Legal Services in Vietnam: The Backbone of Business Operations

  In Vietnam’s rapidly developing economy, business owners are increasingly recognizing the necessity of proficient legal services. As they navigate the complex terrain of starting and running a business, encountering legal hurdles is almost a given. Legal services in Vietnam are not a mere formality but a cornerstone for securing a company’s integrity and longevity. This comprehensive article delves into the pivotal role that legal services provided by law firms in Vietnam play in various aspects of Vietnamese business operations.

Legal Services in Vietnam: Constructing a Business Structure

The genesis of any business endeavor in Vietnam begins with choosing an appropriate business structure. Legal services play a critical role in this initial phase. Entrepreneurs must engage legal services to assess the risks and advantages of different business forms, whether it be a limited liability company, a joint-stock company, or a partnership. Legal professionals provide insights on the implications of each structure, particularly in relation to shielding business owners from liability claims. In the top echelons of setting up a business, legal services provide the blueprint for future security and are instrumental in the foundational stages of business planning.

Legal Services in Vietnam: Creating Contracts

Once the business structure is established, legal services become indispensable in the creation of contracts. In Vietnam, where business dealings could be rooted in both local and international laws, contracts are the lifeblood of commercial operations. Legal services ensure that these documents are not only legally binding but are also crafted to protect the business’s interests. From employment agreements to supplier contracts, legal services ensure each clause is meticulously analyzed to prevent future disputes.

Legal Services in Vietnam: Navigating Licensing

Licensing is another domain where legal services are paramount in Vietnam. The country’s regulatory framework can pose challenges for small and medium-sized enterprises unfamiliar with the intricate licensing requirements. Legal services act as navigators, guiding businesses through the labyrinth of administrative procedures, and helping them comply with local regulations. By leveraging legal expertise, companies can avoid inadvertent violations and the hefty fines that could follow.

Legal Services in Vietnam: Preparing for Lawsuits

Despite diligent management and compliance efforts, businesses in Vietnam may still face the prospect of litigation. Legal services become the vanguard, preparing and fortifying the business against lawsuits. Whether it’s a worst-case scenario or a minor legal scuffle, having robust legal support services can make a significant difference in the outcome. Legal services offer both preventative advice to minimize the risk of being sued and defensive strategies if litigation becomes inevitable.

The Spectrum of Legal Services in Vietnam

Vietnam’s business climate calls for a myriad of other legal services. Intellectual property protection, tax law guidance, labor law compliance, and corporate governance are just a few areas where legal services are extensively utilized. As Vietnamese laws evolve and international trade agreements come into play, the demand for sophisticated legal services has skyrocketed. Businesses must stay abreast of legal changes and rely on legal services to adapt accordingly.

The Role of Legal Services in Vietnam in Business Growth

Legal services are not only about safeguarding against risks; they are also a catalyst for growth. By ensuring that a business’s operations are compliant with Vietnamese laws, legal services can facilitate smoother expansions, both domestically and internationally. They provide the due diligence necessary for mergers, acquisitions, and partnerships, assuring that such moves are judicious and legally sound.

The Digital Transformation of Legal Services

In line with global trends, Vietnam’s legal services sector is undergoing a digital transformation. This shift has made legal support more accessible and efficient. From online contract management to virtual legal consultations, the digital realm offers innovative solutions that complement traditional legal services.

Legal Services in Vietnam and International Trade

Vietnam’s participation in various free trade agreements has accentuated the importance of legal services in navigating international trade laws. Legal professionals help businesses understand and comply with the complex web of regulations that govern international commerce, ensuring that Vietnamese businesses remain competitive on the global stage.

Legal Services in Vietnam as a Reflection of Vietnam’s Legal Reforms

The development of legal services in Vietnam also mirrors the country’s efforts to reform its legal system. As Vietnam works towards greater transparency and adherence to international legal standards, legal services have become more proactive. They are not only reactive to issues but also shape the legal landscape by contributing to policy discussions and legislative developments.

In Vietnam’s dynamic market, legal services are the bulwark that fortifies a business’s operations against potential legal adversities. They are integral to every stage of a business lifecycle, from inception to expansion.

