To implement the recently issued Resolution on International Financial Centers in Vietnam (“IFC Resolution”), which is set to take effect on September 1, 2025 (see our previous article), the government of Vietnam is making every effort to formulate and issue guiding decrees—up to eight in total—before the effective date of the resolution. These decrees will establish key principles, define the rights and obligations of stakeholders, and outline permissible business activities within the IFCs, and serve as a foundation for the legal framework of the IFCs. Below are highlights of two draft decrees that have been released for public consultation. Draft Decree on IFC Establishment Ho Chi Minh City: The IFC in Ho Chi Minh City will focus on capital markets integrated with asset management services, fund management, insurance, financial products and financial derivatives; banking systems and money market products; fintech and financial innovation through sandbox mechanisms; specialized exchanges and new trading platforms; commodity markets, commodity and commodity derivatives exchanges linked to domestic and international physical commodity markets; and regional supply chain services, logistics hubs, maritime transport, and seaport infrastructure. Da Nang: The IFC in Da Nang will mainly develop green finance and commercial finance for SMEs and innovative enterprises, non-resident organizations and individuals (i.e., offshore financial services); cross-border trade activities linked to free trade zones, high-tech zones, new economic zones, and industrial zones; pilot control mechanisms for emerging models, such as digital assets, cryptocurrencies, and digital payments and transfers; new exchanges and trading platforms; investment funds, remittance funds, and small and medium fund management companies; startups in financial solutions for consumer services, tourism, e-commerce, logistics, and services within free trade zones; and related support, advisory, development, and legal services. Incentives: The People’s Committees of Ho Chi Minh City and Da Nang will need to decide on their list of

Artificial intelligence (AI), semiconductors, and digital assets are considered critical drivers of Vietnam’s future economic growth and are fundamental to the nation’s digital transformation targets. These sectors form the core of Vietnam’s strategy to build a robust, globally competitive digital economy. This strategic direction gained substantial momentum with the issuance of the Law on Digital Technology Industry (DTI Law) on June 14, 2025. The DTI Law was designed to attract investment, stimulate innovation, cultivate high-quality human resources, and ensure the responsible, secure, and sustainable growth of digital technologies like AI and digital assets, harmonizing Vietnam’s digital industry with international standards while safeguarding public interests and national security. Several key provisions of the DTI Law took effect on July 1, 2025, and the law will become fully effective on January 1, 2026. The government is delegated to provide further necessary guidelines and details for implementation of the law. Artificial Intelligence (AI): Principle-Driven and Risk-Based Regulations Under the DTI Law, there are seven core principles guiding the development, provision, and use of AI which are applicable to AI developers, providers and deployers. These principles favor values-based governance over purely technical prescriptions, and include the following: Taking a human-centered approach that upholds ethical values, inclusivity, flexibility, equality, and non-discrimination. Ensuring transparency, accountability, and explainability, with AI systems remaining under human control. Maintaining cybersecurity and system safety. Adherence to data protection and privacy regulations. Having the ability to control AI algorithms and models. Effective risk management throughout the entire lifecycle of AI systems. Compliance with consumer protection laws and other relevant legal frameworks. AI system management follows a risk-based approach, with the law categorizing systems into high-risk, high-impact, and other groups. High-risk AI systems are those that, in certain applications, may pose significant threats or harm to individuals or the public interest while

Indonesia’s current regulations on franchises, as stipulated under Government Regulation No. 35/2024 on Franchising and its implementing regulation, Ministry of Trade (MOT) Regulation No. 71/2019 regarding Implementation of Franchising, highlight fundamental changes in franchise registration. These changes have introduced additional complexities and challenges in the franchise registration procedure, making it more difficult for franchise owners to navigate the process. New procedure Franchise applications are still submitted through the Online Single Submission (OSS) portal of the Capital Investment Coordinating Board (BKPM). However, the new procedure requires each applicant, including foreign franchisors, to have an OSS account and a business registration number (NIB) issued by BKPM. An application for franchise registration must be submitted under the applicant’s own account—submissions can no longer be made through the account of a consultant. Once a franchise application is submitted, the authority will distribute the submission to the MOT—the authorized ministry for franchise registration. Any notification or decision upon the registration made by the MOT will be available in the OSS system. Applicants should regularly monitor the status of the franchise application because no notifications will be sent to applicants to alert them of any deficiency. Here is the summary of the new procedure for franchisors: Notable Requirements The disclosure document, or prospectus, is the key focus for the MOT in examining a franchise registration for a franchisor. This document is subject to thorough scrutiny by the MOT to ensure that all mandatory information meets the requirements set in the franchise regulations. The current regulations specifically require that the mandatory clause “business system” in the prospectus cover operational standards and procedures, which should include human resource management, administration, operational management, standard operating methods, business location selection, business premises design, employee requirements, and marketing strategies. Other clauses that are equally important to pay attention to are:

