In August 2026, Vietnam’s Ministry of Industry and Trade released a draft decree to replace Decree No. 35/2020/ND-CP detailing certain articles of the Competition Law (Decree 35). The key changes under the draft decree and their implications for M&A transactions in Vietnam are summarized below. Definition of “Management Body” Decree 35 uses the term “management body” (bộ phận điều hành) as one of the criteria to determine the group of affiliated enterprises for the purpose of merger filing. However, there is no definition of the term, leaving enterprises without a basis on which to apply it consistently. The draft decree introduces a statutory definition of “management body,” being a person or group of persons who (i) own more than 50% of charter capital or voting shares; (ii) hold ownership or use rights over more than 50% of an enterprise’s assets; (iii) are an enterprise manager under enterprise law; or (iv) have decision-making power over the enterprise’s resolutions, daily business operations, or business and investment plans. This helps enterprises better assess the scope of merger filing. Determination of Relevant Product Market Under Decree 35, the relevant product market is defined solely by reference to goods and services interchangeable in characteristics, intended use, and price without accommodating digital or zero-price products. The draft decree expands the relevant product market to include “products” (sản phẩm) in addition to traditional “goods and services,” which captures digital information products, AI products, and other novel offerings. Additionally, it adds “other relevant competitive factors” such as quality of products, goods, and services for determining the relevant product market, supplementing the existing factors of characteristics, intended use, and price. This addresses cases where price substitutability is not meaningful for certain consumers or users, i.e., zero-price products. Determination of Relevant Geographic Market Under Decree 35, only physical geographic

On August 23, 2026, Vietnam’s National Assembly passed Law No. 11/2026/QH16, amending the country’s Customs Law with effect from March 1, 2027. The amendments represent a substantial reform of Vietnam’s customs-based intellectual property enforcement regime. The reforms come amid considerable external pressure. In its 2026 Special 301 review, the US Trade Representative (USTR) designated Vietnam a “priority foreign country,” citing widespread counterfeiting, weak border enforcement, limited ex officio customs powers, and the absence of controls over goods in transit. Vietnam’s legislative response signals a commitment to bringing its border enforcement practices into line with international expectations. For IP rights holders operating in or through Vietnam, the amended law introduces several tools that substantially strengthen enforcement options at the border. Closing the Transit Gap One of the most consequential amendments is the extension of IP-related customs enforcement to goods in transit. Previously, Vietnam’s customs regime applied IP controls only to goods being imported or exported, a gap the USTR had specifically identified as enabling infringing goods to pass through Vietnamese ports with impunity. Vietnam’s geographic position as a logistics hub for Southeast Asia means that substantial volumes of goods transit its ports and free-trade zones. Extending enforcement to cover these shipments brings Vietnam closer to the standard set by the EU’s customs enforcement regulation and addresses a longstanding concern of multinational brand owners whose goods are frequently counterfeited in the region. Strengthened Suspension and Ex Officio Powers The amended law introduces a dual-track suspension mechanism (Article 73(2)). Customs authorities will suspend clearance upon request by an IP rights holder (or authorized representative) who provides evidence of IP ownership, evidence of infringement, and a financial guarantee. Customs can now proactively suspend clearance on an ex officio basis if, during inspection and monitoring, they discover “clear grounds” to suspect that imported, exported,

Vietnam has enacted a new decree establishing administrative penalties for violations in the fields of cybersecurity and personal data protection. Decree No. 330/2026/NĐ-CP (Decree 330), issued and effective from August 19, 2026, provides a detailed sanctions framework for noncompliance with the Law on Personal Data Protection (including its implementing regulations under Decree 356/2025/ND-CP) and the Law on Cybersecurity, together with their guiding decrees. The issuance of Decree 330 signals that the practical grace period previously perceived by many businesses may be drawing to a close, with active regulatory enforcement in these areas expected to commence in earnest. Scope and Key Provisions Decree 330 has extraterritorial effect and applies to both onshore and offshore companies. For offshore companies, it applies to those that (1) provide telecommunications, internet, online-content, information-technology, cybersecurity, or cross-border services and (2) are involved in or related to the processing of personal data of Vietnamese citizens and certain other people of Vietnamese origin. Decree 330’s key provisions cover the following areas: Administrative penalties for violations relating to the protection of national security and public order in cyberspace, including the dissemination of unlawful, false, or unverified information. Sanctions for cyberattacks, unauthorized access, introduction of harmful code or programs, and failure to cooperate with specialized cybersecurity forces. Sanctions for personal data protection violations, such as consent, cross-border data transfers, impact assessments, breach notification, and data-subject rights, among others—with maximum fines of up to 5% of an organization’s preceding-year revenue for cross-border transfer violations, or up to VND 3 billion for other data-protection breaches. Personal Data Protection Penalties The key sanctions for personal data protection violations are as follows: Consent violations: Fines of up to VND 70 million (approx. USD 2,642), plus potential additional sanctions and remedial measures including irreversible deletion of personal data collected without consent and confiscation of

Vietnam’s Law on Bankruptcy and Rehabilitation No. 142/2025/QH15, passed by the National Assembly on December 11, 2025, does something many regional counterparts do not yet attempt: it instructs parties and arbitral tribunals on exactly what happens to an arbitration once a debtor becomes insolvent. Together with the Law on Commercial Arbitration No. 54/2010/QH12, the new law improves upon what used to be an uncertain area of practice, now providing an explicit, mandatory sequence of procedures. Suspension and Termination of Arbitration Proceedings Under article 40(2) of the law, once a Vietnamese court accepts a bankruptcy petition, any arbitration that concerns the debtor’s financial obligations must be temporarily suspended as soon as the tribunal receives the court’s notification. If the court subsequently issues a decision commencing bankruptcy proceedings, article 59(2) takes a further step: the suspended arbitration is terminated outright, and the underlying case file is transferred to the court handling the insolvency for resolution. The two provisions work as a sequence: first suspension, then termination and transfer, rather than as independent triggers. Meanwhile, article 60(4) reinforces this effect by vesting the bankruptcy court with exclusive jurisdiction over all claims against the debtor from the date the petition is accepted. Notably, this mechanism operates automatically, without the need for the insolvency court to issue a separate anti-arbitration order. The tribunal simply suspends or terminates the proceeding by operation of law once notified; however, Vietnamese law currently provides no procedure by which a party can apply to the insolvency court for permission to continue the arbitration despite the statutory effect. Practitioners with a Vietnamese counterparty in arbitration should treat notification of a bankruptcy filing as something to flag to the tribunal immediately since continuing to arbitrate a claim that has become subject to article 40(2) or 59(2) risks producing an award vulnerable