For businesses to thrive in Vietnam’s competitive environment, investing in quality legal services is not just advisable—it’s essential. Legal services ensure compliance, mitigate risks, and position businesses for sustained success. As Vietnam continues its trajectory towards economic prominence, the symbiosis between business operations and legal services will only grow stronger, underpinning the very fabric of Vietnam’s commercial prosperity.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/legal-services-in-vietnam.html

The Critical Role of Services for Registering Trademarks in Vietnam: 5 Essential Insights

  As legal IP experts based in Vietnam, we have witnessed a significant evolution in the domain of intellectual property (IP) protection. The importance of services for registering trademarks in Vietnam cannot be overstated.

These services are pivotal in safeguarding the brand identity of businesses, ensuring legal protection, and maintaining a competitive edge in the market. This article delves into the trends, risks, and essential insights associated with services for registering trademarks in Vietnam.

The Growing Importance of Services for Registering Trademarks in Vietnam

1. Digital Transformation in Vietnam
The digital revolution has swept across Vietnam, prompting businesses to establish a robust online presence. This transformation has significantly increased the demand for services for registering trademarks in Vietnam. Protecting digital assets and brand identity in the virtual realm is crucial for businesses operating in today’s interconnected world. Trademark registration services provide the necessary legal framework to prevent unauthorized use and build consumer trust.

 2. Global Expansion and Cross-Border Protection
Vietnamese businesses are increasingly expanding their operations beyond national borders, necessitating comprehensive trademark protection. Services for registering trademarks in Vietnam now encompass international trademark registration, enabling businesses to secure their brand identity in multiple jurisdictions. Understanding the intricacies of trademark laws in different countries is essential for maintaining a consistent global brand.

3. Technological Advancements
The integration of advanced technology is revolutionizing the industries. Technology-powered tools facilitate efficient trademark searches and monitoring, providing quicker and more accurate results. These technological advancements are crucial in identifying potential conflicts and streamlining the registration process, making services for registering trademarks in Vietnam more effective and reliable.

4. Increased Awareness of Intellectual Property Rights
There is a heightened awareness among Vietnamese businesses regarding the importance of intellectual property rights. Companies now recognize that a strong trademark is a valuable asset that contributes to brand loyalty and market recognition. This increased awareness drives more businesses to invest in services for registering trademarks in Vietnam, ensuring robust protection of their brand identity.

Risks Associated with Trademark Registration in Vietnam

1. Trademark Infringement and Counterfeiting
The rise of digital commerce has exacerbated the risk of trademark infringement and counterfeiting in Vietnam. Unauthorized use of a brand can lead to significant financial losses and damage to reputation. Services for registering trademarks in Vietnam play a critical role in monitoring and enforcing trademark rights, helping businesses to mitigate these risks.

2. Complex Legal Landscape
Navigating the legal landscape of trademark registration in Vietnam can be complex and challenging. Each country has its own set of rules and procedures, making it difficult for businesses to ensure compliance. Professional legal advice and expert services for registering trademarks in Vietnam are essential to manage these complexities effectively and avoid potential legal pitfalls.

3. Costly Trademark Disputes
Trademark disputes can be costly and time-consuming, posing a significant risk to businesses. Legal battles over trademark rights can drain resources and disrupt business operations. Thorough trademark searches and clearances, facilitated by expert services for registering trademarks in Vietnam, are crucial to minimize the risk of disputes and ensure smooth business operations.

4. Delays in Trademark Registration
The trademark registration process can be lengthy, leading to delays in brand protection. Businesses may face challenges in securing their trademark in a timely manner, leaving their brand vulnerable to unauthorized use. Planning and early action, supported by efficient services for registering trademarks in Vietnam, are critical to mitigate this risk and ensure timely brand protection.

5. Non-Compliance with Trademark Laws
Failure to comply with trademark laws and regulations can result in the loss of trademark rights. It is imperative for businesses to stay informed about the requirements for maintaining their trademark status, including timely renewals and proper usage. Services for registering trademarks in Vietnam provide the necessary guidance and support to ensure compliance with legal requirements.

Key Insights for Effective Trademark Registration in Vietnam

1. Comprehensive Trademark Searches
Conducting thorough trademark searches is a fundamental step in the registration process. Services for registering trademarks in Vietnam utilize search tools to identify existing trademarks and potential conflicts. This proactive approach helps businesses avoid costly disputes and ensures a smooth registration process.

