Recently, Vietnam has witnessed a dramatic increase in cyber fraud, causing significant financial losses and posing a grave threat to both Vietnamese and foreign entities. With the increasing reliance on digital technology and the widespread adoption of online platforms, the country has become fertile ground for cybercriminals to exploit vulnerabilities and conduct various fraudulent activities. This article aims to present an overview of addressing cyber fraud in Vietnam and offers practical advice for businesses to safeguard themselves from becoming victims of such illicit activities.

On February 14, 2024, Thailand’s Department of Climate Change and Energy (DCCE) began holding public hearings on the draft Climate Change Act, which is being developed to help the country achieve its commitments under the Paris Agreement. These hearings, held throughout the country, are expected to be completed by the end of March 2024. Key features and developments of the draft Climate Change Act are outlined below. Supervising Authority Under the current draft, the main supervising authority is changed from the Office of Natural Resources and Environmental Policy and Planning to the DCCE. The DCCE will focus on fostering collaboration with national and international governmental committees, agencies, and private sector organizations to facilitate the implementation of activities in alignment with the Climate Change Act. Thailand’s Climate Change Master Plan To be issued by the National Climate Change Policy Committee (NCCPC), the Climate Change Master Plan will serve as a national-level plan and framework for Thailand’s actions on climate change adaptation. The DCCE will review the plan every five years and is in charge of monitoring and enhancing state agencies’ implementation of the master plan. GHG Database The DCCE will establish and maintain a national greenhouse gas (GHG) database to track the quantity of GHG emissions from human activities, sequestration, and reduction efforts. In this regard, eight state agencies and other agencies to be prescribed by the NCCPC are required to store GHG-related information and submit reports to the DCCE. If necessary, certain private entities (e.g., factory operators and energy companies) may be required to report activity data to government agencies for compiling the GHG database. GHG Reporting For the benefit of the emissions trading system, legal entities under private and public laws prescribed by the NCCPC are required to submit an annual report of the quantity of emissions or sequestration of GHG resulting from their operations within three months from

タイ中央銀行 (BOT:  Bank of Thailand) は、2024年3月19日から2024年4月17日までの期間、 「バーチャル銀行監督基準（Criteria for Supervising Virtual Banks）」 と題する協議文書 (consultation paper)に対する公聴会を開催する。協議文書は、BOTがバーチャル銀行に対して伝統的な商業銀行監督基準を適用することを明らかにしている。しかしながら、BOTはまた、バーチャル銀行により提供されるサービスがすべてデジタルであるため、追加的な規制監督が必要であると説明している。 バーチャル銀行の追加監督基準 金融ビジネスグループ バーチャル銀行が他の金融機関と同じ金融ビジネスグループに属する場合、その親会社はバーチャル銀行を単一連結金融ビジネスグループの下に構築しなければならない。バーチャル銀行が開業当初の 「制限段階」 (下記参照) を経た後は、グループ内の他の金融機関は、バーチャル銀行に対して信用を供与したり、融資活動に類似した取引を行ったりすることが禁止される。 株式保有構造 金融機関システムの資本の増加が、銀行の株式保有構造に起因する実際の資本注入よりも大きい場合、BOTは、二重計上を防ぐために、バーチャル銀行と金融機関システムの資本を監督する追加規制を発行することを目指している。 オペレーショナルリスク バーチャル銀行は、他の金融機関や金融機関グループと類似したり、関連を示唆したりする商標やロゴを使用してはならない。 ガバナンス バーチャル銀行には、ITまたはデジタルサービスの分野で3年以上の経験を持つ取締役と最高技術責任者 (CTO) が少なくとも1人必要だ。さらに、CTOはバーチャル銀行でフルタイムで勤務しなければならず、他の法人の従業員であってはならない。 関連する融資および関連当事者取引の制限 バーチャル銀行は、主要株主や受益者との取引を行う前に、取締役会の全会一致の承認を得る必要があります。 サービスチャネルとアウトソーシング バーチャル銀行は、他のチャネルを通じてサービスを提供する必要がある場合を除き、デジタルチャネルを通じてのみサービスを提供する必要がある。 ITシステム バーチャル銀行は、ITシステムが中断のないサービスを提供できるようにする必要がある。さらに、バーチャル銀行は、預金システム、融資システム、インターネットバンキングサービス、モバイルバンキングサービスを他の国内または国際金融機関と共有してはならない。 制限段階基準 BOTは、新しい監督基準の導入に加えて、制限段階(すなわち、最初の3～5年)の間に適用される特定の既存規則を緩和する予定である。これには、ガバナンス、ストレステスト、事業継続計画の要件が含まれる。 バーチャルバンクまたはその他の金融技術に関するタイの規制の詳細については、Athistha (Nop) Chitranukroh ([email protected]) 、Pornpan Wichawut ([email protected]) 、Rada Lamsam ([email protected]) 、Rujaporn Paritsantik ([email protected]) にお問い合わせください。   備考：本和文は英文記事を翻訳したものです。原文については、以下のリンクをご参照ください。 Thailand Launches Public Consultation on Virtual Banks Supervision Notification

