Equitisation alternatives in Vietnam

Equitisation (cổ phần hóa) is often considered the more preferable way to privatize a wholly State-owned enterprise (100% SOE). However, there are other alternatives to equitisation as follows:

  • Restructuring Equitisation: Equitisation can only be applied to 100% SOE which is organised in the form of a single-member limited liability company (LLC) and which has positive owner equity. If a 100% SOE which is a single-member LLC has negative owner equity then the 100% SOE could be put through a restructuring/equitisation process with the participation of the Debt and Asset Trading Corporation (DATC) and other creditors in accordance with Circular 194/2013 of the Ministry of Finance. The end result of the restructuring/equitisation process is also a new joint stock company established from the assets and liabilities of the 100% SOE.
  • “Sale” under Decree 109/2008: A 100% SOE which is a single-member LLC can be sold to one or more investors including foreign investors in accordance with Decree 109/2008, if the 100% SOE cannot be equitised or if the Prime Minister allowed the 100% SOE to be sold. In practice, few 100% SOEs have been sold in accordance with Decree 109/2008. It appears that a sale under Decree 109/2008 is an asset sale rather than an equity sale. 
  • Free grant under Decree 109/2008: A 100% SOE which is a single-member LLC and which has a total assets value of no more than VND 15 billion and has no valuable real property can be granted for free to the employees of the 100% SOE in accordance with Decree 109/2008, if the 100% SOE cannot be equitised or if the Prime Minister allowed the 100% SOE to be granted for free. Again, in practice, few 100% SOEs have been sold in accordance with Decree 109/2008.
  • Conversion into two members or more LLC: Under Decree 71/2013 and Circular 220/2013 of the Ministry of Finance, a 100% SOE which is a single-member LLC can also be converted into two members or more LLC by way of sale of equity interests to other investors. The conversion needs to be approved by the Prime Minister. Conversion into two members or more LLC seems to be a new alternative. 
Vietnam Business Law Blog
Let Someone Have the Personal Data You Have: Is It Providing or Transferring?

The Personal Data Protection Law (PDPL) lists providing (cung cấp) and transferring (chuyển giao) as two forms of processing personal data, but defines neither.

Based on the ordinary meaning of those two terms, they mean much the same thing, and either can describe the same act: a business handing a data subject's personal data to another party. The context in which the PDPL uses those two terms does not help separate them either. Article 15.2(b) of the PDPL allows a business to provide data to another organization "when the data subject consents", and Article 17.1(a) of the PDPL also allows a transfer "when the data subject consents".

New Draft Real Estate Business Law: Potential Changes to Project Transfer Regulations

Vietnam’s National Assembly is currently considering a new Law on Real Estate Business to replace the Law on Real Estate Business 2023. One of the notable features of the draft law on real estate business (the Draft) is new regulations on the transfer of real estate projects.

This post discusses four key changes under the Draft and relevant implications.

1. Mortgaged projects can be transferred without a prior discharge

The Draft allows a mortgaged project to be transferred without first releasing the mortgage if the involved parties can reach an agreement. The Draft opens two routes for a mortgaged project to be transferred:

Decree 342/2026: New Rules on Goods Trading by Foreign-Invested Enterprises in Vietnam

The Government officially issued Decree 342/2026/ND-CP dated 3 September 2026, detailing the Commercial Law and the Law on Foreign Trade Management on the sale and purchase of goods and activities directly related to the sale and purchase of goods by foreign investors and foreign-invested enterprises (FIEs) in Vietnam (Decree 342/2026).

Effective from 18 October 2026, Decree 342/2026 replaces Decree 09/2018/ND-CP (Decree 09/2018), which has governed the Business License and Retail Outlet License regime since 2018. However, FIEs holding Business Licenses and Retail Outlet Licenses issued before 18 October 2026 may continue the licensed activities under their existing licences.

Children's Data Under Decree 330/2026: Has the Old Dual-Consent Rule Come Back?

Must a business obtain both the child's consent and the consent of the child's legal representative, a parent or guardian (dual consent), whenever it processes the personal data of a child aged 7 or over? Under the Personal Data Protection Law (PDPL), the answer is no. Dual consent is required only for processing that would disclose the child's private life or personal secrets. For other processing, the legal representative consents on the child's behalf, and the child's own consent is not required (Article 24.2 of the PDPL). However, Decree 330/2026 of the Government on administrative penalties for violations in the fields of cybersecurity and personal data protection (Decree 330/2026) seems to apply dual consent to a broader set of circumstances. Article 60.1(c) of Decree 330/2026 fines processing of the data of a child aged 7 or over without dual consent. That rule was taken from Decree 13/2023, which ceased to have effect on 1 January 2026.

