Duane Morris Vietnam

By Minh Duc Hoang and Quynh Nguyen

In recent years, many Chinese investors have silently participated in sensitive business sectors in Vietnam such as pawnbroking, real estate, content creating on digital platform, or business restricted to foreign capital. Such ‘silence’ stems from the fact that their names are not expressly indicated, but they often authorize Vietnamese individuals or enterprises to represent them—a mechanism commonly referred to as a nominee.

Although arising from the need to seek business opportunities in attractive yet restricted sectors, this mechanism harbors a risky legal ‘gray area’. So, what is the true nature of a nominee agreement? Is it legal in Vietnam? And what are the specific risks the parties might face?

The analysis below will provide a comprehensive overview, help you fully grasp the issue and serve as a basis for you to make the best decisions.

The analysis will be divided into three parts. Part 1 provides an analysis of the concepts of nominees, the practical use of the nominee in Vietnam, and Vietnamese legal regulations concerning nominees. Part 2 focuses on analyzing the legal consequences, risks, and the practice of Vietnamese courts in resolving disputes related to nominee agreements. Part 3 provides solutions to mitigate these risks.

Part 1

1. How are Chinese investors currently engaging or asking Vietnamese people to act as nominees?

It is currently not difficult to find companies and projects owned by Vietnamese people on paper, but their capital sources and executive rights are actually under the hands of Chinese investors. They operate in many business sectors where Vietnamese law does not provide regulations on market access; has restrictions or prohibitions for foreign investors; or operate in sensitive areas for foreign investors, for example:

• Sensitive areas for security and national defense such as borders and islands.
• Digital content creation on media platforms (Tiktok, YouTube): Establishment of a ‘Vietnamese’ company for the purpose of leasing premises or employing creators.
• Purchase and receipt of the transfer of a house, land and other assets attached to land.
• Opening a pawnshop.
• Conditional business activities: Sectors reserved only for domestic investors or domestic investors holding controlling shares such as transportation, telecommunications, etc.

In practice, however, it appears that Chinese investors have been using Vietnamese nominees not only in restricted sectors but also in some sectors that are open to foreign investors. Particularly in manufacturing, Chinese investors would like to make use of two major advantages:

• Easy land acquisition. Authorize Vietnamese individuals or 100% domestically owned companies to facilitate the land acquisition for the production or construction of works in the energy sectors.
• Scrutiny reduction. 100% domestically owned companies are subject to less strict inspections by any regulatory authorities regarding environment, fire prevention, or other types of sub-licenses.

In reality, nominees’ activities represent a ‘gray area’ that is quite common and pose many legal risks for both foreign investors who have invested their capital and nominees themselves.

2. What is a nominee?

First, it’s necessary to understand what nominees and nominee agreements are.

Simply put, nominees are Vietnamese individuals, or, to a limited extent, legal entities, who are recorded in the legal documents (i.e., enterprise registration certificates, land use right certificates) as the owners, capital contribution members… however, they are not the persons who actually provide the funds, control and benefit from such investment.

The persons who actually provide their capital and management (the Chinese investors) are called the actual beneficial owners.

There are usually power of attorney agreements or implied agreements between both parties (which are not disclosed to any government authorities) with respect to any capital contribution, profit sharing, and executive rights. The beneficial owners, whose names are not recorded, still control the nominees through:

• Agreements and power of attorney: Execution of power of attorney agreements, custody agreements, undated share purchase and sale agreements or pre-signed land/house transfer agreements;
• Collateral: Pledge/holding of shares, certificates and seals; such agreements are also pre-signed but undated and can be registered with the Vietnamese registration authorities for secured transactions.
• Financial control: Control of bank accounts, profit transfer agreements.
• Liability binding: Penalty clauses, promissory notes.
• Actual management: Direct management of operations despite holding names.

3. What are the differences between nominee, trust and special ownership structure (VIE)?

To better understand the nature of the nominee, we will compare it with two other institutions and variations: Trust (Section 3) and special ownership structure – VIE (Section 4).

First of all, Trust. Simply put, it is a legal mechanism in which the settlor transfers its assets to the trustee to manage for the benefit of the beneficiary. In some cases, there is an additional protector to control or approve the trustee’s decisions.

Unlike many countries, Vietnamese law does not recognize the trust regime because it does not separate legal ownership and benefit rights. However, in practice, there are still some similar mechanisms, which apply to a limited extent, for example:

• Securities investment trust: Fund management companies are allowed to hold the titles and manage investment portfolios on behalf of clients. This form is similar to the ‘trust,’ however, it is only applicable in the securities sector.
• Investment fund: Fund management companies manage assets for investors, with some characteristics similar to the trust.
• Commodity trading trust: It is regulated in commercial law.
• Household assets: An individual can be authorized to represent an entire household in accordance with the Land Law.