Two notifications on the cross-border transfer of personal data, issued by Thailand’s Personal Data Protection Committee (PDPC), came into effect on March 24, 2024. These notifications, which we detailed in a previous update, set out the criteria governing the cross-border transfer of personal data offshore, specifically focusing on situations where appropriate personal data protection standards are in place. Of particular importance is the role of binding corporate rules (BCRs) in enabling the cross-border transfer of personal data among affiliated businesses or within the same group of undertakings. The implementation of BCRs requires a comprehensive review and approval process by the Office of the PDPC, strictly in accordance with the criteria set out in one of the two notifications. With the notifications now fully enforceable, the Office of the PDPC has begun accepting BCRs for review. Data controllers and data processors intending to adopt BCRs as a means for transferring data to offshore affiliates or group companies must initiate the BCR submission process promptly. Failure to comply with PDPA requirements concerning the cross-border transfer of personal data could result in substantial penalties. Organizations involved in cross-border personal data transfers should be proactive in complying with the prescribed criteria to avoid these regulatory penalties and maintain the data protection standards mandated by the PDPA. For more information on these cross-border personal data transfer regulations, or on any aspect of complying with Thailand’s data protection laws, please contact Nopparat Lalitkomon at [email protected], Gvavalin Mahakunkitchareon at [email protected], or Wilin Somya at [email protected].

Cambodia’s Ministry of Labor and Vocational Training issued the Notification on the Compensation for Terminating an Employment Contract on March 21, 2024, clarifying the compensation due to employees upon the termination of their employment contracts. The notification outlines different requirements depending on the nature of the termination and the type of employment contract, as laid out below. Termination without Valid Reason and in Absence of Serious Misconduct If an employment contract has been terminated by an employer without a valid reason and the employee did not commit any serious misconduct as defined under the relevant article of the Labor Law, the employer must compensate the employee as follows: Fixed-Duration Contract: Wages that have not yet been paid; Unused and unpaid annual leave through the termination date; Severance payment equal to at least 5% of the wages paid to the employee during the length of the contract; and Damages for being laid off before the expiration date of the fixed-duration contract, at least equal to the wages the employee would have received had he or she completed the original contracted term of employment. Unspecified-Duration Contract: Wages that have not yet been paid; Unused and unpaid annual leave through the termination date; Compensation in lieu of notice if the employer did not give prior notice in accordance with the Labor Law; Seniority indemnity for the semester that the employee is terminated and total seniority back payments that have not been paid; and Damages for being laid off, in an amount equal to the seniority payment received during the employment contract. Termination in Cases of Serious Misconduct Employees who commit any serious misconduct as defined under the Labor Law (regardless of whether they are under a fixed-duration or unspecified-duration contract) are entitled only to the following compensation: Wages that have not yet been paid; and Unused and unpaid annual leave through the termination date. Termination Due to Bankruptcy Since bankruptcy is considered

