Articles
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.

06 06 2023

Key Takeaways:

  • Vietnamese laws are currently silent on whether digital assets including cryptocurrencies are lawful assets.
  • Authorities express their own views on the legality of cryptocurrencies and their related transactions.
  • Court judgments also differ, adding more obscurity to the status of cryptocurrencies.
  • Investors should be cautious in engaging in digital asset-related transactions in Vietnam.
05 19 2023

Over ten years of implementation, the Law on Advertising No. 16/2012/QH13 dated 21 June 2012, as amended in 2018 (the “Advertising Law”), has revealed some shortcomings which adversely impact on the effectiveness in management of advertising activities in Vietnam, such as failing to catch up with the advertising practices arisen in the rapid development of information technology, there being some inconsistencies with the other related laws of Vietnam, which have been recently amended or newly issued, such as the 2022 amended Law on Intellectual Property, the 2022 amended Public Investment Law, the 2022 amended Public-Private Partnership Law, the 2022 amended Investment Law, the 2022 amended Enterprise Law, and the 2022 amended Law on Civil Judgment Enforcement, as well as with numerous FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the European Union-Vietnam Free Trade Agreement (EVFTA) which have been signed by Vietnam

05 17 2023

Vietnam's long-awaited Power Development Plan VIII ("PDP8") has finally been approved by the Government. This strategic blueprint, steering Vietnam's energy sector for the next decade, offers significant opportunities for investors, particularly in the renewable energy field.

04 21 2023

After more than two years since the last draft was published for public comments on 9 February 2021 (the “Draft Decree”) which draw hot debates among agencies and businesses, the Government of Vietnam finally issued Decree No. 13/2023/ND-CP on personal data protection on 17 April 2023 (the “PDP Decree”).

03 24 2023

On 15 November 2022, the National Assembly passed the Law on Anti-money Laundering No. 14/2022/QH15 (the “2022 AML Law”), which came into force from 1 March 2023 and replaced the Law on Anti-money Laundering 2012 (the “2012 AML Law”).

03 20 2023

Recently, the Government issued Resolution No. 33/NQ-CP on 11 March 2023 (“Resolution 33”), which aims to provide solutions to dismantle and promote the real estate market in a safe, healthy, and sustainable manner. This resolution was issued due to the challenges faced by the real estate sector, which is a crucial component for the economy and impacts many other sectors. These challenges arise from the world economic situation and Vietnam's ongoing process of recovery from Covid - 19 pandemic and development. 

03 13 2023

As of now, about 68 legal documents directly regulating personal data protection have been issued in Vietnam (as published at https://cand.com.vn/van-de-hom-nay-thoi-su/phu-hop-quy-dinh-cua-hien-phap-phap-luat-hai-hoa-voi-thong-le-quoc-te-bai-cuoi--i684175/), but there is inconsistency among them regarding the definitions of and rules on personal data and personal data protection. To address this issue and catch up with international practices in personal data protection, a Government decree on personal data protection (the “PDP Decree”) is being built by the Ministry of Public Security. 

02 21 2023

The effectiveness of the FiT policies for renewable energy (excluding small and medium hydropower), applied from 2018 to 2021, is indisputable as it attracts significant investments in developing renewable energy sources. During that period, the total installed power of the entire system increased significantly, and the power structure also experienced a remarkable change. By the end of 2021, the total installed capacity of the entire system reaches 76,620MW, of which the total capacity of wind and solar power is 20,670MW, accounting for 27.0% of the total installed capacity.

12 29 2022

On 30 October 2022, the Government promulgated Decree No. 91/2022/ND-CP on amendments of and additions to a number of articles of Decree No. 126/2020/ND-CP dated 19 October 2020 elaborating the 2019 Law on Tax Administration (“Decree 91"), which further specifies the responsibilities of tax payers relating to tax declaration and payment on cyberspace, including the responsibility of providing certain prescribed information of merchants on e-commerce trading floors by such floors’ owners. For implementation of Decree 91, on 14 November 2022, the General Department of Taxation (the “GDT”) issued Official Letter No. 4205/TCT-DNNCN on the guidance for the owners of e-commerce trading floors to provide the prescribed information on merchants operating thereon (“OL 4205”).

08 31 2022

After waiting since the middle of 2018, the Government of Vietnam finally issued Decree No. 53/2022/ND-CP dated 15 August 2022 (“Decree 53”) detailing some articles of the Law on Cybersecurity No. 24/2018/QH14 (the “Cybersecurity Law”), following the last draft decree version released in August 2019 (the “Last Draft Decree”). Decree 53 will take effect from 1 October 2022.

08 23 2022

Start-up enterprises play an important role for sustainable development of the country’s economy as many of them are small and medium sized enterprises (“SMEs”). In addition, the sector of an innovation start-up enterprise has only recently entered the purview of the Government and the National Assembly. The State has provided special policies for the assistance of and incentives to encourage Start-up SMEs that primarily focus on technological advancement and research (“Innovation Start-up SMEs”) that need assistance of all resources for building their reputation and position in the market.

07 18 2022

On 16 June 2022, the Central Committee of the Communist Party of Vietnam issued Resolution No. 18-NQ/TW (“Resolution 18”), which replaces its predecessor – Resolution No. 19-NQ/TW dated 31 October 2012 and provides land policy to be applied in the near future. Resolution 18 has several new points which are the subject of this Article.

06 20 2022

On 11 April 2022, the State Bank of Vietnam (the “SBV”) released a draft circular on conditions for foreign loans not guaranteed by the government, including loans to credit institutions and loans to local enterprises (the “Draft Circular”), and is expected to replace the current Circular No. 12/2014/TT-NHNN (“Circular No. 12”).

05 27 2022

The Law on Electronic Transactions No. 51/2005/QH11 dated 29 November 2005 (the “ET Law”) covers issues which have seen a great deal of advancement since its promulgation over fifteen years ago. This has resulted in the need of a legal system update for conformity and more comprehensive management.

05 25 2022

Since 2018, the corporate bond market, especially the market for privately-placed corporate bonds ("PPCBs") has experienced significant growth. The volume of corporate bonds issued has reportedly reached VND658,009 billion in 2021, of which PPCBs account for over 95% with a total value of VND627,844 billion, witnessing an increase of 46% as compared to 2020. However, recent misconduct in private placement of corporate bonds has revealed many potential risks to the corporate bond market and the national financial system.



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