On 15 May 2024, the Government officially issued the new Decree No. 52/2024/ND-CP to regulate cashless payments (“Decree No. 52”). Decree No. 52 took effect from 1 July 2024 and replaced the previous Decree No. 101/2012/ND-CP on cashless payments, as amended from time to time. Among other things, Decree No. 52 sets forth regulations on opening and using payment accounts, cashless payment services and intermediary payment services (IPS).
On 4 March 2024, the State Bank of Vietnam released a new draft decree (“Draft Decree”) on the regulatory sandbox for the banking sector in Vietnam. The Draft Decree proposes a comprehensive framework for a regulatory sandbox program applicable to fintech solutions by detailing, among others, eligible solutions, eligibility criteria for service providers, and requirements for participation.
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 Law 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.
In November 2023, the National Assembly of Vietnam addressed the draft law on credit institutions (“Draft Law”) in its sixth session. The Draft Law proposes significant changes to the current Law on Credit Institutions and will have a major impact on the development of Vietnam’s financial market. The Draft Law will be submitted and is expected to be approved at the National Assembly’s next session.
On 28 June 2023, the State Bank of Vietnam issued Circular No. 06/2023/TT-NHNN amending several provisions of Circular No. 39/2016/TT-NHNN of the SBV dated 30 December 2016 on lending activities of onshore credit institutions and foreign bank branches (local banks) to customers. The new Circular will come into effect on 1 September 2023.
On 15 November 2022, the National Assembly of Vietnam passed the new law on anti-money laundering which will replace the current law from 1 March 2023. Reporting entities as covered in the new law should take into account certain key changes in anti-money laundering regulations.
On 30 September 2022, the State Bank of Vietnam officially issued Circular No. 12/2022/TT-NHNN providing instructions on foreign exchange administration regarding offshore borrowing and offshore debt repayment of enterprises (“Circular 12”). Circular 12 came into effect on 15 November 2022, replacing Circular No. 03/2016/TT-NHNN and its amending circulars.
The National Assembly of Vietnam has passed the new Insurance Business Law on 16 June 2022 at the meeting of the National Assembly. The New Law has provided significant changes to the Current Law and will have a major impact on the development of Vietnam’s insurance market.
The State Bank of Vietnam released a draft circular on conditions for enterprises’ offshore loans without government guarantee, which aims to replace Circular No. 12/2014/TT-NHNN dated 31 March 2014. The Draft Circular tightens the control on offshore loans to tackle the risk of excess national foreign debt quota and to promote the onshore loan market. Borrowers are now expected to meet additional conditions to borrow offshore loans without government guarantee.