In summary, Vietnam does not recognize trust in the international sense, but there are limited alternative mechanisms in some sectors.

4. If Chinese investors want to set up a VIE structure, whether such a structure is considered a nominee agreement?

VIE is a model commonly used in China. Accordingly, a foreign company (usually registered in the BVI or Cayman) sets up a 100% foreign-owned enterprise (WFOE) in China. The WFOE does not own shares directly, but signs many contracts (services, share pledges, options, etc.) to control and benefit economically from the Chinese companies.

This model helps Chinese companies in sectors that are limited to foreign capital (such as technology, education, media) to raise international capital and list abroad without violating ownership limits.

In comparison with the nominee, VIE is also intended to overcome any restrictions on investment, however, the differences are that the nominee only relies on one person, while VIE relies on a complex chain of contracts. China implicitly recognizes VIE, but basically does not accept nominee.

In Vietnam, some chains of pawnshops supported by Chinese investors have applied the VIE structure.

5. How does Vietnamese law regulate nominees?

Vietnamese law currently does not provide specific regulations on the nominee mechanism. However, if the nominees are understood as the persons who have been recorded as the owners, but not the actual beneficiaries, and concurrently there are only implied agreements between the parties, which are not disclosed with any third party (especially any government authorities), then it can be determined that such form is not recognized by Vietnamese law.

The reason is that under Vietnamese law, ownership rights—explicitly represented by the names recorded in documents, which recognize ownership rights such as the Red Book or the Shareholder Registration Book—are absolute. That means the owners have full rights to such assets, and execution of agreements to waive such rights does not automatically give the actual beneficiaries the relevant legal status.

Part 2

Following the previous analysis related to the concepts of nominees, the practice use of the nominees in Vietnam and Vietnamese legal regulations concerning nominees, Part 2 will focus on analyzing the legal consequences, risks as well as the trial practice of Vietnamese courts when disputes related to the nominee agreements arise and provide solutions to limit these risks.

6. What are the legal risks and the trial practice of Vietnamese courts?

When disputes arise between the Chinese beneficial owner and the nominee, Vietnamese courts tend to view the nominee transaction or its variants as sham transactions and therefore being invalid according to the 2015 Civil Code (Articles 117, 138): Civil transactions (power of attorney agreements, capital contribution agreements) established as shams (with the purpose of concealing another transaction) will be declared invalid.

If the nominee agreement involves implementing an investment project, including applying for an Investment Registration Certificate, Vietnamese Investment Law allows the licensing authority to terminate the project if a ‘sham/simulated transaction’ is discovered — which often applies to nominee structures used to circumvent sector restrictions.

In addition, parties may also be subject to administrative sanctions, for example, for contracts in illegal investment or business sectors.

In terms of trial practice, as mentioned above, after declaring the nominee transaction as a sham transaction invalid, the court will continue to consider the original transaction, that is, the hidden transaction, whether it is valid or not. If that transaction:

• Does not fall into the prohibited, restricted sectors or sectors requiring approvals for foreign investors or purchasers, the court will recognize the validity of this transaction and resolve the consequences of these transactions in the direction that ‘the parties will return everything they have received from each other’, or, in some cases, give the nominee a part of the benefits from the sale of the property or;
• Falls into the prohibited or restricted group, for example, real estate that foreign individuals are not allowed to buy, or industries not open or restrict to foreign investors where foreign investors are not allowed to buy shares or contribute capital, for example, e-commerce or pharmaceutical distribution; then it is highly likely that the court will declare the transaction invalid on the grounds of violating the prohibition prescribed by law. The investor can then only claim the money back, but cannot claim ownership of the related enterprise.

However, there was once a court judgment arguing that Vietnamese law does not prohibit nominee capital contribution, implying that nominee shares might be accepted in specific cases. However, as the judgment did not elaborate further, it is unclear if the court merely acknowledged an existing transaction status or implicitly affirmed that parties are allowed to perform any acts not prohibited by law.[3]

7. How do nominee disputes actually take place?

In practice, many disputes have occurred, especially in manufacturing, between Chinese beneficiary owners and Vietnamese nominees.

Notably, nominee agreements are often not designed with multiple layers (see Section 12 below) to prevent risks from the outset. Instead:

• Lack of preparation. There are often only very simple agreements on the nominee, cash transactions or phone contact, avoiding emails, leading to difficulty in proving.
• Lack of synchronization. Oral or sketchy written agreements make the implementation process different from the agreed-upon content, creating loopholes for disputes.

8. How do Chinese investors usually deal with disputes?

When a dispute arises, the parties often have three ways of handling:

• Criminal denunciation. Some parties seek to criminalize the dispute (report appropriation or abuse of trust), but are often unsuccessful due to a lack of evidence, and Vietnamese investigative agencies often tend to consider this a purely civil dispute.
• Withdrawal agreement. The Vietnamese and Chinese parties negotiate for the investor to get back part of the money, often with additional costs.
• Civil lawsuit. Bring the case to a competent court; the litigation process is lengthy, and the outcome depends on whether the original transaction violates the prohibition or not (as analyzed in the legal risks section in Section 6 of this article).