2. Expert Legal Advice and Support
Navigating the complexities of trademark registration requires expert legal advice and support. Professional services for registering trademarks in Vietnam provide businesses with the necessary legal guidance to ensure compliance with local and international trademark laws. This expertise is invaluable in managing the registration process and protecting brand identity.

3. Monitoring and Enforcement
Effective monitoring and enforcement of trademark rights are crucial to prevent infringement and counterfeiting. Services for registering trademarks in Vietnam offer ongoing monitoring of the marketplace to identify potential infringements. Prompt enforcement actions help businesses protect their brand and maintain market integrity.

4. Timely Renewals and Maintenance
Maintaining trademark protection requires timely renewals and adherence to legal requirements. Services for registering trademarks in Vietnam assist businesses in managing renewals and ensuring continuous protection of their trademark rights. Proper maintenance of trademarks is essential for long-term brand security.

5. Strategic International Registration
For businesses expanding globally, strategic international registration of trademarks is essential. Services for registering trademarks in Vietnam provide comprehensive support for international trademark applications, helping businesses secure their brand in multiple jurisdictions. This strategic approach ensures consistent global brand identity and protection.

The importance of services for registering trademarks in Vietnam is underscored by the evolving business landscape and the need for robust brand protection. As businesses navigate digital transformation, globalization, and technological advancements, expert trademark registration services are essential in mitigating risks and ensuring legal compliance. By leveraging these services, businesses can safeguard their trademarks, prevent unauthorized use, and build a strong, reputable brand identity in Vietnam and beyond.

About ANT Lawyers, a Law Firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/5-insights-services-for-registering-trademarks-in-vietnam.html

Establishing a Company in Vietnam: A Comprehensive Guide for Foreign Investors

  Vietnam has emerged as a preferred destination for foreign investors, driven by its dynamic economy, strategic location, and supportive government policies.

Establishing a company in Vietnam offers opportunities amidst the global economic stagnation exacerbated by geopolitical tensions.

With a young population, a growing middle-income working class, and abundant talent in information technology, Vietnam presents a strong ground for business ventures.

However, as with any overseas investment, entering the Vietnamese market comes with its own set of challenges and risks. This guide aims to provide foreign investors with essential insights and practical steps for successfully establishing a company in Vietnam.

Establishing a Company in Vietnam: A Comprehensive Guide for Foreign Investors

Understanding the Vietnamese Market

The Economic Landscape

Vietnam’s economy has been one of the fastest-growing in Southeast Asia, consistently achieving robust GDP growth rates. Despite global economic uncertainties, Vietnam’s strategic initiatives and trade agreements have fortified its economic resilience. The country’s economic policies are geared towards attracting foreign direct investment (FDI), with various incentives and support mechanisms in place for foreign businesses.

Demographic Advantage

Vietnam boasts a young and dynamic population. This demographic trend is accompanied by a burgeoning middle-income class, which fuels domestic consumption and drives economic growth. The young workforce is not only abundant but also increasingly skilled, particularly in sectors such as information technology.

Entrepreneurial Spirit

The entrepreneurial spirit is deeply ingrained in Vietnamese culture. Small and medium-sized enterprises (SMEs) are the backbone of the economy, and there is a growing trend of startups and innovation-driven businesses. This entrepreneurial environment fosters a competitive yet collaborative business landscape, making Vietnam an exciting place for new ventures.

Types of Business Entities in Vietnam

When establishing a company in Vietnam, foreign investors can choose from several types of business entities, each with its own legal and operational implications. The most common types include:

Limited Liability Company (LLC)

An LLC is suitable for small and medium-sized enterprises. It can be wholly foreign-owned or a joint venture with Vietnamese partners. The liability of the owners is limited to their capital contributions, making it a secure option for foreign investors.

Joint-Stock Company (JSC)

A JSC is ideal for larger businesses and requires at least three shareholders. It can also be wholly foreign-owned or a joint venture. JSCs are often chosen for ventures that anticipate substantial growth and potential public listings.

Other forms of entities with different sets of benefits could be established for different purposes as following:

Representative Office

A representative office is suitable for foreign companies looking to explore the Vietnamese market without engaging in direct business activities. It allows companies to conduct market research and establish a business presence but cannot generate revenue.

