Vietnam’s financial landscape is set to further transform on July 1, 2024, when the government’s long-awaited Decree No. 52/2024/ND-CP dated May 15, 2024 (“Decree 52”), will officially replace Decree No. 101/2012/ND-CP dated November 22, 2012, on non-cash payments (“Decree 101”). Decree 52 marks an important milestone by introducing the country’s first-ever legal definition of e-money. In addition, the decree brings forth new updates to regulations governing payment and intermediary payment services, laying the groundwork for more comprehensive guidance that will be provided in draft circulars now being developed by the State Bank of Vietnam (SBV). Non-Cash Payment Instruments The new definition of non-cash payment instruments under Decree 52 expands upon the previous definition in Decree 101. Notably, it clearly specifies the issuing entities as payment service providers, financial companies licensed to issue credit cards, and e-wallet service providers. Additionally, the new definition further clarifies that bank cards include debit, credit, and prepaid cards, and adds e-wallets to the list of non-cash payment instruments. Unlawful non-cash payment instruments are still defined as those that are not otherwise specified. E-Money Prior to Decree 52, the concept of e-money lacked a precise legal definition, despite its growing prevalence in forms like prepaid cards and e-wallets. The absence of a clear framework for e-money led to confusion with terms like “cryptpcurrency” and “virtual currency” and left significant ambiguity on whether e-money includes certain instruments, such as online game cards and mobile money. Decree 52 addresses this issue by clearly defining e-money as value in Vietnamese dong (VND) stored electronically and prepaid by customers to banks, foreign bank branches, and e-wallet service providers. It also specifically designates e-wallets and prepaid cards as types of storage mechanisms for e-money. Non-Cash Payment Services Decree 52 categorizes non-cash payment services into services with and without client payment

On June 14, 2024, the Personal Data Protection Committee (PDPC) released a draft notification under the Personal Data Protection Act 2019 (PDPA), setting out criteria for how data controllers must delete, destroy, and de-identify personal data. According to the PDPA, a data subject can request that a data controller delete, destroy, or de-identify their personal data in any of the following circumstances: The personal data is no longer necessary for the purposes for which it was collected, used, or disclosed. The data subject has withdrawn their consent for the processing of the personal data, and no other lawful basis for processing remains. The data subject has objected to the processing of their personal data on grounds of legitimate interests or official tasks, the data controller has no other compelling grounds to refuse the request, and the data is not needed for legal claims. The data subject objects to the processing of their personal data for direct marketing purposes. The processing of personal data is unlawful. The draft stipulates that data controllers respond to a data subject’s request to delete, destroy, or de-identify personal data immediately, and within 60 days of receiving the request. If the data controller cannot fulfill the request immediately, they must take interim measures to ensure that the personal data is made difficult to collect, use, or disclose. This includes implementing measures such as preventing access to the data and applying appropriate security measures to protect the data from unauthorized use or disclosure. De-identification or Anonymization of Personal Data In certain circumstances, a data controller may opt to de-identify or anonymize personal data, rather than delete or destroy it. If doing so, the data controller must satisfy the following criteria: There must be a structured process to remove or eliminate all direct identifiers linked to the

Advances in biotechnology have enabled the development of a range of new agricultural tools. From DNA sequencing to plant tissue culture and gene editing, these advances are facilitating the development of better crops. Genetically modified organisms (GMOs) are one well-known example of agricultural biotechnology. GMOs are organisms whose genetic material has been artificially altered by inserting a piece of foreign DNA. This DNA may be synthetic in origin or sourced from other organisms. Genome editing (also called gene editing or GEd) involves making precise changes to an organism’s genome without the integration of foreign DNA elements. Several approaches to genome editing have been developed. A well-known one is called CRISPR-Cas9, in which scientists make precise “cuts” in the DNA to create a new genetic variation. Unlike with GMOs, this introduces only minor modifications that are indistinguishable from natural mutations, typically by transplanting genes that code desirable traits from one species into another. GEd technology has been recognized and supported by the Food and Agriculture Organization of the United Nations (FAO). Thirteen FAO-member countries who are also members of the Organization for Economic Cooperation and Development (OECD) announced their support of the use of GEd technology for commercial uses and consumption at a recent WTO meeting. In addition, over 40 countries around the world, such as Argentina, Australia, Brazil, Canada, Chile, China, England, Japan, Kenya, the Philippines, Russia, the UK, and the US, have published policies emphasizing that foods free of transgenes (i.e., foods that do not contain genes transferred from external sources) are not GMOs, concluding that GEd plants are as safe as normal plants. In February 2024, the European Parliament approved new genomic techniques (NGTs), or GEd. As a result, plants that are produced using GEd technology are not classified by the EU as GMOs, and the EU

On January 18, 2024, Vietnam’s National Assembly passed a new Land Law (“Land Law 2024”) that is scheduled to take effect on January 1, 2025, replacing the current Land Law 2013. To mitigate challenges faced by the real estate market, in late May 2024, the government proposed amendments to the Land Law that would move the effective date up five months, to August 1, 2024, pending approval by the National Assembly. One of the key sectors to be impacted by the Land Law 2024 is the energy sector, which requires large land areas for power plants and infrastructure, especially given Vietnam’s 2050 net zero emissions commitment. Below are highlights of how the new Land Law 2024 will affect Vietnam’s energy sector. Annual payment of land rental Under the Land Law 2013, investors implementing energy projects (e.g., solar power projects) are entitled to choose to lease land with either (i) an annual rental payment or (ii) a single upfront payment for the entire term of use. Under the Land Law 2024, these investors are only allowed to use land in the form of an annual rental payment. As the annual land rental is calculated in five-year cycles, based on the land price table decided by the state, this new restriction means that investors in energy projects will face an additional risk of a sudden increase in land rental, disrupting their financial planning. Investors using land sites leased with annual rental payments are also not allowed to mortgage their land-use rights, but can only mortgage assets attached to the land, at credit institutions licensed to operate in Vietnam. Accordingly, this may affect the ability of energy projects to obtain financing during the development stage, because they no longer have assets that can be mortgaged. Obtaining land Under the Land Law 2024,