In most cases, the parties will follow the first option.

9. What is the impact on Chinese investors?

• Loss of assets. The person named on the documents has the legal right to dispose the assets (sell, donate, mortgage) without the actual owner’s consent. The fund provider can file a lawsuit to have the transaction declared invalid, but if the original agreement is not recognized by law, the maximum right is to claim the money already handed over. Even then, litigation and judgment enforcement often take many years.
• Exploitation. Furthermore, the nominee can exploit their legal position to give pressure for more money, or even ‘turn around’ and seize the company and all profits. In practice, many Chinese investors, especially small ones, get stuck in such nominal nominee agreements.
• Legal liability. The capital or assets do not fully shield them from legal liability. The actual owner may be administratively fined, or even criminally prosecuted, if the act is deemed a circumvention of law, illegal investment, or business. They might even be placed on a restricted entry list for Vietnam in the future.
• Inability to protect rights. When disputes occur, Chinese investors have almost no legal basis to protect themselves under Vietnamese law.

10. What are the impacts on the nominee?

When disputes occur, the nominee is not entirely off the hook and may face the following legal consequences:

• Legal liability. The nominee recorded on paper will bear full legal liability arising from the company, including debts, tax obligations, and even criminal liability if the company violates the law. The explosion at an aluminum smelting workshop in Dong Mai craft village, Van Lam, Hung Yen, which killed four and injured three, raised suspicions that the actual owner was Chinese but used a Vietnamese nominee.[4]
• Tax risks. Specifically, the tax authority may determine that profit transferred to the foreign investor constitutes taxable income for the nominee.
• Reputation risk. The nominee’s name is usually recorded on the Enterprise Registration Certificate. Changing the legal representative or transferring capital contributions usually requires approval from the Members’ Council or Board of Directors—where the representatives are often the Chinese investors who have left. When this procedure cannot be performed, the nominee is legally ‘stuck’, loses credibility, and may even be held jointly liable for the company’s activities, debts, or violations.

11. What are the new beneficiary owner regulations? And do they help prevent nominee agreements?

• What are the new beneficiary owner regulations and do they help prevent nominee agreements?

Effective July 1, 2025, the amended Enterprise Law and Decree 168/2025/ND-CP introduce new regulations on beneficiary owners (BO).

Enterprises, upon establishment or when changing registration content, must declare information about individuals owning directly or indirectly 25% of the charter capital or 25% of voting shares or more, or individuals having control over management, appointment, or dismissal of the legal representative, Board of Directors, Director/General Director.

Enterprises are obligated to maintain a list of BOs, update it upon changes, and submit this information to the Provincial Business Registration Agency. Competent state authorities have rights to access to this data in the National Database on Enterprise Registration for inspection, anti-money laundering, and enterprise management purposes.

If an enterprise fails to fulfill its declaration, update obligations, or declares false information, it may be administratively sanctioned according to current regulations on enterprise registration and the Enterprise Law.

Regarding nominee structures, the enterprise has no obligation to publicly disclose the nominee agreement, but if the individual truly behind the nominee meets the BO criteria, they must still be declared per the above procedure. Verifying actual control through layers of legal entities remains very difficult in practice, especially when BOs have cross-border investment activities.


Part 3

12. What should Chinese investors do then?

We always recommend that Chinese investors comply with Vietnamese regulations, specifically following these steps:

1. Choose open sectors: First, foreign investors need to thoroughly research the list of investment sectors. Vietnam has many sectors that do not restrict foreign investors or allow ownership up to a certain ratio (e.g., 50%, 99%). In practice, many Chinese investors are ‘threatened’ by Vietnamese partners that they cannot invest as foreigners and must go through Vietnamese enterprises or individuals, even when these sectors are 100% open to foreign investors, such as wholesale or retail. Therefore, Chinese investors should first thoroughly understand their intended sector to proceed with transparent investment within the permitted framework.
2. Choose related sectors: If the desired sector is restricted, consider an investment sector related to the initially intended one, or broad sectors like management consulting services, which are fully open to foreign investors.
3. Use alternative structures: If still wishing to invest in restricted sectors, use complex but legal structures under the guidance of experienced lawyers, for example:
   -Establishing different layers of companies so that the final subsidiary is considered a Vietnamese enterprise.
   -Using Business Cooperation Contracts (BCC): signing with a Vietnamese partner as a form of joint venture, clearly dividing business products, revenue or profits.
   -Investing through investment funds: Permitted Vietnamese funds can hold capital in sensitive enterprises, and foreign investors can invest in these funds.
   -Using service provision contracts as in the VIE model mentioned above.
   