Branch Office

A branch office can conduct business activities and generate revenue. It must have a parent company overseas and operates as an extension of the foreign entity.

Legal Framework for Establishing a Company in Vietnam

Investment Laws and Regulations

The legal framework for foreign investment in Vietnam is primarily governed by the Law on Investment and the Law on Enterprises. These laws outline the requirements, procedures, and incentives for foreign investors. Key government bodies involved in regulating foreign investment include the Ministry of Planning and Investment (MPI) and the provincial Departments of Planning and Investment (DPI).

Investment Registration Certificate (IRC)

The first step in establishing a company in Vietnam is obtaining an Investment Registration Certificate (IRC). The IRC application process involves:

• Preparation: Collect necessary documents, including the application form, investor’s legal status documents, financial statements, and a detailed business plan.
• Submission: Submit the application to the DPI.
• Approval: The DPI reviews and approves the IRC between 15 – 25 working days for non conditional projects.

Enterprise Registration Certificate (ERC)

After obtaining the IRC, the next step is to secure an Enterprise Registration Certificate (ERC). The ERC application process involves:

• Preparation: Gather documents such as the application form, company charter, list of members/shareholders, and the IRC.
• Submission: Submit the application to the DPI.
• Approval: The ERC is typically issued within 3 – 5 working days.

Post-Registration Procedures Establishing a Company in Vietnam

Once the IRC and ERC are obtained, there are several post-registration procedures that must be completed to ensure the company is legally operational:

Seal Carving

Every company in Vietnam is required to have an official seal. The seal is used to authenticate documents and can be obtained from a licensed seal carving service.

Tax Registration

Registering with the local tax office is mandatory. This involves obtaining a tax code and registering for Value Added Tax (VAT) and corporate income tax (CIT).

Bank Account

Opening a corporate bank account in Vietnam is necessary for all financial transactions. This involves providing the bank with the company’s IRC, ERC, and other relevant documents.

Capital Contribution

The capital contribution, as stated in the company charter, must be deposited within the stipulated timeframe, usually 90 days from the issuance of the ERC.

Public Announcement

The company registration information must be published in the National Business Registration Portal. This public announcement ensures transparency and compliance with Vietnamese laws.

Key Considerations for Foreign Investors Establishing a Company in Vietnam

Capital Requirements

Different sectors have varying minimum capital requirements. It is crucial to ensure that the proposed capital meets the regulatory standards for the specific industry.

Business Scope

Clearly defining the business activities in the company charter is essential. This ensures that the company’s operations align with local regulations and avoid any legal complications.

Compliance with Vietnamese Laws

Maintaining compliance with Vietnamese laws and regulations is critical. This includes adhering to tax obligations, financial reporting, and labor laws. Engaging a local legal advisor can help navigate these requirements effectively.

Risks and Challenges

While Vietnam presents numerous opportunities, there are inherent risks and challenges associated with establishing a company in Vietnam:

Cultural Differences

Understanding and adapting to Vietnamese culture and business practices is vital. The Vietnamese way of doing business often emphasizes relationships and trust, which can differ significantly from Western practices.

Market Entry Risks

Entering a new market always involves risks, such as unfamiliar regulatory environments, competition, and market dynamics. Thorough market research and strategic planning are essential to mitigate these risks.

Different Buying Behaviors

Vietnamese consumers have unique buying behaviors and preferences. Tailoring products and marketing strategies to meet local demands is crucial for success.

Legal and Regulatory Risks

Vietnam’s legal and regulatory framework can be complex and subject to change. Staying informed about the latest laws and regulations is necessary to ensure compliance.

Opportunities in the Vietnamese Market When Establishing a Company in Vietnam

Despite the challenges, the Vietnamese market offers significant opportunities for foreign investors:

Growing Economy

Vietnam’s robust economic growth and increasing integration into global trade networks provide a favorable environment for business expansion.

Young and Skilled Workforce

The young and increasingly skilled workforce, particularly in information technology and engineering, is a valuable asset for businesses.

Government Incentives

The Vietnamese government offers various incentives for foreign investors, including tax breaks, reduced land lease fees, and streamlined administrative processes.

Strategic Location

Vietnam’s strategic location in Southeast Asia provides access to major global markets, making it an ideal hub for business operations.