New Foreign Exchange Rules for Foreign Investment in Vietnam

The State Bank of Vietnam (SBV) officially issued Circular 38/2026/TT-NHNN dated 31 July 2026 on foreign exchange management for foreign investment activities in Vietnam (Circular 38/2026). Effective from 18 August 2026, Circular 38/2026 replaces Circular 06/2019/TT-NHNN (Circular 06/2019) as amended by Circular 03/2025/TT-NHNN (Circular 03/2025), which has governed the direct investment capital account (DICA) regime since 2019. Circular 38/2026 also terminates Articles 11.3 and 11.4 of Circular 03/2025 on opening and use of VND-denominated accounts for conducting foreign indirect investment in Vietnam and amends Circular 16/2014/TT-NHNN on the use of foreign currency and Vietnamese dong accounts of residents and non-residents.

When Does CIT Arise on a Foreign Seller’s Share Transfer — At Signing or at Closing?

A typical share sale agreement (SPA) takes effect on signing. Closing, when the buyer and the seller exchange money and title to the shares, usually comes later, once conditions have been met. One might expect tax on the sale to be imposed when the shares are sold, that is, at closing. But where a foreign enterprise with no permanent establishment (Foreign Seller) in Vietnam sells shares in an unlisted Vietnamese company to a resident buyer, Article 5.2(a) of Circular 20/2026 provides that revenue is taxed when the initial capital-transfer contract takes effect. On the face of that Article, the SPA can be that contract, and signing can be when it takes effect. The fact that closing has not yet occurred might not, by itself, defer the tax. Until Circular 20/2026, that was not so.

Whether a JSC may issue new voting preference shares to founding shareholders after ERC issuance?

Similar to the Enterprise Law 2005 and the Enterprise Law 2014, the Enterprise Law 2020 is silent on whether founding shareholders may hold voting preference shares newly issued after the issuance date of the enterprise registration certificate (ERC), and only provides at Article 116.1 that the voting preference of founding shareholders is effective for three years from that date. This blog will examine different views on this issue.

On the one hand, one may support the view that founding shareholders are entitled to hold voting preference shares issued after ERC issuance date because:

Major Reductions in Fire Safety and Environmental Administrative Procedures in Vietnam

Based on Resolution No. 206/2025/QH15 of the National Assembly on special mechanisms to address difficulties and obstacles arising from legal regulations, the Government has issued several Resolutions on administrative procedure reduction (such as Resolution 66.16/2026/NQ-CP, Resolution 66.18/2026/NQ-CP, etc.). Most of these provisions remain effective until 28 February 2027. If new provisions covering the same subject matter are promulgated to replace them during this period, the relevant provisions of these Resolutions will automatically cease to be effective.

Key Concerns In Draft Cyber & PDP Sanctions Decree On Personal Data Protection

On 16 March 2026, the Ministry of Public Security (MPS) issued the draft decree on administrative sanctions in the fields of cybersecurity and personal data protection (the Draft Decree) for public consultation. It is the first step to put concrete penalties behind the PDPL 2025, which took effect on 1 January 2026 but left the enforcement details to the Government. The Draft covers a wide range of sectors, such as cybersecurity, personal data, AI, telecommunications, and digital signatures. This post focuses on the personal data provisions (Articles 57 to 69 of the Draft Decree), which raise potential concerns for businesses.

New Decree on private bonds (Part 2)

On 5 June 2026, the Government issued Decree 200 on private placement and trading of corporate bonds on domestic market and offering of corporate bonds on international market (Decree 200/2026). Decree 200/2026 will replace Decree 153/2020 (as amended) on the same subject. We have discussed certain contents of Decree 200/2026 in New Decree on private bonds (Part 1) — Vietnam Business Law.

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Pre-emptive rights over new shares of Vietnamese shareholding companies

At law, the following provisions suggest that existing shareholders of a Vietnamese shareholding company have pre-emptive rights over new shares issued by the company:

  • Under Article 79.1(c) of the Enterprise Law, an ordinary shareholder in a shareholding company has priority right to subscribe for new shares issued by the company in proportion to the shareholding of such shareholder in the company;

  • Article 87.2 of the Enterprise Law provides that when a shareholding company issues new ordinary shares and offers such shares to all ordinary shareholders, the company must send a written notice to each shareholder setting out the terms of the offer and a reasonable period for the shareholder to consider the offer. If there is any shareholder failing to subscribe for the shares offered to them, the Board of Directors (the Board) of the company is entitled to offer such shares to a third party on terms, which are not more favourable than the terms originally offered to the relevant shareholder; and

  • Article 87.2(c) of the Enterprise Law provides that a shareholder may transfer its pre-emptive right to other persons.