The Bank of Thailand (BOT) has opened a public comment period on their consultation paper titled “Criteria for Supervising Virtual Banks” from March 19, 2024, to April 17, 2024. The consultation paper reveals that the BOT intends to apply traditional commercial bank supervisory standards to virtual banks. However, the BOT also explains that the wholly digital nature of the services offered by virtual banks necessitates additional regulatory supervision. Additional Supervisory Criteria for Virtual Banks Financial business group: If a virtual bank is within the same financial business group as other financial institutions, its parent company must structure the virtual bank to be under its own sole consolidated financial business group. After the virtual bank has undergone the “restricted phase” in its initial years of operation (see below), other financial institutions within the group are prohibited from extending credit to or engaging in transactions similar to lending activities with the virtual bank. Shareholding structure: If the increase in the financial institution system capital is higher than the actual capital injection resulting from the bank’s shareholding structure, the BOT aims to issue an additional regulation to supervise the capital of the virtual bank and financial institution system to prevent double counting. Operational risk: Virtual banks must not use a trademark or logo that bears resemblance to or implies association with other financial institutions or financial institution groups. Governance: Virtual banks must have at least one director and chief technology officer (CTO) with at least three years of experience in IT or digital service. Additionally, the CTO must work full-time for the virtual bank and may not be an employee of another legal entity. Restriction on related lending and related-party transactions: Virtual banks must obtain prior unanimous approval from their boards of directors before engaging in transactions with major shareholders or businesses with a beneficial interest. Service channels and

Last year, the government of Vietnam issued the Personal Data Protection Decree (PDPD), which took effect on July 1, 2023. The Department of Cybersecurity and High-Tech Crime Prevention and Control (referred to as “A05”) under the Ministry of Public Security (MPS) is tasked with implementing and enforcing the requirements under the PDPD. While a decree on sanctioning provisions for noncompliance with the PDPD is still pending issuance, further movements from the MPS/A05 indicate that it aims to start conducting its first inspections into PDPD compliance. This is the first time that companies and government agencies have been officially questioned by the MPS about their compliance with the PDPD. The purposes of this inspection program are (1) to evaluate the compliance status of a group of selected companies and government agencies and to understand challenges in complying with the PDPD requirements; (2) to propose sanctions for noncompliance; and (3) to collect information and comments for the development of the upcoming Personal Data Protection Law—not to spot noncompliance with the PDPD specifically. This round of inspection includes a number of companies in 14 sectors (including e-commerce, aviation, telecom, banking and finance, intermediary payment, insurance, gaming, education, healthcare, real estate, data processing services, ride hailing, etc.). The companies targeted by this inspection program must: (1) submit a report on compliance to the MPS/A05 by May 30, 2024 (this report is different from the data protection impact assessment (DPIA)/transfer impact assessment (TIA) submission requirements); and (2) coordinate with the MPS/A05 on any further investigation actions from June to August 2024. The inspection results will be available by September 2024. Key information to be reported includes, among others: (1) a description of the activities and measures carried out to implement the PDPD (such as protecting data subjects’ rights, performing administrative procedures, preventing violations, etc.) and their implementation

Attorneys from Tilleke & Gibbins in Vietnam have provided an updated Vietnam chapter for Fashion Law 2024, a guide to law surrounding the business of fashion in jurisdictions around the world. The guide, which covers 20 key jurisdictions in the global fashion industry, offers insights into local legal frameworks for a range of issues, such as brand enforcement and protection, e-commerce and marketing, and sustainability. The Vietnam chapter of Fashion Law 2024 provides detailed information on the following topics: Main intellectual property rights for fashion products Contractual arrangements in manufacturing, distribution, and advertising Regulations and enforcement of online marketing Unfair competition rules and judicial interpretation Specific regulations on sustainability and ESG in fashion Special import and export rules for fashion products The full Vietnam chapter is available for free through the button below and on the Global Legal Post website. Tilleke & Gibbins also contributed the Thailand chapter to the guide.