Establishing a company in Vietnam is a promising venture that offers numerous opportunities amidst a rapidly growing economy.

The process involves navigating a well-defined legal framework, understanding the local market, and addressing the unique challenges of doing business in a foreign country.

By following the steps outlined in this guide and leveraging the insights provided, foreign investors can establish and grow their businesses in Vietnam.

For personalized assistance or more detailed information, consulting with a legal expert in Vietnam can help streamline the process and ensure full compliance with local laws.

Embrace the opportunities and prepare for the challenges, as establishing a company in Vietnam can lead to significant rewards in one of Asia’s most dynamic economies.

About ANT Lawyers, a Law Firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/establishing-a-company-in-vietnam-guide.html

How to Obtain Business Registration Certificate in Vietnam?

  Every organization and individual wishing to set up a foreign owned company in Vietnam shall need to meet some specifics conditions as promulgated under the Law on Investment and Law on Enterprise before that could obtain business registration certificate in Vietnam to do business.

In specific areas being considered as conditional investment, the investor shall also need to consult with the law governing the areas of investment. Once the investment registration certificate is completed, the investor has the obligation to apply and obtain business registration in Vietnam.

What are procedure to obtain business registration certificate in Vietnam

The procedure to register for a certificate of enterprise registration of a joint stock company or limited liability with two or more members are herein mentioned:

Dossiers:

i) Application form for enterprise registration

ii) The company’s charter.

iii) A list of founding shareholders and shareholders being foreign investors/ a list of capital contribution members.

iv) Valid copies of:

Copies of the ID card or other ID papers of founding shareholders and foreign investors/members being individuals; list of authorized representatives of foreign shareholders being organizations.

Decision on establishment, certificate of business registration, or an equivalent document of the organization and the letter of authorization; the ID card or other ID papers of the authorized representatives of founding shareholders and foreign investors being organizations.

If shareholders are foreign organizations, the copy of the certificate of business registration or an equivalent document must be notarized, legalized and authenticated.

The Certificate of Investment registration of the foreign investors as prescribed by the Law on Investment.

State Authority: Business registration office of the province where the enterprise’s headquarters is situated.

Period: Within 03 working days from the full receipt of the dossiers

Result: Business registration office shall issue the certificate of enterprise registration or if the application is not satisfactory, business registration office shall inform the applicant of necessary revisions and supplementation to company.

In general, Vietnam government encourages foreign direct investment. If the investor faces challenges at state authority, whom do not issue notification or request of supplementation to the application for enterprise registration, the investor cold lodge a complaint as prescribed by regulations of law on complaints and denunciation to the state authority to protect its right in doing business and investment in Vietnam. 

The enterprise is entitled to do business from the issuance date of the certificate of enterprise registration. For conditional business lines, enterprises are entitled to engage in conditional business lines if they satisfy all conditions and are capable to maintain fulfillment of such conditions throughout their operation.

About ANT Lawyers, a law firm in Vietnam

We assist the clients to learn about business environment in Vietnam, provide legal advice, guide the client to set up company in Vietnam and apply for investment registration in Vietnam, apply and obtain business registration certificate in Vietnam and other works post licensing to help the company complies.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/how-to-obtain-business-registration-certificate-in-vietnam.html

3 Matters of Vietnam Cashless Payments: A Step Towards Global Integration

  On May 15, 2024, the Vietnamese Government issued Decree No. 52/2024/ND-CP on cashless payments, effective from July 1, 2024. This decree replaces Decree No. 101/2012/ND-CP (as amended and supplemented). It represents a significant legal milestone in the field of Vietnam cashless payments, impacting various sectors, organizations, and individuals involved.

The new decree establishes a fundamental and robust legal framework for Vietnam cashless payment activities, promoting the use of cashless payment methods, facilitating digital transformation in the banking sector, and developing new, convenient, and safe payment products and services at reasonable costs.

Overview of Decree No. 52/2024/ND-CP

Comprehensive Legal Framework on Vietnam Cashless Payments

Decree No. 52/2024/ND-CP focusing on practicality and encouraging the application of information technology to develop safe and modern payment services and products. It inherits suitable contents and enhances the effectiveness and efficiency while addressing some limitations of Decree No. 101/2012/ND-CP.