On the other hand, there are certain provisions, which indicate that there may be exemptions to the pre-emptive rights of existing shareholders under the Enterprise Law. In particular,

  • Article 87.6 of the Enterprise Law states that “the Government shall provide implementing regulations for private placement of shares”. One therefore may argue that in case of a private placement of shares, there is no pre-emptive right. This is consistent with the fact that the regulations on private placement of shares which involve issuance of new shares to third party investor do not specifically require each existing shareholder to waive their pre-emptive rights before the company can issue new shares to third party investors. In practice, it seems that the regulators do not take into account pre-emptive rights of existing shareholders if the new share issuance is approved by the shareholders meeting; and

  • The Ministry of Finance has issued a model charter applicable to public companies in Vietnam, which provides that new shares must be offered to existing shareholders proportionally “unless otherwise decided by the General Meeting of Shareholders” (Decision 121 of the MOF dated 26 July 2012). A resolution of the General Meeting of Shareholders of a public company (which adopts the model charter) to issue shares to a specific entity could therefore be interpreted as constituting an exception to the right to personal notice and waiver that is in the Enterprise Law.

 

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Vietnamese merger regulations

Under the Vietnamese Competition Law, an “economic concentration” is defined to include the following types of transactions:

(a)        Merger of enterprises means the transfer by one or more enterprise(s) of all of  its lawful assets, rights, obligations and interests to another enterprise and at the same time the termination of the existence of the merging enterprise(s).

(b)       Consolidation of enterprises means the transfer by two or more enterprises of all of their lawful assets, rights, obligations and interests to form a new enterprise and at the same time the termination of the existence of the consolidating enterprises.

(c)        Acquisition of an enterprise means the purchase by one enterprise of all or part of the assets of another enterprise sufficient to control or govern the activities of one or all of the businesses of the acquired enterprise. Controlling or governing all or one of the businesses of another enterprise means an enterprise (controlling enterprise) obtains ownership of the assets of another enterprise (controlled enterprise) sufficient to give the controlling enterprise 50% of the voting rights at the general meeting of shareholders, the board of management or other level sufficient according to law or the charter of the controlled enterprise to enable the controlling enterprise to govern the financial policies and operations of the controlled enterprise aimed at receiving economic benefit from the business operations of the controlled enterprise.

(d)       Joint venture between enterprises means two or more enterprises together contribute a portion of their lawful assets, rights, obligations and interests to form a new enterprise.

Article 20.1 of the Competition Law provides that if the parties to a merger have a combined market share in a relevant market from 30% to up to 50% then the parties must notify the Vietnam Competition Authority of the enterprise acquisition before completing the merger unless the parties to the merger still remain a small and medium enterprise after the merger. A small and medium enterprise under Vietnamese law is subject to different criteria based on its business lines. But in general, a small and medium enterprise should not have more than 300 employees and a charter capital of more than VND 100 billion (about US$ 4.8 million).  An economic concentration with a combined market share of more than 50% is prohibited unless an exemption is granted.

Vietnam Business Law Blog
Let Someone Have the Personal Data You Have: Is It Providing or Transferring?

The Personal Data Protection Law (PDPL) lists providing (cung cấp) and transferring (chuyển giao) as two forms of processing personal data, but defines neither.

Based on the ordinary meaning of those two terms, they mean much the same thing, and either can describe the same act: a business handing a data subject's personal data to another party. The context in which the PDPL uses those two terms does not help separate them either. Article 15.2(b) of the PDPL allows a business to provide data to another organization "when the data subject consents", and Article 17.1(a) of the PDPL also allows a transfer "when the data subject consents".

New Draft Real Estate Business Law: Potential Changes to Project Transfer Regulations

Vietnam’s National Assembly is currently considering a new Law on Real Estate Business to replace the Law on Real Estate Business 2023. One of the notable features of the draft law on real estate business (the Draft) is new regulations on the transfer of real estate projects.

This post discusses four key changes under the Draft and relevant implications.

