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.
The implementation of the new Law on Telecommunications, effective on 1 July 2024, requires a decree from the government to provide guidance and further details on various issues. On 2 February 2024, the Ministry of Information and Communications published a draft version of the decree guiding the New Telecom Law to collect public comments. The deadline for public comments is 2 April 2024.
The Vietnam Ministry of Public Security (MPS) published on 29 February 2024 its first version of the dossier proposing the development of the Law on Personal Data Protection (“PDP Law”) on the government’s official website for public consultation. This is one of the initial steps to kick off the drafting and enactment processes of the new Vietnam PDP Law.
The terms “data” and “digital data” have prominently surfaced in the discussions of policymakers and policy advocates. The year 2024 may signify the start of a comprehensive transformation in the data policy landscape in Vietnam, with the proposals of several key laws.
Among other renewable power sources, rooftop solar (RTS) power has increasingly become an important power supply source in Vietnam in recent years. However, the implementation of the PDP8 demands some changes to policies and regulations on the development of RTS power. In this update, we provide an overview of the RTS power development in Vietnam from a regulatory and legal perspective, along with an analysis of key legal considerations for the development of new RTS power projects in Vietnam.
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.
On 24 November 2023, the National Assembly officially approved the new Law on Telecommunications (“New Telecom Law”). This new law will soon supersede the existing 2009 Law on Telecommunications, which has been effective since 2010. The New Telecom Law will take effect on 1 July 2024, but its notable provisions regulating over-the-top (OTT) communications, data center (DC), and cloud computing (“Cloud”) services will take effect six months later, on 1 January 2025.
Under Vietnam’s current regulations on electronic games, foreign service providers of online electronic games must establish local enterprises to provide their services in Vietnam. The Schedule of Specific Commitments in Services of the Working Party on the WTO Accession of Vietnam (“Vietnam’s WTO Commitments”) only allows foreign investors to own up to 49% of the charter capital of such game companies. The commitments under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) further allow foreign investors from member countries of the CPTPP to own up to 51% of the charter capital in game companies from 2019. However, from 14 January 2024, foreign investors from CPTPP member countries may own up to 100% of the charter capital in game companies in Vietnam.
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.