In this new edition, you can read an update on the decree implementing the Law on Enterprises which entered into force on 1 January 2021 and an update on the various decrees and circulares implementing the Law on Securities which entered into force per the same date. We provide you with some other news and regulations which we thought might be of interest. February was a quiet period, as Tet fell in this month, and not many new regulations were adopted.

Due to COVID-19 the courts in Vietnam had to move to virtual hearings. In this update, you can find more information on the requirements. There are rules for pre-hearing plan, scope, and logistic issues, technical specifications and requirements, online etiquette and due process.

The Draft Law on the protection of Consumers' Rights will be more in line with the requirements of international treaties. The protection of vulnerable consumers’ rights is one of the new regulations introduced by the Draft Law. It also contains various parts related to the protection of personal data of the consumer.

Circular 15 addresses the issues that have arisen from the expiration of regulations on FiTs for solar and wind power plants that were not completed yet. Some guidance is given how FiTs should be handled for the so-called transitional plants.

Decree 59 introduces the electronic identity (eID) for individuals and companies. This eID can be used for electronic identification and authentication. Both Vietnamese and foreign citizens will get an eID. There is a difference in application for individuals and companies.

The biggest concern for companies was the requirement to localise data. However, this requirement does not always apply, only under certain circumstances. Also, in case of violation of the Law on Cybersecurity, an overseas service provider will be required to store data locally. Finally, any activity of taking advantage of cybersecurity measures to violate the law might even result in the obligation to compensate if the violation has infringed the lawful rights and interests of others.

In this edition of Chambers Global Practice Guides: Private Equity 2022, ACSV Legal contributed to the Vietnam chapter on Law & Practice and Trends & Developments. The guide provides the latest legal information relevant for PE and M&A such as the structure of transactions, terms of acquisition documentation, public-to-private takeovers, mandatory offer thresholds and hostile takeover offers.

This legal update highlights several remarkable points under Circular 7, which transposes regulations of the RCEP free trade agreement into Vietnamese law. Circular 7 implements the RCEP's transitional safeguard measures and antidumping measures.

The Draft Circular proposes to tighten the management of non-government guaranteed offshore loans to control Vietnam’s overall borrowing exposure. It is unclear when the Draft Law will be approved and promulgated by the competent authorities.

The Draft Law on E-Transactions provides a new definition and new requirements for digital platforms, expands the scope of application, contains a provision on the data protection in e-transactions and finally, clarifies the application of electronic agreements and signatures.

Several tax-related draft decrees are expected to be approved shortly. In January 2022, the Government promulgated Decree on tax exemption and reduction. A Draft Decree to remedy some issues of Decree 15 is pending. In February 2022, the Ministry of Finance of Vietnam released a Draft Decree on tax administration amending some articles of Decree 126/2020 guiding the Law on Tax Administration and Decree 123/2020 on invoices.

In this update, you can read about the guidance that is provided in Decree 35 on the Competition Law which can impact offshore mergers as well. We also provide you with some other news which we thought might be of interest.