Vietnam’s Law on Securities of 2019 was one of several laws amended (“Amended Securities Law”) under the wide-ranging Law No. 56/2024/QH15 passed by the National Assembly on November 29, 2024. The amendments came into force on January 1, 2025, with certain provisions related to professional securities investors and the eligibility criteria for public companies becoming effective on January 1, 2026. Below are some of the key points of the Amended Securities Law. Changes to Professional Securities Investors Professional securities investors (PSIs) are investors who have adequate financial capacity or securities qualifications and can participate in private placements and private funds, among other investment activities. Under the Amended Securities Law, foreign investors, including individuals and organizations, are now automatically classified as PSIs, without having to meet any requirements regarding financial capacity. This loosening of requirements is expected to attract more foreign investment. However, from January 1, 2026, individual PSIs will only be able to purchase, trade, and transfer privately placed corporate bonds that: (i) have been given credit ratings and are secured by collateral, or (ii) have been given credit ratings and covered by payment guarantees from credit institutions. Meanwhile, institutional PSIs will not be bound by these restrictions relating to privately placed corporate bonds. Protecting Shareholders in Private Securities Issuance The Amended Securities Law introduces additional conditions for private issuance of shares, convertible bonds, and warrant-linked bonds by public companies, and revises the required contents in the issuance plans from “criteria and number of investors” to “number of shares, offering price, or principles for determining the offering price.” This change promotes shareholder supervision and protects minority shareholders from overly powerful boards of directors. Expanded Powers of SSC The Amended Securities Law grants the State Securities Commission (SSC) new powers to suspend and cancel private placements of securities and adds new circumstances for the SSC to cancel public

Thailand is continuing on its path toward comprehensive legislation to address climate change. In November 2024, the country’s Ministry of Natural Resources and Environment (MNRE) launched a public hearing on a new draft Climate Change Act following revisions made after an earlier hearing on a previous draft of the act. The revised version strengthens Thailand’s climate policy framework by introducing the Carbon Border Adjustment Mechanism (CBAM), modeled after the EU’s system of the same name. The new draft also restructures the planned Emissions Trading Scheme (ETS) and enhances carbon-tax provisions. These initiatives aim to minimize carbon leakage, promote fair competition for domestic industries, and encourage lower greenhouse gas (GHG) emissions. As of March 2025, the Department of Climate Change and Environment, under the MNRE, is awaiting the Ministry of Finance’s input on the draft act’s establishment of the Climate Fund, a fund to support business innovation in responding to climate change. After incorporating this feedback, the department will submit the refined draft for cabinet approval, expected in 2025. The legislation will then undergo Council of State review, with implementation expected in 2026. Key Provisions The draft Climate Change Act contains a number of provisions that will affect businesses. Some of the most relevant are discussed below. Mandatory ETS The ETS is a mandatory mechanism designed to control GHG emissions by setting emissions caps for designated industries in alignment with national targets. Under this system, businesses receive emissions allowances allocated through free allocation or auctions. This scheme incentivizes emissions reductions by allowing businesses that emit less than their allocated allowances to sell their surplus allowances. The specific business sectors covered by the ETS have not yet been identified in the draft act, as details are expected to be in subordinate legislation. However, it is anticipated that the sectors will align with EU Emissions Trading System standards,

On January 1, 2025, the Department of Business Development (DBD) in Thailand’s Ministry of Commerce implemented new stringent corporate registration screening measures in collaboration with several other government agencies to prevent entities from opening corporate mule accounts to commit criminal activities in Thailand. The DBD’s Order of the Office of Central Company and Partnership Registration No. 3/2024 stipulates a new method for registering the establishment of partnerships and limited companies for people who have been involved in underlying crimes or who are owners of bank accounts that are being used for underlying crime, as per the notification of the Anti-Online Scam Operation Center (AOC) to the Anti-Money Laundering Office (AMLO) and the collated AMLO list of such persons. The order establishes the following key requirements: Managing partners and directors of partnerships and limited companies, respectively, whose names have been listed by the AMLO as a person who is involved in an underlying offense, or as the owner of a bank account being used for the underlying offense, must appear before the registrar in person. The concerned persons cited on the AMLO list must provide valid documentation of their identity to the DBD registrar (e.g., national identification card, government official identification card, government or state enterprise employee identification card, alien identification card, passport, document used in lieu of a travel document, or other similar documents with photo identification). This collaboration between the DBD and various relevant government agencies aims to eradicate the problem of fraudsters using mule accounts set up under legally established entities to deceive the public. It also seeks to enhance checks and screening of corporate mule accounts that are used to carry out criminal activities such as money laundering or cybercrime. These actions are part of the Thai government’s broader policy to suppress economic crimes. For more details about the new DBD regulations,