13. If using a nominee is unavoidable, what should be done?

This is a last-resort, high-risk solution. If compelled to use a nominee (e.g., not wishing to ‘show their face’ or entering sectors restricted by Vietnamese law), Chinese investors need protection through stringent measures, such as:

1. Security measures: Require the nominee to mortgage their personal assets to you to ensure they do not ‘turn around’.
2. Complete documentation and evidence. Have a detailed power of attorney agreement and clear payment receipts: Although still at risk of being declared invalid, it creates some moral and legal binding. Especially, it serves as evidence recording that the Chinese investor has given money to the nominee. Additionally, the investor can request the nominee to pre-sign specific undated contracts like share purchase/sale contracts, share pledge agreements, etc.
3. Choose the right person: It should only be family members or extremely close partners.
4. Accept the risk: Understand that the Chinese investors are betting their money on trust and could lose everything.

Conclusion: Vietnam’s trend towards information transparency and tighter management is very clear. The ‘gray area’ of nominees is increasingly shrinking. Professional, transparent investment not only ensures legal safety for Chinese investors but also builds a good image and enables sustainable development in this potential market.

Find a good lawyer before finding a nominee!

[1] Image source: https://garant.ae/en/insights/trusts-in-the-uae

[2] Diagram illustrating the special investment structure

[3] Appellate Commercial Business Judgment No. 36/2024/KDTM-PT dated 27 June 2024 of the High People’s Court in Ho Chi Minh City.

[4] However, this point has not yet been confirmed by mainstream media and needs to be verified.

