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

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