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In brief

Vietnam is becoming an increasingly important market for talent, and we have witnessed growing demand for the offering of share-based awards to employees in Vietnam in recent years. Due to currency control restrictions imposed by the State Bank of Vietnam (SBV), including the requirement that each plan be registered with the SBV, it has traditionally been challenging to implement a share plan in Vietnam. Since the adoption of Circular 10 in 2016, the SBV registration process has been clarified and a growing number of companies have successfully registered their plans with the SBV.

That said, companies should be cognizant of the remaining obstacles and challenges in offering awards in Vietnam, ideally before making any grants. It is important for companies to weigh the costs and benefits of obtaining SBV approval, given that the application process remains a significant undertaking and the ongoing requirements necessitate continued resources.
For the latest SBV guidance on the registration and approval process, as well as the pitfalls and challenges to consider, we encourage you to read and share our white paper with your stock plan teams.

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Contact Us

For more information on how our team can help your company can navigate the SBV approval process, contact your Baker McKenzie Compensation attorney or send us a general inquiry today

Special thanks to our colleagues Tri Trung Pham and Khanh Chi Vu in our Hanoi office for their contributions to this article.


Barbara Klementz is the chair of Baker McKenzie’s North American Compensation Practice. She has practiced in the area of global equity and executive compensation for over 20 years. Barbara has authored several articles on global equity issues for the BNA Executive Compensation Journal, Journal of Corporate Taxation and San Francisco and Los Angeles Daily Journal, among others, and she is the author of a blog on global equity related topics called the Global Equity Equation. She is also a frequent speaker on a variety of global equity topics. Barbara is recognized as a ranked practitioner by Chambers USA. Chambers states that she "consistently delivers top-notch assistance and work product, and is a true expert in the field." Barbara is admitted to private practice in California and Düsseldorf, Germany.


Kela Shang is a partner in the Firm’s Palo Alto office and a member of the Global Equity Services Practice Group. He regularly assists public and private companies in offering their employee equity plans around the world. Mr. Shang is currently a member of the National Association of Stock Plan Professionals and the Global Equity Organization.

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