On August 12, 2025, Vietnam’s Ministry of Agriculture and Environment submitted a draft law amending several provisions of the Land Law 2024 (“Draft Amended Land Law” or “Draft”) for government consultation and public comment. The Draft primarily aims to address three controversial issues in Vietnam’s land regime concerning (i) land pricing, (ii) land clearance, and (iii) the allocation of land outside auctions, following policy set out by Resolution 18-NQ/TW and the newly adopted Resolution 69-NQ/TW on land governance modernization. Land pricing is potentially one of the most important areas among the proposed reforms. The Draft, however, has notably not addressed a major concern recently raised by the public: When a project has been allocated or leased land, but the relevant authority has not yet issued the land-price decision, a “supplemental charge” continues to accrue for the entire waiting period. Under current rules, this charge is calculated at 5.4% per year on the ultimately determined land-use fee or land rent, materially shifting project economics and pricing risks to developers or end-buyers. Core Reforms on Land Pricing The Draft Amended Land Law sets out a number of reforms on land pricing, including the following: Land price tables: The Draft maintains provincial land price tables but clarifies the scope of application: They are used to determine land-related financial obligations of land users and compensation when the state recovers land; the government will detail the adjustment coefficient regime, ratios for land-use fee calculation by land type/user/form, and deductible infrastructure costs. Provincial people’s committees will continue to issue land price tables every five years, effective from January 1 of the first year in the cycle, with authority to supplement within the cycle as necessary. In provinces with cadastral maps and digital land price databases, the tables may be established down to the land-parcel level,

On August 19, 2025, the Trade Competition Commission of Thailand (TCCT) released its draft Guidelines on the Consideration of Unfair Trade Practices and Conduct Constituting Monopoly, Reducing Competition, or Restricting Competition in Multi-Sided Platform Businesses in the Category of Digital Platforms for the Sale of Goods or Services (E-commerce). A public comment period on the guidelines is open until September 18. The draft provides the first detailed framework for how the TCCT will interpret and enforce the substantive provisions under the Trade Competition Act against digital platforms, which have a unique network effect and require complex competition analysis. This development will profoundly impact the operations of e-commerce platforms, sellers, and associated service providers in Thailand. The guidelines primarily target e-commerce digital platform business operators, which are defined as follows: E-commerce digital platform: A medium facilitating the sale, purchase, or exchange of goods or services, including any operations to create transactions or interactions between business operators via an electronic transaction system, regardless of whether service fees are charged. E-commerce digital platform business operator: A service provider of a digital platform for the sale of goods or services who acts as an intermediary facilitating the sale of goods or services, including any operations to create transactions or interactions through an electronic transaction system by receiving orders for goods or services transacted via an electronic system, whether in the form of an e-marketplace, a social marketplace, or any other form that connects purchase orders for goods or services with business operators through an electronic system. Prohibited Conduct The guidelines classify potentially anticompetitive conduct and unfair trade practices into two categories: price-related and non-price-related conduct. 1. Price-related conduct The TCCT is targeting pricing strategies that can harm competition. Key prohibited behaviors include: Price below cost: Setting prices below the average total cost without