On February 6, 2025, the prime minister of Vietnam, Pham Minh Chinh, chaired an online meeting to review the progress of Vietnam’s digital transformation agenda. The meeting assessed achievements under the National Digital Transformation Program and Project 06 on the development and application of population data, electronic identification, and authentication for national digital transformation for the period 2022-2025, with a vision to 2030, approved by the prime minister in 2022. The meeting also outlined key legislative and regulatory priorities for 2025, as set forth in Notice No. 56/TB-BPCP issued by the Government Office on February 23, 2025 (Notice 56). One of the central focuses of the 2025 digital transformation agenda is the development and issuance of laws and regulations governing digital technology, data management, and cybersecurity. Below are the key legal developments provided in Notice 56 that stakeholders should anticipate in the coming months. 1. Law on Digital Technology Industry The Ministry of Information and Communications (MIC) has been tasked with finalizing the draft Law on Digital Technology Industry (DTI Law) for submission to the National Assembly at its 9th session in May 2025. This law is expected to establish a comprehensive legal framework for the digital technology sector, addressing regulatory gaps in emerging fields such as artificial intelligence (AI), Internet of Things (IoT), cloud computing, big data and platform services to promote innovation, ensure data security, and support the growth of the digital economy in Vietnam. Concurrently, the MIC will expedite the issuance of guiding decrees to ensure the swift implementation of the DTI Law once enacted. 2. Law on Personal Data Protection and regulations guiding implementation of Data Law The Ministry of Public Security (MPS) is making efforts to finalize the long-anticipated Law on Personal Data Protection (PDPL)—data protection is currently governed by Decree No. 13/2023/ND-CP on personal data protection—which will be

Tilleke & Gibbins has contributed the Cambodia, Myanmar, Thailand, and Vietnam chapters to Data Protection and Cybersecurity Regulation in Southeast Asia, a wide-ranging guide published by Drew Network Asia (DNA). The resource provides a comprehensive overview of data protection and cybersecurity laws across the region, offering practical insight into compliance requirements and regulatory developments affecting organizations that handle personal data or operate digital services in Southeast Asia. The guide begins with a regional overview, including the broader ASEAN context and cooperation initiatives. Jurisdiction-specific chapters follow a consistent structure—covering data privacy and governance obligations, security requirements and breach notification, outsourcing and cross-border data transfers, and broader accountability and compliance measures. This format allows readers to compare regulatory approaches across markets such as Brunei, Indonesia, Malaysia, the Philippines, Singapore, and others. In addition to the country chapters, the publication addresses cybersecurity and privacy engineering challenges, providing guidance for organizations and outlining obligations applicable to data controllers, processors, and intermediaries. A dedicated section on data breach management across ASEAN examines notification requirements, response considerations, and practical steps for managing incidents in a regional or global context. The guide is intended to serve as a practical reference, and the authors note that specific legal requirements may vary depending on sector, processing activity, or evolving legislation. Readers seeking more detailed advice can contact the practitioners listed in each chapter. The full guide is available for download using the button below or directly from the DNA website.

