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In Employment

Vietnam: State Bank of Vietnam adopts new regulations on offshore-issued stock awards for employees

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On 28 June 2024, the State Bank of Vietnam (SBV) officially adopted Circular No. 23/2024/TT-NHNN (“Circular No. 23”) amending and supplementing several articles of Circular No. 10/2016/TT-NHNN dated 29 June 2016 regulating offshore indirect investment (“Circular No. 10”). Circular No. 23 will take effect from 12 August 2024. Notably, Circular No. 23 presents various points affecting the current implementation of offshore stock award plans for Vietnamese employees in Vietnam and embraces most of the SBV existing requirements in practice.

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In Cybersecurity, Data and Tech

Vietnam: New draft Law on Digital Technology Industry and draft Data Law

by , , and 6 Mins Read

The Vietnamese authorities recently released two draft laws, including the draft Data Law and the draft Law on Digital Technology Industry, for public comments. These proposed laws seek to address various issues in the fields of data and digital technology, with the potential to significantly impact businesses across various industries.

In AML & Financial Services Regulatory

Vietnam: New decree on cashless payments

by , and 7 Mins Read

On 15 May 2024, the Government officially issued the new Decree No. 52/2024/ND-CP to regulate cashless payments (“Decree No. 52”). Decree No. 52 took effect from 1 July 2024 and replaced the previous Decree No. 101/2012/ND-CP on cashless payments, as amended from time to time. Among other things, Decree No. 52 sets forth regulations on opening and using payment accounts, cashless payment services and intermediary payment services (IPS).

In Product Regulation & Liability

Vietnam: Draft decree on medical data management

by , , and 3 Mins Read

The Ministry of Health (MOH) is drafting a decree on medical data management (“Draft Decree”) to establish a legal framework for (i) medical data management and development, (i) the establishment of the National Medical Database, and (iii) detailing the implementation of electronics health records and health books.

The Draft Decree is currently open for public consultation until 3 August 2024.

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In Cybersecurity, Data and Tech

Vietnam: Balancing AI benefits and risks – Vietnam’s approach to responsible AI development through voluntary principles

by , , and 2 Mins Read

On 11 June 2024, the minister of the Ministry of Science and Technology of Vietnam issued Decision 1290/QD-BKHCN providing guidance on principles for researching and developing responsible artificial intelligence (AI) systems (“Decision”). This Decision, which came into effect immediately upon issuance, is included with Version 1.0 of the Guide on Principles for Researching and Developing Responsible AI Systems (“Guide”). It is essential to highlight that the Guide is established as a voluntary standard rather than a mandatory rule.

In Product Regulation & Liability

Vietnam: Decree No. 55/2024/ND-CP providing guidance on the new Consumer Law

by , , and 3 Mins Read

On 16 May 2024, the Government issued Decree No. 55/2024/ND-CP providing guidance on the 2023 Consumer Law. This decree specifies selected articles in detail, aiming at enhancing consumer protection and regulating diverse commercial environments in Vietnam. This decree will come into effect on 1 July 2024, coinciding with the Consumer Law’s commencement, and will be implemented immediately without a grace period.

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In Cybersecurity, Data and Tech

Vietnam: Policy initiative to incentivize AI and semiconductor investment projects

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The government and Ministry of Planning and Investment is currently working on the draft resolution of the National Assembly (NA) to amend the NA’s existing Resolution No. 119/2020/QH14 on “the pilot implementation of the urban governance model and various mechanisms and policies for the development of Da Nang city.”

In AML & Financial Services Regulatory

Vietnam: New draft decree on regulatory sandbox in the banking sector

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On 4 March 2024, the State Bank of Vietnam released a new draft decree (“Draft Decree”) on the regulatory sandbox for the banking sector in Vietnam. The Draft Decree proposes a comprehensive framework for a regulatory sandbox program applicable to fintech solutions by detailing, among others, eligible solutions, eligibility criteria for service providers, and requirements for participation.

In ESG

Vietnam sets a development roadmap for hydrogen under national strategies and master plans

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Excerpt: Vietnam has acknowledged the importance of hydrogen and recently made initial steps in the regulatory formulation for the development of hydrogen. Together with the recently approved national power development master plan (PDP8) and its implementation plan as well as the national overall master plan for energy, on 7 February 2024, the Prime Minister of Vietnam issued Decision No. 165/QD-TTg approving the national strategy for the development of hydrogen to 2030, with a vision to 2045 (“Hydrogen Strategy”). The Hydrogen Strategy lays the preliminary foundation for the development of hydrogen in the upcoming period by officially setting out the viewpoints, goals, directions, and the relevant implementation tasks and measures. Accordingly, this marks a significant step in Vietnam’s transition to green energy, focusing on new and clean energy sources (including hydrogen).

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