NEWS

On 29 April 2025, the State Bank of Vietnam issued Circular No. 03/2025/TT-NHNN (“Circular 03”), which takes effect from 16 June 2025. This Circular replaces Circular No. 05/2014/TT-NHNN and introduces significant changes to the regulations on Vietnamese dong accounts used for foreign indirect investment activities in Vietnam.

In this edition, we highlight the Draft Decree and Draft Circular updating Vietnam’s cosmetics regulatory framework, currently under final review and expected to be promulgated in 2025. Besides, we provide other news and regulations that might interest you.

The Ministry of Health has issued a draft decree (“Draft Decree”) to replace Decree No. 93/2016/ND-CP, along with a draft circular (“Draft Circular”) amending and supplementing several provisions of Circular No. 06/2011/TT-BYT. Together, these drafts update the regulatory framework governing cosmetics in Vietnam.

On 29 April 2025, the Government of Vietnam issued Decree 94/2025/ND-CP (“Decree 94”), which will take effect on 1 July 2025. The Decree introduces a regulatory sandbox mechanism (“Cơ chế thử nghiệm”) for the banking sector, providing a legal framework to pilot innovative Fintech solutions, including credit scoring, Open API-based data sharing, and peer-to-peer (P2P) lending.

Pursuant to Notification No. 47-TB/TW, which outlines the Politburo’s conclusions on establishing a regional and international financial centre in Vietnam (“Notification 47-TB/TW”), and the 2024 introduction of the draft Law on the Digital Technology Industry (“Draft Law”), Vietnam is taking the first steps on the path of developing a dedicated legal framework for crypto-assets and ultimately, the recognition of these assets under Vietnamese law. The Draft Law has been submitted by the Government to the National Assembly and is currently pending approval.

On 5 May 2025, during its 9th session, the National Assembly reviewed the Draft Amended Law on Atomic Energy, with the aim of creating a comprehensive legal basis to support national energy infrastructure development, improve radiation and nuclear safety and security management, ensure sustainable applications of atomic energy, and fulfill Vietnam’s international

In this edition, we highlight the draft decree on the operation of a domestic carbon exchange ("Draft Decree"), in line with Vietnam’s roadmap for establishing and developing a carbon market as set out in the Law on Environmental Protection and Decision No. 232/QĐ-TTg dated 24 January 2025. The Draft Decree is expected to impact enterprises listed in the national greenhouse gas inventory, entities holding carbon credits from offset and exchange mechanisms, and businesses engaged in carbon credit trading.

The Ministry of Finance is currently drafting a decree on the operation of a domestic carbon exchange (“Draft Decree”). The Draft Decree is expected to impact enterprises listed in the national greenhouse gas inventory, entities holding carbon credits from offset and exchange mechanisms, as well as businesses engaged in carbon credit trading.

The Ministry of Finance has issued the draft Law amending and supplementing a number of articles of the Law on Enterprises 2020, which is scheduled to be presented to the National Assembly for consideration and approval in May 2025.

Asset Recovery Asia 2025 is the premier conference series on fraud, insolvency, and asset recovery, hosted by the Asset Recovery Series. Our Special Counsel and Head of Dispute Resolution Practice, Minh Nguyen, will join as a speaker together leading practitioners from the fraud, asset recovery and insolvency world.

On 29 June 2024, the National Assembly of Vietnam promulgated Law No. 41/2024/QH15 on social insurance, effective from 01 July 2025, replacing the 2014 Law No. 58/2014/QH13 on social insurance. The 2024 Law marks a shift toward broader coverage and stricter compliance, aiming to build a more inclusive and sustainable social security system.

The Draft Law is expected to be presented to the National Assembly for discussion during its 9th session in May 2025 and for approval at the 10th session in October 2025. Any bankruptcy case initiated under the 2014 Law on Bankruptcy that has not yet resulted in a bankruptcy decision issued by a competent court as of the effective date of the Draft Law will be governed by the new law.