1. Mortgaged projects can be transferred without a prior discharge

The Draft allows a mortgaged project to be transferred without first releasing the mortgage if the involved parties can reach an agreement. The Draft opens two routes for a mortgaged project to be transferred:

Decree 342/2026: New Rules on Goods Trading by Foreign-Invested Enterprises in Vietnam

The Government officially issued Decree 342/2026/ND-CP dated 3 September 2026, detailing the Commercial Law and the Law on Foreign Trade Management on the sale and purchase of goods and activities directly related to the sale and purchase of goods by foreign investors and foreign-invested enterprises (FIEs) in Vietnam (Decree 342/2026).

Effective from 18 October 2026, Decree 342/2026 replaces Decree 09/2018/ND-CP (Decree 09/2018), which has governed the Business License and Retail Outlet License regime since 2018. However, FIEs holding Business Licenses and Retail Outlet Licenses issued before 18 October 2026 may continue the licensed activities under their existing licences.

Children's Data Under Decree 330/2026: Has the Old Dual-Consent Rule Come Back?

Must a business obtain both the child's consent and the consent of the child's legal representative, a parent or guardian (dual consent), whenever it processes the personal data of a child aged 7 or over? Under the Personal Data Protection Law (PDPL), the answer is no. Dual consent is required only for processing that would disclose the child's private life or personal secrets. For other processing, the legal representative consents on the child's behalf, and the child's own consent is not required (Article 24.2 of the PDPL). However, Decree 330/2026 of the Government on administrative penalties for violations in the fields of cybersecurity and personal data protection (Decree 330/2026) seems to apply dual consent to a broader set of circumstances. Article 60.1(c) of Decree 330/2026 fines processing of the data of a child aged 7 or over without dual consent. That rule was taken from Decree 13/2023, which ceased to have effect on 1 January 2026.

New Foreign Exchange Rules for Foreign Investment in Vietnam

The State Bank of Vietnam (SBV) officially issued Circular 38/2026/TT-NHNN dated 31 July 2026 on foreign exchange management for foreign investment activities in Vietnam (Circular 38/2026). Effective from 18 August 2026, Circular 38/2026 replaces Circular 06/2019/TT-NHNN (Circular 06/2019) as amended by Circular 03/2025/TT-NHNN (Circular 03/2025), which has governed the direct investment capital account (DICA) regime since 2019. Circular 38/2026 also terminates Articles 11.3 and 11.4 of Circular 03/2025 on opening and use of VND-denominated accounts for conducting foreign indirect investment in Vietnam and amends Circular 16/2014/TT-NHNN on the use of foreign currency and Vietnamese dong accounts of residents and non-residents.

When Does CIT Arise on a Foreign Seller’s Share Transfer — At Signing or at Closing?

A typical share sale agreement (SPA) takes effect on signing. Closing, when the buyer and the seller exchange money and title to the shares, usually comes later, once conditions have been met. One might expect tax on the sale to be imposed when the shares are sold, that is, at closing. But where a foreign enterprise with no permanent establishment (Foreign Seller) in Vietnam sells shares in an unlisted Vietnamese company to a resident buyer, Article 5.2(a) of Circular 20/2026 provides that revenue is taxed when the initial capital-transfer contract takes effect. On the face of that Article, the SPA can be that contract, and signing can be when it takes effect. The fact that closing has not yet occurred might not, by itself, defer the tax. Until Circular 20/2026, that was not so.

Whether a JSC may issue new voting preference shares to founding shareholders after ERC issuance?

Similar to the Enterprise Law 2005 and the Enterprise Law 2014, the Enterprise Law 2020 is silent on whether founding shareholders may hold voting preference shares newly issued after the issuance date of the enterprise registration certificate (ERC), and only provides at Article 116.1 that the voting preference of founding shareholders is effective for three years from that date. This blog will examine different views on this issue.

On the one hand, one may support the view that founding shareholders are entitled to hold voting preference shares issued after ERC issuance date because:

Major Reductions in Fire Safety and Environmental Administrative Procedures in Vietnam

Based on Resolution No. 206/2025/QH15 of the National Assembly on special mechanisms to address difficulties and obstacles arising from legal regulations, the Government has issued several Resolutions on administrative procedure reduction (such as Resolution 66.16/2026/NQ-CP, Resolution 66.18/2026/NQ-CP, etc.). Most of these provisions remain effective until 28 February 2027. If new provisions covering the same subject matter are promulgated to replace them during this period, the relevant provisions of these Resolutions will automatically cease to be effective.

