The draft Decree on Personal Data Protection was recently circulated for public discussion. Many of the draft provisions are similar to those in the European GDPR, addressing matters such as cross-border data transfer and appointment of data protection officers. Fines for non-compliance can reach up to 5% of annual turnover.

Decree contains guidelines on a coordinating mechanism for enterprise registration, cooperation related to registration of securities companies and fund management companies, concurrent registration of various points related to the enterprise such as the form or legal rep and additional regulations relating to legal status of enterprises are introduced.

The draft decree does address various points, however, there is still need for clarification with regard to for example the law governing PPP project contract, conditions related to equity transfer, disposal of collaterals, and restrictions on equity transfer as well as definition of policy enabling changes in developing a PPP project.

Decree 152 provides guidance on employement of foreigners following the entering into force of the new labour code per 1 January 2021. There are some changes related to exemptions as well as the requirements to be qualified as an expert or technical worker.

The long-awaited Decree 10 sets out several business conditions applicable to a transportation business by vehicles. These businesses include the app-based taxi services provided by Grab and Be. The discussion that has been going on for a long time on the type of services they provide has probably come to an end.

The law will also impact e-commerce activities of offshore entities; and introduces new definitions. Finally, legal reps need to be aware that they can be prevented from exiting Vietnam when the company has not paid due taxes. Please note that 6 months remain to take measures to remain compliant.

The 2019 Law on Securities for the first time ever mentions foreign investors' participation on the securities market. The law also amends and adds definitions, and separates the initial and additional public offering. Furthermore, the conditions for both public and non-public offerings will be tightened, and the maximum fine will be increased.

As of 1 July 2020 it will become easier to switch to a different type of visa for foreign investors and job-finders who entered the country on a tourist visa. There will also be more types of visa available for foreign investors and duration depends on investment but can be up to 10 years.

Decision 26 is expected to speed up the equitisation of SOEs and divestment of State capital to create a level playing field for business entities, generate funds for infrastructure projects and comply with international commitments and free trade agreements.

Decree 75 contains a general framework for administrative penalties such as warnings and fines, additional sanctions and remedial measures such as suspension of operations, confiscation of profits or revocation of enterprise registration are amongst the additional sanctions, and correction of false information, restructuring of dominant entities, removal of illegal terms.

Circular 6 results in changes on use of foreign exchange related to foreign direct investment in Vietnam. The definition of FDI enterprise, and the scope of when a direct or indirect investment capital account should be used have changed. Guidelines are provided about the use of foreign currencies and VN Dong.

The new Labour Code includes substantial changes to recognise the evolution of labour relationships under the impact of the Industrial Revolution 4.0. Important is also that the draft for the first time contains a definition of sexual harassment, which is already prohibited under the current Labour Code.