Wirtschaftliche Entwicklung Vietnams
Vietnams wirtschaftliche Entwicklung in den letzten zehn Jahren war geprägt von Widerstandsfähigkeit und Wandel. Das Land hat seinen Wachstumskurs beibehalten und bleibt ein wichtiger Standort für ausländische Investoren. Trotz globaler Herausforderungen wie den Handelskonflikten zwischen den USA und China, der COVID-19-Pandemie und geopolitischer Unsicherheiten zeigt Vietnam weiterhin ein robustes Wachstum von durchschnittlich etwa 6 % jährlich bis 2024. Das Land hat seine institutionellen Rahmenbedingungen gestärkt, die Infrastruktur verbessert und die digitale Transformation vorangetrieben, wodurch es sich als zentraler Knotenpunkt in globalen Lieferketten positioniert.
Dynamische wirtschaftliche Aussichten
Das BIP-Wachstum Vietnams spiegelt ein stabiles makroökonomisches Umfeld wider, das durch starke industrielle Produktion, steigenden Binnenkonsum und strategische Beteiligung an globalen Handelsabkommen getragen wird. Für 2024 wird ein BIP-Wachstum von rund 6 % erwartet, nach einem Anstieg von 5,05 % im Jahr 2023, unterstützt durch widerstandsfähige Exporte und zunehmende ausländische Direktinvestitionen (FDI). Die Inflation bleibt unter Kontrolle, und das Engagement der Regierung für Marktliberalisierung und grüne Übergangspolitik stärkt das Vertrauen der Investoren. Schlüsselbranchen wie erneuerbare Energien, Hightech-Fertigung, Halbleiter und digitale Dienstleistungen entwickeln sich zu neuen Wachstumsmotoren, unterstützt durch staatliche Initiativen zur Förderung von Humankapital und nachhaltiger Entwicklung.
Vietnam verzeichnet auch einen stetigen Anstieg der FDI, mit Rekordauszahlungen in den Jahren 2023 und Anfang 2024, da globale Unternehmen ihre Lieferketten von China weg diversifizieren. Besonders attraktiv sind Branchen wie Elektronik, Halbleiter und E-Commerce-Logistik, unterstützt durch wettbewerbsfähige Arbeitskosten und eine junge, technikaffine Bevölkerung. Gleichzeitig intensiviert die Regierung ihre Bemühungen zur Verbesserung der Verwaltungseffizienz, zur Stärkung des rechtlichen Rahmens für geistige Eigentumsrechte und zur Beschleunigung öffentlicher Investitionen in Verkehrsnetze zur Förderung des Handels.
Wichtige Handelsabkommen zur Gestaltung des Marktzugangs
Vietnams Handelspolitik entwickelt sich weiter und baut auf wegweisenden Abkommen auf, um seine globale Reichweite zu erweitern. Diese Abkommen fördern nicht nur das Exportwachstum, sondern erfordern auch die Modernisierung des rechtlichen und regulatorischen Systems Vietnams, die Angleichung an internationale Standards und die Förderung von Transparenz. Zu den wichtigsten Abkommen gehören:
• ASEAN-Wirtschaftsgemeinschaft (AEC): Im Rahmen der Bemühungen der ASEAN zur Schaffung eines einheitlichen Marktes und Produktionsstandorts profitiert Vietnam von der Abschaffung von Zöllen in Südostasien. Die AEC repräsentiert ein kombiniertes BIP von über 3,6 Billionen US-Dollar und eine Bevölkerung von über 670 Millionen. Initiativen zur Reduzierung nichttarifärer Handelshemmnisse, Verbesserung der Zollverfahren und Förderung der digitalen Konnektivität werden fortgesetzt.
• EU-Vietnam Freihandelsabkommen (EVFTA): Seit 2020 in Kraft, beseitigt das EVFTA über 99 % der Zölle innerhalb von zehn Jahren. Vietnamesische Exporte, insbesondere Textilien, Schuhe und Agrarprodukte, haben in der EU stark zugenommen, während europäische Investoren breiteren Zugang zu den Bereichen Fertigung, erneuerbare Energien und Hightech erhalten. Das Abkommen enthält auch starke Bestimmungen zu nachhaltiger Entwicklung, Arbeitsrechten und Umweltschutz und setzt Maßstäbe für zukünftige Handelsverhandlungen Vietnams.
• Umfassendes und fortschrittliches Abkommen für die Transpazifische Partnerschaft (CPTPP): Seit 2019 für Vietnam in Kraft, deckt es 11 Volkswirtschaften ab, die 13 % des globalen BIP ausmachen. Es bietet bevorzugten Zugang zu wichtigen Märkten wie Kanada, Japan und Australien und setzt hohe Standards in den Bereichen Arbeit, Umwelt und digitaler Handel. Neue Mitglieder wie das Vereinigte Königreich, das 2023 beigetreten ist, erweitern den Umfang und die wirtschaftliche Bedeutung des Abkommens. Im Hinblick auf den Schutz ausländischer Investitionen gegenüber der vietnamesischen Regierung führt das CPTPP den Mechanismus der Investor-Staat-Streitbeilegung (ISDS) ein. Investoren können bei investitionsbezogenen Streitigkeiten internationale Schiedsverfahren gegen das Gastland einleiten. Die Verfahren sind öffentlich, und die Entscheidungen sind direkt in Vietnam und im Ausland vollstreckbar – ein Maß an Rechtssicherheit, das es zuvor in Vietnam nicht gab.
