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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).

The Ministry of Health (MOH) is drafting a decree on medical data management (“Draft Decree”) to establish a legal framework for (i) medical data management and development, (i) the establishment of the National Medical Database, and (iii) detailing the implementation of electronics health records and health books.

The Draft Decree is currently open for public consultation until 3 August 2024.

On 11 June 2024, the minister of the Ministry of Science and Technology of Vietnam issued Decision 1290/QD-BKHCN providing guidance on principles for researching and developing responsible artificial intelligence (AI) systems (“Decision”). This Decision, which came into effect immediately upon issuance, is included with Version 1.0 of the Guide on Principles for Researching and Developing Responsible AI Systems (“Guide”). It is essential to highlight that the Guide is established as a voluntary standard rather than a mandatory rule.

On 16 May 2024, the Government issued Decree No. 55/2024/ND-CP providing guidance on the 2023 Consumer Law. This decree specifies selected articles in detail, aiming at enhancing consumer protection and regulating diverse commercial environments in Vietnam. This decree will come into effect on 1 July 2024, coinciding with the Consumer Law’s commencement, and will be implemented immediately without a grace period.

The government and Ministry of Planning and Investment is currently working on the draft resolution of the National Assembly (NA) to amend the NA’s existing Resolution No. 119/2020/QH14 on “the pilot implementation of the urban governance model and various mechanisms and policies for the development of Da Nang city.”

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.

Excerpt: Vietnam has acknowledged the importance of hydrogen and recently made initial steps in the regulatory formulation for the development of hydrogen. Together with the recently approved national power development master plan (PDP8) and its implementation plan as well as the national overall master plan for energy, on 7 February 2024, the Prime Minister of Vietnam issued Decision No. 165/QD-TTg approving the national strategy for the development of hydrogen to 2030, with a vision to 2045 (“Hydrogen Strategy”). The Hydrogen Strategy lays the preliminary foundation for the development of hydrogen in the upcoming period by officially setting out the viewpoints, goals, directions, and the relevant implementation tasks and measures. Accordingly, this marks a significant step in Vietnam’s transition to green energy, focusing on new and clean energy sources (including hydrogen).

Excerpt: On 12 March 2024, the Ministry of Industry and Trade’s Electricity Regulatory Authority of Vietnam released for public comment a draft new circular, which if adopted would take effect from 1 July 2024 and would replace Circular No. 45/2018/TT-BCT dated 15 November 2018 regulating the operation of the Vietnam Wholesale Electricity Market.

The New Bidding Law took effect on 1 January 2024. To facilitate the implementation of this New Bidding Law, effective from 27 February 2024, the Government of Vietnam issued Decree No. 23/2024/ND-CP elaborating on the regulations of the New Bidding Law in terms of bidding for the selection of investors for projects that are subject to the bidding process under the regulations of specialized sectors.