Although the “passing off” principle has sometimes faced criticism for potentially broadening trademark protection—particularly in cases involving unregistered or unconventional marks like shapes, scents, or sounds—it serves an essential purpose. It safeguards the rights of business owners and shields consumers from deception, ensuring fair competition and reflecting the realities of modern commerce. What is passing off, and why is registrability not required? The passing-off principle is a legal concept rooted in English law, aimed at preventing a person from falsely representing or using a mark similar to another’s in a way that causes consumers to mistakenly believe the goods or services come from the same source. Under Thai law, the passing-off principle is provided under Section 46 of the Thai Trademark Act, which states: No person shall be entitled to bring legal proceedings to prevent or to recover damages for the infringement of an unregistered trademark. The provisions of this Section shall not affect the right of the owner of an unregistered trademark to bring legal proceedings against any person for passing off goods as those of the owner of the trademark. The passing-off principle can be interpreted as a practical legal concept. It does not require proof that the mark is registrable or meets the registrability criteria under trademark law. It is sufficient to show that the mark has established goodwill and that the other party’s use of a similar mark is likely to confuse consumers, making it a straightforward and effective tool for protecting brand assets. Requiring a claimant to prove that an unregistered mark could have been registered would undermine the very function of passing off. The doctrine was conceived precisely to fill the gaps left by the registration system. Imposing registrability criteria would nullify its function and leave many commercially valuable identifiers unprotected. If the

On August 18, 2025, Thailand’s Securities and Exchange Commission (SEC), in collaboration with the Ministry of Finance, the Anti-Money Laundering Office, and the Ministry of Tourism and Sports, announced the launch of TouristDigiPay. The initiative, implemented under the SEC’s Regulatory Sandbox, allows foreign tourists to convert digital assets into Thai baht for use in everyday transactions in Thailand. Foreign tourists who opt to participate in TouristDigiPay must open two accounts once they are in Thailand: An account with a licensed digital asset operator to sell or exchange digital assets for Thai baht; and A tourist wallet account with a licensed e-money operator regulated by the Bank of Thailand. Funds from digital asset sales will be transferred into the tourist wallet, enabling tourists to make payments at participating merchants that accept e-money. Key Regulatory Requirements The TouristDigiPay project will operate for a period of up to 18 months, with the following conditions: Only licensed digital asset brokers, dealers, and exchanges integrated with licensed e-money operators are eligible to participate. Operators must implement anti-money laundering (AML) protocols that are proportionate to the assessed risk level. These include: Conducting know-your-customer and customer-due-diligence (KYC/CDD) checks on all users. For monthly transactions exceeding THB 50,000 per person, verifying the source of the digital assets and assessing AML risk using internationally recognized blockchain forensic tools or equivalent procedures. Suspending or rejecting services if digital assets are transferred from wallets flagged for AML concerns. Ensuring that conversion between digital assets and fiat includes safeguards such as matching account names and returning digital assets only to the original wallet. The following transaction limits apply to participants in the TouristDigiPay initiative: Payments to small vendors are capped at THB 50,000 per month. Payments to vendors who have completed the know-your-merchant (KYM) process are capped at THB 500,000 per

On August 7, 2025, the government of Vietnam promulgated Decree No. 219/2025/ND-CP on foreign workers working in Vietnam (Decree 219), introducing substantial reforms to the management of foreign employees. Taking immediate effect upon issuance, and superseding earlier regulations on foreign employees under Decree No. 152/2020/ND-CP as amended by Decree No. 70/2023/ND-CP (collectively referred to as “Decree 152”), Decree 219 sets out clear timeframes and application requirements for work permit issuance, while adopting more flexible policies to support business operations. The key new provisions are as follows: 1. Relaxed Requirements Regarding Job-Posting Under Decree 152, employers were required to follow a complex process to apply for work permits or work permit exemption certificates for foreign employees. This included posting an advertisement for any position the employer wished to fill with a foreign employee on a designated online portal for a given amount of time, to demonstrate that the company tried, but failed, to find a suitable Vietnamese candidate for the position. This job-posting step now only applies when the foreigner will work in Vietnam under a local labor contract. Foreigners coming to Vietnam as intra-corporate transferees (i.e., as secondees) or working under service contracts are exempt. The job-posting period is also reduced from 15 calendar days to five business days. Employers may also now post the advertisements on multiple websites instead of only the online portal of the Ministry of Labor, Invalids and Social Affairs (now the Ministry of Home Affairs after government restructuring) or the provincial-level employment service center. 2. Work Permit Application Dossier Previously, employers were required to complete a preapproval step, whereby they had to submit a dossier explaining their foreign labor demand that required approval from the labor authority. Once approval for the foreign labor demand was granted, the approval dossier was an integral part of