Vietnam’s legal framework governing chemicals has undergone significant reform, with the Law on Chemicals No. 69/2025/QH15 (Law on Chemicals 2025) taking effect on January 1, 2026. Together with a comprehensive set of implementing instruments issued in January 2026, including three decrees (No. 24/2026/ND‑CP, No. 25/2026/ND‑CP, and No. 26/2026/ND‑CP) and two circulars (No. 01/2026/TT‑BCT and No. 02/2026/TT‑BCT), the Law on Chemicals 2025 has significantly reshaped chemical registration and management requirements. Determining What Constitutes a “New Chemical” Among the most notable changes introduced under the Law on Chemicals 2025 are the rules governing the registration and management of new chemicals, which must be registered with the authority before being placed on the Vietnam market. Although the concept of new chemical registration was first introduced under the Law on Chemicals 2007, the corresponding registration mechanism has remained largely dormant in practice. Under the Law on Chemicals 2025, a “new chemical” is defined as a substance that is not yet included in Vietnam’s National Chemical Inventory and the list of foreign chemical inventories recognized by the competent Vietnamese authority (List of Foreign Chemicals). On a literal reading, the definition in the new law may suggest that a substance qualifies as a new chemical only if it is absent from both lists. Accordingly, a chemical present in either list should be treated as an existing chemical without the registration burden. However, a different interpretation emerges from Decree 26, which specifically requires registration of “new chemicals” even where such substances already appear in the List of Foreign Chemicals. This implies that inclusion in a recognized foreign inventory does not automatically exempt a substance from new chemical registration in Vietnam. This inconsistency between the statutory definition in the Law on Chemicals 2025 and the implementing provisions of Decree 26 creates significant interpretative and compliance challenges. At

Thailand’s rise as a regional hub for luxury retail has influenced how market entry is structured and assessed across Southeast Asia. As brands consider establishing a presence in the market, regulatory and operational considerations form a key part of the overall entry assessment. Foreign Ownership Restrictions for Retailers Foreign investment in retail activities is subject to a relatively extensive regulatory framework, particularly in relation to foreign ownership and the approvals required under the Foreign Business Act B.E. 2542 (1999) (FBA). Under the FBA, a company is generally regarded as foreign if 50% or more of its shares are held by non-Thai nationals, in which case the business is required to obtain a foreign business license (FBL) issued by the director-general of the Department of Business Development, with the approval of the Foreign Business Committee. The committee will not grant an FBL unless it is convinced the proposed business demonstrates unique characteristics such as a distinctive business model, innovative processes, specialized services or products, or a clear competitive differentiation that will benefit Thailand; constitutes a highly specialized business or requires specialized technology or expertise; and will not compete with Thai business operators who engage in the same business. The committee makes its decisions on a case-by-case basis depending on the circumstances, which can make the licensing process less predictable in practice. However, there are also alternative pathways for consideration, including exemptions in specific circumstances. For example, foreign-owned businesses in Thailand with at least THB 100 million in registered capital are allowed to open five retail stores in the country. Some businesses may also be able to access preferential treatment under international agreements and treaties between Thailand and certain foreign states, subject to eligibility requirements. Structural and Business Model Challenges The determination of what constitutes a “retail store” may itself present

Thailand has liberalized its wine import regime, allowing, for the first time, multiple importers to bring in and distribute the same wine brands. On March 27, 2026, the Ministry of Finance issued the Ministerial Regulation on the Importation of Alcoholic Beverages (No. 3) 2026, which waives the requirement to appoint a sole authorized agent for alcoholic beverages to be specified in notifications from the Excise Department. The Excise Department has already issued its first such notification, expressly exempting wine and sparkling wine made from grapes from the sole agent requirement. For all other types of alcoholic beverages (e.g., beer, tequila, spirits) the sole agent requirement remains in force, and applicants for importer licenses must provide evidence of exclusive distributorship issued by the manufacturer or brand owner. The exemption may be extended to other alcoholic beverage categories through future Excise Department notifications. Implications for Competition and Tourism The reform allows multiple importers to bring in and distribute the same wine brand without routing through the brand owner’s designated exclusive importer, reducing monopolization and boosting competition. Excise Department Director-General Pornchai Thirawet noted that wine was chosen as the starting point because implementation is straightforward in this case and because domestic wine prices remain high—with increased competition expected to exert downward pressure on prices. More broadly, the reform is intended to lower market entry barriers, expand supply, and make wine more accessible to Thai consumers, while supporting Thailand’s position as a regional tourism hub. Product Quality Control and Loss of Sole Agent Accountability Under the previous framework, the designated importer bore full responsibility for the proper storage, handling, and distribution of wine and sparkling wine from importation to final sale. This arrangement helped ensure that products were maintained under appropriate conditions, including temperature control, light exposure, and humidity management, to preserve quality