2025年1月6日，越南政府颁布了第05/2025/ND-CP号法令（“第05号法令”），对《环境保护法》实施细则的第08/2022/ND-CP号法令进行了修订和补充。第05号法令自颁布之日起立即生效，并对适用制造商和进口商的扩展生产者责任（“EPR”）规定进行了多项调整，明确了其在废弃产品和包装的回收与处理方面的义务。（请参阅我们之前关于越南EPR规定的文章。） 以下是第05号法令中的若干关键修订内容。 适用扩展生产者责任（EPR）规定的主体 在第08号法令下，回收责任仅适用于法定清单所列产品和包装的制造商及进口商。第05号法令扩大了适用范围，将对越南受监管产品和商品的质量和标签承担法律责任的主体亦纳入EPR监管体系。 第05号法令延续了第08号法令的基本要求，即凡生产或进口法律规定产品和包装的制造商和进口商，均须履行回收义务或支持废弃物处理活动。然而，第05号法令调整了必须回收或进行废弃物处理的产品及包装清单，并新增了适用的产品类别、包装类型及回收方式。 值得注意的是，可充电电池（包括用于车辆及电子电器设备的电池）已被新增至受监管产品清单，而自走式车辆及施工机械则被从清单中移除。 第05号法令进一步优化了针对不同类型产品和包装的回收方式，并取消了对回收过程中最低回收质量的硬性要求。此举使得制造商和进口商在选择适用于越南实际回收条件的方式时具备更大的灵活性。 第05号法令对免除回收及废弃物处理义务的适用情形作出修订，并明确规定，年产品销售收入低于300亿越南盾的包装制造商和进口商可免除回收责任。相较于此前规定，本次修订提高了进口商适用豁免的门槛。此外，第05号法令新增了一项针对自行收集并重复使用包装的制造商的豁免规定。具体而言，若制造商自行收集并重复使用包装并将其重新投放市场，且收集及再利用率达到或超过法律规定的强制回收率，则可免除回收及废弃物处理义务。第05号法令的上述修订对越南EPR制度的执行和适用范围产生了重要影响。相关企业应密切关注并遵循最新法规要求，以确保合规运营。 主管机关 此前，调整并发布各类产品和包装的强制回收率、制定单位产品和包装体积的回收成本标准（简称“Fs”，详见下文）及废弃物处理所需财务贡献的职责由越南总理负责。根据新法令，该职责已转移至自然资源与环境部部长。 Fs 的定义 第05号法令明确了计算回收成本标准（“Fs”）的两个组成部分： 一是与产品及包装的分类、收集、运输和回收相关的回收成本； 二是与监督和支持产品及包装回收责任执行相关的管理成本，管理成本固定为回收成本的2%。 此外，回收成本的估算基于调整系数（adjustment coefficient），该系数反映产品及包装的收集率及回收价值水平：收集率高且回收价值高的产品及包装，其调整系数较低；收集率低且回收价值低的产品及包装，其调整系数较高。此调整机制旨在确保回收成本的计算更符合市场实际情况，并鼓励企业提高产品及包装的可回收性。 财务贡献的截止期限 第08号法令允许制造商和进口商选择在每年4月20日前一次性全额支付废弃物处理的财务贡献至越南环境保护基金，或将付款拆分为两期。然而，第05号法令规定，财务贡献必须以单笔支付方式在每年4月20日前全额缴纳。这一变更对制造商和进口商而言具有重要影响，尤其是在Fs 正式公布后，应特别关注合规要求并及时履行付款义务。 税收激励 第05号法令在第08号法令的基础上进一步明确了税收激励的适用范围，并规定了具体的资格标准。除企业所得税优惠外，符合条件的企业还可享受出口税和进口税的豁免，以支持其在履行扩展生产者责任（EPR）义务方面的合规活动。这一扩展措施旨在降低企业在回收和废`弃物处理方面的成本，进一步鼓励可持续发展实践。 具体而言，凡是由回收和废弃物处理活动所生产的产品，若符合环境保护活动激励和支持清单的规定，并满足特定法律标准，例如生产活动符合项目运营目标或以废弃物作为生产原料的要求，则可享受出口税豁免。这一规定旨在促进资源循环利用，鼓励企业投资环保型生产模式，并加强可持续废弃物管理。 同样，进口用于废弃物处理和环境保护活动的机械及设备的项目，若符合特定条件，例如已获得环境影响评估报告审批通过或已取得环境许可证，则可享受进口税豁免。这一规定旨在降低企业在环保基础设施建设方面的成本，推动环保技术的引进与应用，并加强越南整体环境治理能力。