Key Policy Changes

Electronic Money Regulations

One of the key provisions of Decree No. 52/2024/ND-CP is the inclusion of regulations on electronic money (e-money), which encompasses definitions, the nature of e-money, and forms such as electronic wallets and prepaid cards. Providers of e-money include banks, foreign bank branches, and intermediary payment service providers. The completion of legal regulations for e-money aims to prevent and eliminate illegal payment methods issued by unauthorized organizations, supporting competent authorities in preventing and handling violations in the e-money sector.

Additionally, the decree clarifies concepts related to international payments and international payment systems. The international payment regulations in Decree No. 52/2024/ND-CP enhance the management role of state agencies in international payment activities and promote cross-border payment service cooperation models in the context of technological development, innovation, and increasing support for e-commerce payments.

Payment Account Regulations

The decree introduces new regulations on opening and using customer payment accounts at payment service providers, which must comply with the State Bank of Vietnam (SBV) regulations and related legal provisions.

It also outlines conditions for closing payment accounts, such as at the request of the account holder who has fulfilled all obligations, in the event of the account holder’s death, organizational termination, prohibited acts, or prior agreements. If the account has a remaining balance upon closure, payments are made according to the account holder’s request, prior agreement, or legal provisions for incapacitated account holders or legal heirs.

The decree also includes regulations on payment services not through customer payment accounts, in line with the Law on Credit Institutions 2024 and the Law on Investment 2020, specifying entities eligible to provide these services and the conditions, procedures, and documentation required for SBV approval or revocation.

Intermediary Payment Service Regulations

Decree No. 52/2024/ND-CP also revises and supplements regulations on intermediary payment service provision to meet practical needs and facilitate service providers while enhancing state management efficiency in intermediary payment service provision.

Specifically, the decree reduces licensing requirements for intermediary payment services, removes certain administrative procedures, reviews business conditions, and clarifies details, procedures, and documentation for licensing, revocation, and re-issuance. It also establishes principles for SBV to supervise intermediary payment service providers licensed by SBV.

Additionally, the decree supplements regulations on the organization, management, operation, and supervision of national payment systems and important economic payment systems, clarifies the supervision of intermediary payment service and payment service activities, and provides transitional guidelines for commercial banks, foreign bank branches, and financial switching service providers participating in international payment systems.

Promoting Digital Transformation and Economic Competitiveness

Supporting Cashless Payments and Digital Transformation

Decree No. 52/2024/ND-CP has established a comprehensive legal framework to promote the development of Vietnam cashless payments. The additional and improved regulations on e-money, international payments, customer payment accounts, and intermediary payment services aim to increase transparency, safety, and efficiency in the national payment system.

This aligns with the practical needs and international integration requirements, significantly contributing to digital transformation, enhancing Vietnam’s economic competitiveness in the rapidly advancing digital technology landscape.

Encouraging Innovation and Sustainable Development

With new policies and regulations, Decree No. 52/2024/ND-CP aims to create a favorable legal environment, encouraging innovation and creativity in the payment sector, ensuring the rights of stakeholders, and supporting the sustainable development of the economy. The decree’s emphasis on modernizing payment methods and integrating technology reflects Vietnam’s commitment to adapting to global economic trends and fostering a competitive, innovation-driven economy.

Enhancing Legal Compliance and International Cooperation

The decree also strengthens legal compliance and supports international cooperation in payment services. By aligning with international standards and practices, Vietnam is positioning itself as a reliable partner in the global financial ecosystem. The enhanced legal framework ensures that Vietnamese businesses and financial institutions can effectively participate in cross-border transactions, thereby expanding their global reach and fostering international trade and investment.

Decree No. 52/2024/ND-CP marks a significant step forward in Vietnam’s journey towards a digital economy. By acknowledging the importance of Vietnam cashless payments and creating a supportive legal environment for their development, the Vietnamese government is paving the way for greater economic integration and competitiveness.

The decree’s comprehensive regulations on e-money, international payments, customer payment accounts, and intermediary payment services demonstrate a proactive approach to addressing the challenges and opportunities of the digital age. As Vietnam continues to grow and evolve, the implementation of Decree No. 52/2024/ND-CP will play a crucial role in ensuring a secure, efficient, and innovative payment system that supports sustainable economic development and global integration.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/vietnam-cashless-payments-digital-economy.html