Key Concerns In Draft Cyber & PDP Sanctions Decree On Personal Data Protection

On 16 March 2026, the Ministry of Public Security (MPS) issued the draft decree on administrative sanctions in the fields of cybersecurity and personal data protection (the Draft Decree) for public consultation. It is the first step to put concrete penalties behind the PDPL 2025, which took effect on 1 January 2026 but left the enforcement details to the Government. The Draft covers a wide range of sectors, such as cybersecurity, personal data, AI, telecommunications, and digital signatures. This post focuses on the personal data provisions (Articles 57 to 69 of the Draft Decree), which raise potential concerns for businesses.

New Decree on private bonds (Part 2)

On 5 June 2026, the Government issued Decree 200 on private placement and trading of corporate bonds on domestic market and offering of corporate bonds on international market (Decree 200/2026). Decree 200/2026 will replace Decree 153/2020 (as amended) on the same subject. We have discussed certain contents of Decree 200/2026 in New Decree on private bonds (Part 1) — Vietnam Business Law.

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Payment for shares in Vietnamese companies

Article 12.1 of the amended Ordinance on Foreign Exchange of the Standing Committee requires a foreign investor making an indirect investment including purchasing shares or capital contribution in a Vietnamese company to convert its foreign currency into Vietnamese Dong and transfer all payment through a Vietnamese Dong indirect investment capital account (CCA). Therefore, payment for shares in a Vietnamese companies should be made in Vietnamese Dong.

However, before Circular 32/2013 of the State Bank of Vietnam (SBV), it is not clear whether it is possible for a foreign investor to agree to denominate the share purchase price in US$ and pay the same in equivalent Vietnamese Dong. Article 22 of the Ordinance on Foreign Exchange requires all transactions “in the territory of Vietnam” must not be denominated in US$ except in case permitted by the SBV. Although a foreign investor does not reside in Vietnam, the CCA of such foreign investor is located in Vietnam. Therefore, a share purchase transaction between a foreign investor and a local seller could still be captured by the words “in the territory of Vietnam”.

Under Circular 32/2013 effective from 10 February 2014, it should now be possible for the parties to denominate the purchase price for shares in a Vietnamese company in US$. This is because:

  • Under Article 4.16 of the new Circular 32/2013, a resident supplying goods to a non-resident may denominate the price and receive payment in foreign currency; and
  • Under the Civil Code and the Commercial Law, goods may include valuable papers such shares.
Vietnam Business Law Blog
Let Someone Have the Personal Data You Have: Is It Providing or Transferring?

The Personal Data Protection Law (PDPL) lists providing (cung cấp) and transferring (chuyển giao) as two forms of processing personal data, but defines neither.

Based on the ordinary meaning of those two terms, they mean much the same thing, and either can describe the same act: a business handing a data subject's personal data to another party. The context in which the PDPL uses those two terms does not help separate them either. Article 15.2(b) of the PDPL allows a business to provide data to another organization "when the data subject consents", and Article 17.1(a) of the PDPL also allows a transfer "when the data subject consents".

New Draft Real Estate Business Law: Potential Changes to Project Transfer Regulations

Vietnam’s National Assembly is currently considering a new Law on Real Estate Business to replace the Law on Real Estate Business 2023. One of the notable features of the draft law on real estate business (the Draft) is new regulations on the transfer of real estate projects.

This post discusses four key changes under the Draft and relevant implications.

1. Mortgaged projects can be transferred without a prior discharge

The Draft allows a mortgaged project to be transferred without first releasing the mortgage if the involved parties can reach an agreement. The Draft opens two routes for a mortgaged project to be transferred:

Decree 342/2026: New Rules on Goods Trading by Foreign-Invested Enterprises in Vietnam

The Government officially issued Decree 342/2026/ND-CP dated 3 September 2026, detailing the Commercial Law and the Law on Foreign Trade Management on the sale and purchase of goods and activities directly related to the sale and purchase of goods by foreign investors and foreign-invested enterprises (FIEs) in Vietnam (Decree 342/2026).

Effective from 18 October 2026, Decree 342/2026 replaces Decree 09/2018/ND-CP (Decree 09/2018), which has governed the Business License and Retail Outlet License regime since 2018. However, FIEs holding Business Licenses and Retail Outlet Licenses issued before 18 October 2026 may continue the licensed activities under their existing licences.

Children's Data Under Decree 330/2026: Has the Old Dual-Consent Rule Come Back?