• Regional umfassende Wirtschaftspartnerschaft (RCEP): Seit 2022 in Kraft, bildet RCEP den weltweit größten Handelsblock und integriert ASEAN mit China, Japan, Korea, Australien und Neuseeland. Vietnam profitiert von harmonisierten Ursprungsregeln, vereinfachten Zollverfahren und erweiterten Lieferkettennetzwerken. Das Abkommen stärkt Vietnams Position als regionales Fertigungszentrum und unterstützt seine Ambitionen, ein Schlüsselakteur im Asien-Pazifik-Handel zu werden.
Vergleich des Marktzugangs: Vietnam und wichtige Handelsabkommen
Ausländische Investoren sollten die sektoralen Verpflichtungen in den Abkommen WTO, AEC, EVFTA und CPTPP bewerten. Diese unterscheiden sich in ihrem Ansatz zur Marktliberalisierung und können Investitionsstrategien erheblich beeinflussen:
1. Negative vs. Positive Listen: WTO, AEC und EVFTA folgen einem positiven Listenansatz, bei dem nur aufgeführte Sektoren für ausländische Investitionen geöffnet sind. Das CPTPP hingegen verwendet eine negative Liste, bei der alle Sektoren offen sind, sofern sie nicht ausdrücklich eingeschränkt sind. Dies bietet Investoren mehr Sicherheit und Flexibilität und fördert ein wettbewerbsfähigeres Umfeld.
2. Vertriebsdienstleistungen: Im Rahmen des EVFTA und CPTPP hat Vietnam schrittweise Beschränkungen für Einzelhandelsgründungen gelockert, den Economic Needs Test (ENT) für Verkaufsstellen unter 500 m² abgeschafft und sich verpflichtet, ENT innerhalb von fünf Jahren vollständig zu streichen. Diese Reform ist besonders wichtig für internationale Einzelhändler und E-Commerce-Plattformen, die ihre Aktivitäten in Vietnams wachsendem Verbrauchermarkt ausweiten möchten.
WTO/AFAS EVFTA CPTPP
Die Gründung weiterer Verkaufsstellen ist nur mit ENT erlaubt ENT entfällt bei Verkaufsstellen <500 m² in geplanten Handelszonen mit fertiger Infrastruktur; vollständige Abschaffung nach 5 Jahren Wie EVFTA, zusätzlich Kriterien wie Anzahl bestehender Anbieter, Marktstabilität, geografische Ausdehnung
3. Energiemarkt: Das EVFTA erlaubt ausländische Beteiligung mit Einschränkungen in der Stromerzeugung, während das CPTPP breitere Verpflichtungen bietet – mit Ausnahme sensibler Bereiche wie Stromübertragung und Kernenergie. Neue Regierungsinitiativen zur Förderung erneuerbarer Energien wie Wind- und Solarprojekte schaffen zusätzliche Chancen trotz regulatorischer Herausforderungen.
WTO/AFAS EVFTA CPTPP
Keine Verpflichtungen Keine Verpflichtungen für Stromerzeugung, Gasverteilung, Dampferzeugung etc. Einschränkungen bei Stromübertragung (nur EVN erlaubt), Vorbehalte bei Wasserkraft und Kernenergie, keine ausländischen Anbieter für Dienstleistungen im Zusammenhang mit Energieverteilung
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Hier ist die vollständige Übersetzung des Textes ins Deutsche:
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4. Finanzdienstleistungen: CPTPP-Mitgliedstaaten unterliegen weniger Beschränkungen im grenzüberschreitenden Bank- und Versicherungswesen als im Rahmen der WTO-Verpflichtungen, bei denen die Obergrenzen für ausländische Beteiligungen höher bleiben. Dies hat das Interesse globaler Finanzinstitute geweckt, die neue Produkte auf Vietnams schnell wachsendem Kapitalmarkt anbieten möchten.
Versicherungssektor:
EVFTA WTO/AFAS CPTPP
Nicht anwendbar Keine Verpflichtung hinsichtlich: – Stromerzeugung; Übertragung und Verteilung auf eigene Rechnung – Herstellung von Gas; Verteilung gasförmiger Brennstoffe über Leitungen auf eigene Rechnung – Erzeugung von Dampf und Heißwasser; Verteilung auf eigene Rechnung – Weitere Teilsektoren: nicht enthalten im Dienstleistungsverzeichnis Nur folgende Einschränkungen: – Ausländische Investitionen zum Besitz oder Betrieb von Stromübertragungsanlagen in Vietnam sind nicht erlaubt. EVN (Vietnam Electricity Corporation) ist derzeit der einzige autorisierte Eigentümer und Betreiber. – Vietnam behält sich das Recht vor, Maßnahmen in Bezug auf Wasserkraft und Kernenergie zu ergreifen oder beizubehalten. – Dienstleistungen im Zusammenhang mit Energieverteilung: Ausländische Anbieter dürfen diese nicht erbringen. Investitionen sind nicht erlaubt.
Bankdienstleistungen:
WTO/AFAS/EVFTA CPTPP
Grenzüberschreitende Erbringung: Keine Verpflichtung, außer: – Bereitstellung und Übertragung von Finanzinformationen sowie Datenverarbeitung und zugehöriger Software durch Anbieter anderer Finanzdienstleistungen – Beratung, Vermittlung und sonstige Hilfsdienste in allen Tätigkeiten von (a) bis (k), einschließlich Bonitätsprüfung, Investitionsberatung, Portfoliomanagement, Unternehmensakquisitionen und -strategien Grenzüberschreitende Erbringung: Keine Einschränkungen
