam's e-commerce market value is projected to reach US$39 billion by 2025, making it the second-largest in Southeast Asia, trailing only Indonesia, which has a population nearly three times larger than Vietnam (refer to Vietnam E-Commerce White Book 2022).

06 15 2023

Key Takeaways:

  • The National Assembly of Vietnam is reviewing the draft new Law on Credit Institutions which proposes significant changes to the banking industry in Vietnam, including changes in the business operations of commercial banks.
  • The proposed changes in the business operations of commercial banks include allowing the use electronic means throughout the entire process of granting loans to customers, introducing the concepts of “payment agents” and “treasury services,” while removing asset management and consultancy services from banks.
  • For branches of foreign banks in Vietnam, the bill eliminates the requirement for prior approval from the State Bank for any organizational or governance changes of the branches (which were previously approved by the State Bank when the branch applied for its license from the State Bank).
06 08 2023

Continuing our series of insights into the Personal Data Protection Decree (PDPD) by unveiling our latest special alert: "Navigating Vietnam's Personal Data Protection Decree: Compliance Checklist." Building upon the key regulations highlighted in our previous alert, we are excited to provide you with a comprehensive checklist of compliance requirements under the PDPD. This invaluable resource has been thoughtfully crafted to help you gain a deep understanding of the requirements and navigate the path to PDPD compliance successfully.

Contact Us | Legal Notice | Site Map | © 2006 – 2023 Indochine Counsel. All Rights Reserved.