On January 24, 2025, the prime minister of Vietnam issued Decision No. 232/QD-TTg, approving the proposal for establishment and development of a carbon market in Vietnam. The decision establishes a compliance mechanism for greenhouse gas (GHG) emitters and creates opportunities for investors interested in carbon trading in Vietnam. Market Development Roadmap Decision 232 establishes a phased approach to developing Vietnam’s carbon market, with the following ambitious milestones: Before June 2025 (preparation period): The legal framework for trading of emissions quotas and carbon credits and a carbon-credit offset exchange mechanism will be developed, along with the necessary infrastructure for organization and operation of the carbon-credit market. From June 2025 to the end of December 2028 (pilot period): A pilot domestic carbon exchange will be launched, with continued legal refinements. From 2029 (official launch period): The carbon market will be fully operational. Carbon Market Structure and Trading Mechanisms Vietnam’s carbon market will function as a centralized, government-regulated exchange, trading two main assets: GHG emissions quotas (allowances) allocated to regulated emitters, which can be traded or auctioned; and Carbon credits generated from domestic and international projects that are certified for trading. The carbon credits generated from international projects include those originating from international exchange or offset-crediting mechanisms such as the Clean Development Mechanism (CDM), the Joint Credit Mechanism (JCM), and Article 6 of the Paris Agreement. The National Registration System for GHG emissions quotas and carbon credits will be primarily developed and operated by the Ministry of Natural Resources and Environment. Transactions of GHG emissions quotas and carbon credits will occur on the domestic carbon exchange, managed by the Hanoi Stock Exchange, and will follow a centralized process where verified quotas and credits receive unique domestic codes for trading and participants must have depository accounts. The Vietnam Securities Depository and Clearing Corporation

Vietnam’s political system is currently undergoing a significant reorganization to streamline government operations and improve efficiency. In this regard, Plan 141/KH-BCDTKNQ18, issued on December 6, 2024, provided guidelines on the restructuring of existing ministries, ministerial-level agencies, and government-affiliated agencies. Accordingly, the number of ministries is being reduced from 18 to 14 through mergers and consolidations and the establishment of a new Ministry of Ethnic and Religious Affairs. The number of ministerial-level agencies is being reduced to three, and government-affiliated agencies to five. Similar streamlining is happening at provincial levels. The newly consolidated state agencies will assume all functions, rights, and responsibilities of the merged entities, and will continue handling all ongoing matters previously handled by the former agencies. Some examples of these changes include the following: The Ministry of Science and Technology (MOST) will oversee telecommunications, IT applications, cybersecurity, e-transactions, and national digital transformation, which had previously been managed by the Ministry of Information and Communications (MIC). MOST will also be responsible for issuing licenses related to these areas, such as licenses for G1 online game services and telecommunication services. The Ministry of Culture, Sports, and Tourism will assume the responsibility of press management, previously under the MIC. The Ministry of Finance will assume state management functions related to investment, previously handled by the Ministry of Planning and Investment. Provincial Departments of Finance will issue Investment Registration Certificates and Enterprise Registration Certificates, a responsibility previously held by the Departments of Planning and Investment. The Ministry of Home Affairs will oversee labor and employment matters. Provincial Departments of Home Affairs will be authorized to issue work permits and will be the designated authorities for companies to register their internal labor regulations. Advantages for Businesses The restructuring aims to simplify regulations and expedite licensing processes. By reducing the number of agencies

The Thai government has proposed amendments to the Gambling Act B.E. 2478 (1935), aiming to address the growing influence of online gambling activities and strengthen regulatory oversight. These amendments, if enacted, would introduce significant changes, particularly concerning online gambling operators, participants, and related advertising activities. The draft amendment is currently in the public hearing process, which is scheduled to conclude on February 14, 2025. Key highlights of the proposed amendments are discussed below. Online Gambling In the proposed amendment, “online gambling” refers to gambling via a computer system or electronic system either through the internet or through remote communication. Organizing, participating in, or engaging in any type of online gambling is prohibited unless authorized by the competent authority. This opens the door for the authorization of casino-style online gambling in Thailand. However, the proposed amendment also imposes strict penalties on both operators and gamblers engaging in unauthorized online gambling: Anyone who organizes unauthorized online gambling is subject to imprisonment for 7–12 years. This penalty also applies to those responsible for managing electronic systems or tools used to facilitate gambling, as well as anyone involved in advertising, promoting, or deceiving others, either directly or indirectly, to engage in online gambling without proper authorization. Any person who engages in unauthorized online gambling is subject to imprisonment for 1–3 years. Dealers, supervisors of gambling or gambling activities, runners conveying wagers or other betting information, and owners of premises who knowingly permit such unauthorized activities are subject to imprisonment for 5–7 years. Penalties for Unauthorized Offline Gambling Operators The proposed amendment revokes the previous penalties under the Gambling Act and proposes stronger penalties. Both the original penalties and the proposed replacements depend on the type of gambling activity under the law, which classifies gambling activities into two types—list A and list B. List

On January 28, 2025, the Office of the Personal Data Protection Committee (PDPC) hosted Data Privacy Day 2025, bringing together over 1,000 participants from both the public and private sectors. The event underscored the importance of personal data protection and aimed to raise nationwide awareness while fostering a culture of compliance. During the event, the PDPC reaffirmed its commitment to strengthening Thailand’s data protection framework to align with international standards. The initiative also emphasized the collective goal of achieving zero data breaches. During the first session of the event, Mr. Prasert Jantararuangtong, deputy prime minister and minister of digital economy and society, delivered a speech highlighting the role of personal data protection in fostering Thailand’s digital economy. He emphasized that strong data protection measures enhance business credibility, build consumer trust, and attract foreign investment. He also addressed the PDPC’s “zero data breach” policy and the ongoing issue of data leaks, which have been exploited by call-center scam operations to deceive the public and cause financial harm. Additionally, Mr. Prasert announced that the Thai cabinet has approved a draft amendment to the Emergency Decree on Cyber Crime Prevention and Suppression B.E. 2566 (2023), commonly referred to as the “Cyber Crime Decree.” The draft will now proceed to the Council of State for review before its official enactment. Key provisions of the amendment include holding financial institutions, telecom providers, and social media platforms accountable for technology-related crimes; requiring compensation for victims; and enforcing stricter security measures. Cyber offenses, including personal data trading, face harsher penalties of up to THB 5 million in fines or five years of imprisonment. Authorities are also empowered to suspend suspicious SIM cards for committing illegal activities and expedite monetary refunds for victims without court approval. In the second session, the Office of the PDPC presented its