Kommerzielle Präsenz: Ausländischer Anteil an Aktien einer vietnamesischen Geschäftsbank darf 30 % des Stammkapitals nicht überschreiten. Eine Zweigstelle einer ausländischen Bank darf keine weiteren Geschäftsstellen außerhalb des Hauptsitzes eröffnen, ausgenommen Geldautomaten. Kommerzielle Präsenz: Keine weiteren Einschränkungen außer: – Eine ausländische Kreditinstitution darf nur ein Repräsentanzbüro pro Provinz oder zentral verwalteter Stadt eröffnen. – Geschäftsführungspersonal muss während der Amtszeit in Vietnam ansässig sein.
Wertpapierdienstleistungen:
WTO/AFAS EVFTA CPTPP
Verpflichtungen in 6 Teilsektoren. Kommerzielle Präsenz: Repräsentanzbüros und Joint Ventures mit max. 49 % ausländischem Anteil erlaubt. Nach 5 Jahren: 100 % ausländisches Kapital erlaubt. Gleiche Verpflichtungen wie WTO/AFAS plus 2 zusätzliche Dienste: Datenverarbeitung und Bonitätsanalyse. Kommerzielle Präsenz: wie WTO/AFAS Keine Einschränkungen außer: – Betrieb und Dienstleistungen ausländischer Wertpapier- und Fondsverwaltungsgesellschaften unterliegen der Genehmigung der vietnamesischen Regierung. – Beteiligungen über 49 % bis unter 100 % unterliegen ebenfalls Genehmigung und Bedingungen.
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5. Verkehrsdienstleistungen:
Teilsektor WTO AFAS CPTPP EVFTA
Seeverkehr Joint Venture mit max. 49 % ausländischem Anteil Wie WTO Wie WTO Joint Venture mit max. 70 % ausländischem Anteil
Binnenwasserstraßen (Passagier & Fracht) Grenzüberschreitend: Keine Verpflichtung; Kommerzielle Präsenz: Joint Venture mit max. 49 % Grenzüberschreitend: Keine Einschränkung; Kommerzielle Präsenz: Joint Venture mit max. 51 % Wie WTO Wie AFAS
Schienenverkehr (Passagier & Fracht) Grenzüberschreitend: Keine Verpflichtung; Kommerzielle Präsenz: Joint Venture mit max. 49 % Grenzüberschreitend: Keine Einschränkung; Kommerzielle Präsenz: Joint Venture mit max. 51 % Grenzüberschreitend: Keine Einschränkung; Kommerzielle Präsenz: Fracht: Joint Venture mit max. 49 %, Passagier: nicht erlaubt Wie WTO
Luftverkehr (Verkauf & Marketing) Grenzüberschreitend: Keine Einschränkung; Kommerzielle Präsenz: über Ticketbüros oder Agenten erlaubt Grenzüberschreitend: Keine Einschränkung; Kommerzielle Präsenz: Keine Einschränkung Vietnam behält sich Maßnahmen vor Wie WTO
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6. Telekommunikation: Die Obergrenzen für ausländisches Eigentum in nicht-infrastrukturgebundenen Diensten steigen von 65 % (WTO) auf bis zu 100 % innerhalb von fünf Jahren nach Inkrafttreten des CPTPP. Diese Liberalisierung fördert den Ausbau von 5G-Netzen und Cloud-Diensten.
Teilsektor WTO/AFAS EVFTA CPTPP
Nicht-infrastrukturgebundene Dienste Joint Venture mit max. 65 % ausländischem Anteil Bei Inkrafttreten: max. 65 %, nach 5 Jahren: 75 % Joint Venture oder Aktienkauf mit max. 65 %, nach 5 Jahren: 100 %
VPN-Dienste Joint Venture mit max. 70 % ausländischem Anteil Bei Inkrafttreten: max. 70 %, nach 5 Jahren: 75 % Joint Venture oder Aktienkauf mit max. 70 %, nach 5 Jahren: 100 %
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7. Öffentliches Beschaffungswesen & geistiges Eigentum: Sowohl EVFTA als auch CPTPP enthalten fortschrittliche Regelungen zu öffentlichen Ausschreibungen und IP-Schutz, die ausländischen Investoren besseren Zugang zu staatlichen Projekten ermöglichen und Vietnams Engagement für internationale Standards unterstreichen.
Kriterium EVFTA CPTPP
Schwellenwert für zentrale Regierung 130.000 SZR (US$191.000) ab 15 Jahren; Übergangsgrenze: 1,5 Mio. SZR 130.000 SZR ab 25 Jahren; Übergangsgrenze: 2 Mio. SZR
Bauleistungen Anfangsschwelle: 65,2 Mio. SZR; nach 15 Jahren: 8,5 Mio. SZR Anfangsschwelle: 40 Mio. SZR; nach 15 Jahren: 5 Mio. SZR
Abgedeckte Einrichtungen 22 zentrale Behörden + 42 weitere (inkl. EVN, Vietnam Railways, zwei Universitäten); Sub-zentrale Abdeckung: Hanoi & Ho-Chi-Minh-Stadt innerhalb von 15 Jahren 21 zentrale Behörden + 38 weitere; keine Sub-zentrale Abdeckung, Erweiterung innerhalb von 3 Jahren
Ausschluss von KMU-Präferenzen Breiter Ausschluss Gilt nur für Aufträge unter 260.000 SZR und nicht für KMU mit über 500 Vollzeitbeschäftigten
Anwendung von Kompensationen Basierend auf Vertragswert Basierend auf Gesamtwert der abgedeckten Beschaffung
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Bei Fragen oder für weitere Informationen wenden Sie sich bitte an Dr. Oliver Massmann unter omassmann@duanemorris.com. Dr. Oliver Massmann ist Geschäftsführer von Duane Morris Vietnam LLC.

