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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.

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.

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.