In brief
On 18 January 2024, the National Assembly of Vietnam passed the new Law No. 32/2024/QH15 on Credit Institutions (“New Law“) at the fifth extraordinary meeting of the National Assembly. The New Law will have a major impact on the development of the banking sector in Vietnam.
The New Law will come into effect and replace the Current Law1 from 1 July 2024, except for the provisions on enforcement of security over real estate, which will take effect from 1 January 2025, and certain transitional provisions regarding the operation of credit institutions.
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1 Law No. 47/2010/QH12 on Credit Institutions was passed by the National Assembly on 16 June 2010, as amended and supplemented by Law No. 17/2017/QH14 on amendment and supplement of a number of articles of the Law on Credit Institutions passed by the National Assembly on 20 November 2017 (“Current Law“).
Author
Oanh H. K. Nguyen
Oanh Nguyen is a partner in Baker McKenzie Vietnam and has been practising capital markets, banking and finance, M&A, and commercial law for more than 25 years. Knowledgeable about all aspects of investments, she advises on all types of transactions, ranging from investment structures to project structures and their related financing. She has focused on public M&A matters, including major IPOs and projects finance.
Oanh is a respected presenter in the areas of finance and capital markets. In addition, she has lectured at the Ho Chi Minh City Bar Association. She also serves as a legal advisor to the Capital Market Committee of Ho Chi Minh City American Chamber of Commerce.
Author
Thuy Van T. Pham
Thuy Van Pham is a special counsel at the Firm's Ho Chi Minh City office with more than 10 years of experience advising on investment, banking and finance in Vietnam. She has been involved in many transactions, including cross-border financing deals and M&A transactions in Vietnam across a wide range of industries, including banking and finance, insurance and securities, manufacturing, oil and gas, real estate, telecommunications. Van has also been advising major banks in Vietnam on regulatory issues for their daily operations.
