Legal updates by Dr. Oliver Massmann

Our long-standing GBA board member Dr. Oliver Massmann, Partner at Duane Morris Vietnam LCC, is sharing the most relevant legal updates with you.

Find more details as below:

Some highlines are as below:

Third parties will be allowed to collect, store and use consumer information under a draft amendment proposed to the Law on Protection of Consumers’ Rights.
Draft amendments to the law were presented to the National Assembly Tuesday by minister of Industry and Trade Nguyen Hong Dien. The draft defines and sets responsibility for information protection while allowing third parties to collect, store and use consumers’ info.
The draft also says that individuals and organizations that do business must form mechanisms for consumers to choose whether or not they consent to the use of their information for certain activities, including being shared with third parties or for advertisements.
In case there are faults in the information system that involves the risk of consumer information being lost, businesses and individuals must inform authorities about the situation within 24 hours.
The draft is expected to be debated in the National Assembly next month.

Here are some remarks:

At a National Assembly meeting on drafting laws against money laundering, Chinh and several lawmakers discussed transactions in virtual currencies and how to prevent such currencies from being used to launder money.
Several National Assembly members pointed out that in addition to cash, gold and foreign currencies, there were many other tender being transacted popularly, like virtual currency.
Several delegates then suggested that that the draft amendments to the money laundering law include rules on virtual currencies and related transactions.
Bitcoin and other cryptocurrencies are not recognized as a legitimate means of payment in Vietnam. The State Bank of Vietnam has warned that owning, trading and using cryptocurrencies are risky and not protected by law

Some points stated as below:

The 15th National Assembly (NA) deputies are scheduled to vote on the Law on the Implementation of Democracy at Grassroots Level before discussing the draft Law on Cooperatives (revised) and the draft Law on Protection of Consumer Rights (revised) on November 10, as part of their ongoing fourth session.
The draft Law on Cooperatives (revised) comprises of 12 chapters and 111 articles. Compared to the 2012 version, three articles are removed, 65 amended, and 49 others supplemented.
The building of the bill aims to complete the legal framework for the dynamic, effective and sustainable development of the collective economy, together with the State economic sector to become a firm foundation of the civil economy.
The draft Law on Protection of Consumer Rights (revised) has seven chapters and 80 articles, clarifying regulations on principles and policies to protect consumers’ interests; rights and obligations of consumers; responsibilities of businesses and individuals towards consumers; activities of social organisations participating in the protection of consumers’ interests; the settlement of disputes between consumers and businesses and individuals; and State management of consumer rights protection.
On November 10 afternoon, the lawmakers are also to vote on a resolution on the socio-economic development plan for 2023.

4. Vietnam completes policies to develop modern commercial infrastructure

Some remarkable points here:

Vietnam will complete policies to develop commercial infrastructure to meet the national socioeconomic development needs.
The MoIT will continue to review and amend mechanisms and policies relating to commercial infrastructure development because the existing mechanisms and policies have not yet created a breakthrough.
The ministry has been developing a draft of a circular regulating the classification and management of some commercial infrastructure. That will aim at developing further modern commercial infrastructure according to the strategy of developing domestic trade until 2030 with a vision to 2045.
Its statistics show that from 2010 to 2021, the number of supermarkets and trading centres increased rapidly from 567 supermarkets and 95 trading centres in 2010 to 1,167 supermarkets and 254 trading centres.
Accordingly, the city will promote investment attraction of commercial infrastructure, including markets, supermarkets, and commercial centres, ensuring compliance with the planning. At the same time, it will support businesses in removing difficulties and obstacles to speed up the implementation of new commercial infrastructure projects and rebuilding or renovating markets, supermarkets, and commercial centres.

Legal updates by Dr. Oliver Massmann | November 2022