On January 13, 2025, Thailand’s cabinet approved in principle the draft Entertainment Complex Act, as proposed by the Ministry of Finance. This landmark legislative proposal, which would allow casinos as part of larger “entertainment complexes,” will now proceed through further parliamentary review and approval. Key provisions of the draft act are described below. Corporate structure: Entertainment complexes must be operated by Thai-registered limited companies or public limited companies with a minimum paid-up capital of THB 10 billion. Directors of the licensed entity must be individuals and have the qualifications and none of the prohibited characteristics specified in the draft act. The draft act does not impose restrictions on foreign-majority ownership structures; however, it is worth monitoring whether any amendments addressing this matter are introduced during the legislative process. Operating conditions: Each entertainment complex must be located in an area designated under a royal decree. It must also include at least four types of entertainment businesses listed in the annex to the draft act (e.g., shopping mall, hotel, sports stadium, amusement park), along with a casino. The allocation of casino space must comply with regulations to be specified at a later date. Licensing conditions: Licenses will be valid for 30 years, renewable in increments of up to 10 years. The license issuance fee is THB 5 billion, the annual fee is THB 1 billion, and the renewal fee is THB 5 billion. The Entertainment Complex Policy Committee, chaired by the prime minister, will review and approve applications. Online gambling restrictions: Licensees are prohibited from offering gambling through internet-connected systems or electronic devices that allow access from outside the casino premises. Labor requirements: Thai and foreign employee ratios must adhere to prescribed regulations. Land privileges: Lease agreements for land use are limited to 50 years. Renewal is permitted for up to

The State Bank of Vietnam’s Circular No. 50/2024/TT-NHNN regulating safety and security for the provision of online services in the banking sector (“Circular 50”), issued on October 31, 2024, took effect on January 1, 2025, with delayed effectiveness for certain provisions on (i) network, communication, and security systems, online banking application software, and mobile banking application software (July 1, 2025); (ii) transaction confirmation for payment transactions conducted via the straight-through processing method (January 1, 2026); and (iii) authentication forms and reporting obligations (July 1, 2026). The cybersecurity situation in Vietnam is complicated, and the banking and finance sector has been one of the top targets of high-tech criminals. Circular 50 seeks to enhance user protection by expanding the technical requirements to more services in the banking sector as well as standardizing how transactions are authenticated. Expanded Scope of Services Covered Previous regulations on safety and security of online services in the banking sector only covered banking services and intermediary payment services. Circular 50 expands the scope to include other services of credit institutions and foreign bank branches such as credit information services, foreign exchange services, securities depository services, and services related to factoring and letters of credit, which now need to comply with technical requirements and standards for online services such as firewalls and DMZ network barriers. Risk-Based Approach to Authentication Circular 50 sets out standards for payment transactions and card transactions by: Classifying various online transactions based on the type of client, the purpose of the transfer, the value of the specific transaction, and the total value of certain transactions during the day; and Applying various types of authentication for the corresponding types of online transactions, e.g., using passwords or PINs for small-value online transactions, and using OTPs (through SMS, voice, or email), biometric matching, or e-signatures for

Project finance specialists from Tilleke & Gibbins’ Bangkok office have once again contributed the Thailand chapter to the latest edition of The Legal 500’s Project Finance guide. Part of The Legal 500’s Country Comparative Guides series, the publication serves as a valuable resource for investors and businesses seeking detailed insights into project finance in key jurisdictions worldwide. Each Q&A-style chapter offers comprehensive guidance on the legal frameworks impacting various aspects of project finance, including: Ownership structures and corporate governance; Security interests, regimes, and enforcement; Regulatory requirements and consents; Foreign exchange considerations; Environmental, social, and governance (ESG) issues; Public-private partnerships; Foreign judgments; Tax considerations; Common funding structures; and Insurance law principles. In addition to the Thailand chapter, Tilleke & Gibbins has contributed the Vietnam chapter to the guide. The Thailand chapter is available as a PDF through the link below. The full guide can also be accessed for free on The Legal 500 website.

Tilleke & Gibbins’ project finance team in Vietnam has contributed the Vietnam chapter to the 2025 edition of The Legal 500’s Project Finance guide. As part of The Legal 500’s Country Comparative Guides series, this publication provides businesses and investors with crucial information about the legal and regulatory aspects of project finance across jurisdictions worldwide. The Q&A-format chapters deliver detailed insights into the legal regimes governing an array of project finance topics, including: Ownership structures and corporate governance; Security interests, regimes, and enforcement; Regulatory requirements and consents; Foreign exchange considerations; Environmental, social, and governance (ESG) issues; Public-private partnerships; Foreign judgments; Tax considerations; Common funding structures; and Insurance law principles. Tilleke & Gibbins also prepared the Thailand chapter for this edition. The Vietnam chapter is available as a PDF via the button below, with the full guide freely accessible on The Legal 500 website.