Must a business obtain both the child's consent and the consent of the child's legal representative, a parent or guardian (dual consent), whenever it processes the personal data of a child aged 7 or over? Under the Personal Data Protection Law (PDPL), the answer is no. Dual consent is required only for processing that would disclose the child's private life or personal secrets. For other processing, the legal representative consents on the child's behalf, and the child's own consent is not required (Article 24.2 of the PDPL). However, Decree 330/2026 of the Government on administrative penalties for violations in the fields of cybersecurity and personal data protection (Decree 330/2026) seems to apply dual consent to a broader set of circumstances. Article 60.1(c) of Decree 330/2026 fines processing of the data of a child aged 7 or over without dual consent. That rule was taken from Decree 13/2023, which ceased to have effect on 1 January 2026.

New Foreign Exchange Rules for Foreign Investment in Vietnam

The State Bank of Vietnam (SBV) officially issued Circular 38/2026/TT-NHNN dated 31 July 2026 on foreign exchange management for foreign investment activities in Vietnam (Circular 38/2026). Effective from 18 August 2026, Circular 38/2026 replaces Circular 06/2019/TT-NHNN (Circular 06/2019) as amended by Circular 03/2025/TT-NHNN (Circular 03/2025), which has governed the direct investment capital account (DICA) regime since 2019. Circular 38/2026 also terminates Articles 11.3 and 11.4 of Circular 03/2025 on opening and use of VND-denominated accounts for conducting foreign indirect investment in Vietnam and amends Circular 16/2014/TT-NHNN on the use of foreign currency and Vietnamese dong accounts of residents and non-residents.

When Does CIT Arise on a Foreign Seller’s Share Transfer — At Signing or at Closing?

A typical share sale agreement (SPA) takes effect on signing. Closing, when the buyer and the seller exchange money and title to the shares, usually comes later, once conditions have been met. One might expect tax on the sale to be imposed when the shares are sold, that is, at closing. But where a foreign enterprise with no permanent establishment (Foreign Seller) in Vietnam sells shares in an unlisted Vietnamese company to a resident buyer, Article 5.2(a) of Circular 20/2026 provides that revenue is taxed when the initial capital-transfer contract takes effect. On the face of that Article, the SPA can be that contract, and signing can be when it takes effect. The fact that closing has not yet occurred might not, by itself, defer the tax. Until Circular 20/2026, that was not so.

Whether a JSC may issue new voting preference shares to founding shareholders after ERC issuance?

Similar to the Enterprise Law 2005 and the Enterprise Law 2014, the Enterprise Law 2020 is silent on whether founding shareholders may hold voting preference shares newly issued after the issuance date of the enterprise registration certificate (ERC), and only provides at Article 116.1 that the voting preference of founding shareholders is effective for three years from that date. This blog will examine different views on this issue.

On the one hand, one may support the view that founding shareholders are entitled to hold voting preference shares issued after ERC issuance date because:

Major Reductions in Fire Safety and Environmental Administrative Procedures in Vietnam

Based on Resolution No. 206/2025/QH15 of the National Assembly on special mechanisms to address difficulties and obstacles arising from legal regulations, the Government has issued several Resolutions on administrative procedure reduction (such as Resolution 66.16/2026/NQ-CP, Resolution 66.18/2026/NQ-CP, etc.). Most of these provisions remain effective until 28 February 2027. If new provisions covering the same subject matter are promulgated to replace them during this period, the relevant provisions of these Resolutions will automatically cease to be effective.

Key Concerns In Draft Cyber & PDP Sanctions Decree On Personal Data Protection

On 16 March 2026, the Ministry of Public Security (MPS) issued the draft decree on administrative sanctions in the fields of cybersecurity and personal data protection (the Draft Decree) for public consultation. It is the first step to put concrete penalties behind the PDPL 2025, which took effect on 1 January 2026 but left the enforcement details to the Government. The Draft covers a wide range of sectors, such as cybersecurity, personal data, AI, telecommunications, and digital signatures. This post focuses on the personal data provisions (Articles 57 to 69 of the Draft Decree), which raise potential concerns for businesses.

New Decree on private bonds (Part 2)

On 5 June 2026, the Government issued Decree 200 on private placement and trading of corporate bonds on domestic market and offering of corporate bonds on international market (Decree 200/2026). Decree 200/2026 will replace Decree 153/2020 (as amended) on the same subject. We have discussed certain contents of Decree 200/2026 in New Decree on private bonds (Part 1) — Vietnam Business Law.

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Written by Nguyen Quang Vu On In ,