2025年1月31日，泰国央行（BOT）发布了一项关于负责任贷款的新通知，以取代2023年的类似通知。本次新通知提出了更新后的措施，以帮助不同情况下的债务人，并为贷款机构提供明确的实施指引，旨在解决家庭债务问题。 范围 本通知适用于包括银行及非银行金融机构（如信用卡公司、资产管理公司、持牌个人贷款提供商和小额信贷经营者）在内的从事贷款业务的服务提供者。 新规定 本通知的核心重点仍然是贷款全生命周期的管理——涵盖从信贷产品开发到法律程序及债务转让至其他债权人的各个阶段，但相较于2023年通知，本次通知提供了更明确和详尽的规定。新通知的主要修订内容总结如下： 广告标准：本通知在某些方面收紧了要求，而在其他方面则有所放宽。 更严格的要求：本通知明确规定，泰国央行对可能鼓励过度借贷的广告标语进行监管，并新增了更多不合规表述的示例（例如：“提升生活品质，先享后付”；“即使信用有问题，也可获批”）。此外，涉及多个信贷产品的广告材料应清晰列明最低和最高利率，特别是在各产品利率差异较大的情况下，以确保信息透明。 放宽的要求：对于某些营销活动，所需披露的信息有所减少。例如，在由工作人员推广贷款产品并提供免费赠品的营销活动中，服务提供者可自行决定以适当方式提供有效利率信息。此外，广告材料可仅展示强制性警示声明，而无需提供具体利率详情。 鼓励客户保持财务纪律：本通知要求服务提供者在贷款周期的各个阶段实施更精细、更广泛的工具，以影响客户行为（泰国央行称之为“引导”措施）。其中包括（1）在贷款申请前及还款期间增加引导活动，鼓励客户选择适当的还款计划和较短的贷款期限，并尽可能支付超过每期最低还款额。此外，（2）通知还要求修改关于长期债务（Persistent Debt）和债务重组措施的标准信息，使其更易理解，并明确相关条件及债务重组的优势，同时提供联系信息，以便客户获取进一步的帮助。 可负担性评估：本通知对一般可负担性评估标准提供了额外的豁免，包括以下两种情况：(1) 针对债务合并、再融资及现有信贷额度下的追加贷款，可使用客户现有或替代还款能力数据（如还款记录）进行可负担性评估；(2) 针对由家庭成员担保的债务，可将家庭成员的总收入纳入可负担性评估范围。 违约管理：“长期债务人”（Persistent Debtors, PDs）的定义已调整为涵盖在泰国央行监管体系下的个人贷款债务人（不包括产权抵押贷款和数字支付贷款），并修订了适用标准。相较于2023年通知规定的“非不良贷款（NPL）债务人”，新规定将PDs的范围扩大至逾期超过90天或三个月、且贷款设有最低分期付款条件的债务人。对于严重的PDs案件，债务人可获最长七年的还款期限延长，同时不暂停循环信贷。在债务重组方面，本通知要求服务提供者必须在账户层面而非基于整体还款能力协助债务人，并调整了预防性债务重组和困境债务重组的适用标准，以更有利于债务人。对于逾期不超过90天但出现还款困难迹象的债务人，服务提供者必须提供预防性债务重组选项；对于逾期超过90天的债务人（无论其是否属于不良贷款NPL），则必须提供困境债务重组选项。此外，在提供困境债务重组选项至少一次之前，服务提供者不得进行债务转让、合同终止或法律诉讼程序。

Importers of goods into Thailand can often reduce confusion and preempt customs disputes by proactively seeking an advance ruling on customs classification. This process, which has been possible since Customs Department Announcement No. 17/2561 in 2018, allows importers to request a ruling from Thailand’s Customs Department on the tariff classification of goods prior to importation. Obtaining an advance ruling significantly reduces risks and uncertainties in business operations. Benefits of Requesting an Advance Ruling Some of the benefits of requesting an advance ruling include: Certainty and clarity: Receiving an advance ruling helps importers know the correct tariff classification before importing, aiding in confident business planning and decision-making. Having clear information on tariff classification reduces the risk of fines or penalties due to incorrect classification. Reducing disputes: An advance ruling helps reduce disputes and delays in the customs clearance process, ensuring smooth operations. Importers will have clear evidence to confirm the correct tariff classification, reducing conflicts with customs officials. Cost management: Knowing the tariff classification in advance allows importers to accurately estimate import costs. Financial planning and cost management become more efficient, enabling businesses to better control expenses. Legal compliance: Requesting an advance ruling helps importers comply with customs laws, reducing the risk of fines or penalties. Proper legal compliance builds business credibility and reduces the risk of audits. Operational efficiency: The customs clearance process becomes faster and more efficient as customs officers can proceed based on the predetermined tariff classification. Reducing clearance time helps businesses bring goods to market more quickly. Requesting an Advance Ruling Obtaining advance rulings from the Customs Department is a simple and straightforward process that involves the following steps: Document preparation: Importers must prepare relevant documents such as purchase orders, sales contracts, price lists, or other documents indicating the goods to be imported. Complete and clear documentation helps expedite the review process. Request submission: Importers must submit