Vietnam’s economic trajectory has been one of resilience and transformation over the past decade. The country has sustained its momentum and remains a key destination for foreign investors. Despite global headwinds such as U.S.–China trade tensions, the COVID-19 pandemic, and ongoing geopolitical uncertainties, Vietnam continues to demonstrate robust growth, averaging around 6% annually in the years leading up to 2024. The nation has strengthened its institutional framework, improved infrastructure, and embraced digital transformation, positioning itself as a critical node in global supply chains.
A Dynamic Economic Outlook
Vietnam’s GDP growth in recent years reflects a stable macroeconomic environment, driven by strong manufacturing, rising domestic consumption, and strategic participation in global trade pacts. In 2024, GDP is projected to grow around 6% following a 5.05% expansion in 2023, supported by resilient exports and increasing foreign direct investment (FDI). Inflation remains under control, and the government’s commitment to market reforms and green transition policies strengthens investor confidence. Key sectors such as renewable energy, high-tech manufacturing, semiconductors, and digital services are emerging as new growth engines, backed by government initiatives to enhance human capital and promote sustainable development.
Vietnam has also seen a steady increase in FDI, with disbursements reaching record levels in 2023 and early 2024 as global companies diversify away from China. Electronics, semiconductors, and e-commerce logistics have become particularly attractive industries, supported by competitive labor costs and a young, tech-savvy workforce. At the same time, the government is intensifying efforts to improve administrative efficiency, strengthen the legal framework for intellectual property rights, and accelerate public investment in transportation networks to facilitate trade.
Major Trade Pacts Shaping Market Access
Vietnam’s trade policy continues to evolve, building on landmark agreements and adding new frameworks to expand its global reach. These agreements not only drive export growth but also require Vietnam to modernize its legal and regulatory systems, aligning them with international standards and fostering greater transparency. Key agreements include:
• ASEAN Economic Community (AEC): As part of ASEAN’s effort to create a single market and production base, Vietnam benefits from tariff elimination across Southeast Asia. The AEC now represents a combined GDP exceeding US$3.6 trillion and a population of over 670 million, with deepening integration in services and investment. Ongoing initiatives aim to reduce non-tariff barriers, improve customs procedures, and enhance digital connectivity within the region.
• EU-Vietnam Free Trade Agreement (EVFTA): Entered into force in 2020, the EVFTA eliminates over 99% of tariffs over a 10-year schedule. Vietnamese exports, particularly textiles, footwear, and agricultural products, have surged into the EU, while European investors gain broader market access in manufacturing, renewable energy, and high-tech sectors. The agreement also includes strong provisions on sustainable development, labor rights, and environmental protection, setting a benchmark for Vietnam’s future trade negotiations.
• Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): The CPTPP came into effect for Vietnam in 2019. Covering 11 economies accounting for 13% of global GDP, it provides preferential access to key markets such as Canada, Japan, and Australia, while setting high standards on labor, environment, and digital trade. New members such as the United Kingdom, which formally acceded in 2023, further expand the agreement’s scope and economic significance. Regarding foreign investment protection vis-à-vis the Vietnamese Government, the CPTPP introduces the mechanism of Investor State Dispute Settlement (ISDS). Under that provision, for investment-related disputes, the investors have the right to bring claims to the host country by means of international arbitration. The arbitration proceedings shall be made public as a matter of transparency in conflict cases. In addition, all decisions of the ISDS tribunal are directly enforceable in Vietnam and offshore against Vietnam. That is a level of legal certainty that never existed before in Vietnam.
• Regional Comprehensive Economic Partnership (RCEP): Effective from 2022, RCEP creates the world’s largest trade bloc, integrating ASEAN with China, Japan, Korea, Australia, and New Zealand. Vietnam gains from harmonized rules of origin, streamlined customs procedures, and expanded supply chain networks. The agreement strengthens Vietnam’s position as a regional manufacturing hub and supports its ambitions to become a key player in Asia-Pacific trade.
Market Access Comparison: Vietnam vs. Key Trade Frameworks
Foreign investors considering Vietnam should evaluate sectoral commitments across the WTO, AEC, EVFTA, and CPTPP. These agreements differ in their approach to market liberalization and can significantly impact investment strategies:
1. Negative vs. Positive Lists: The WTO, AEC, and EVFTA follow a positive list approach, where only listed sectors are open to foreign investment. In contrast, the CPTPP uses a negative list, meaning all sectors are open unless explicitly restricted. This provides greater certainty and flexibility for investors and encourages a more competitive environment.

2. Distribution Services: Under the EVFTA and CPTPP, Vietnam has gradually relaxed restrictions on retail establishment, phasing out the Economic Needs Test (ENT) for outlets under 500 m² and committing to abolishing ENT entirely within five years of implementation. This reform is especially important for international retailers and e-commerce platforms seeking to scale operations in Vietnam’s fast-growing consumer market.
WTO/AFAS
The establishment of outlets for retail services (beyond the first one) shall be allowed on the basis of an Economic Needs Test (ENT)
EVFTA
Same as in the WTO / AFAS but added the following:
In case of establishing an outlet less than 500m2 within the area planned for trading activities and already completed construction of infrastructure, ENT is not required.
5 years from the date of entry into force of the Agreement, the requirement of the ENT will be abolished.
CPTTP
Same as in the EVFTA but added the following:
The main criteria of the ENT include the number of existing service suppliers in a particular geographic area, the stability of market and geographic scale.

3. Energy Sector: The EVFTA allows foreign participation with restrictions in power generation, while the CPTPP offers broader commitments except for sensitive areas such as power transmission and nuclear energy. Recent government policies encouraging renewable energy projects, including wind and solar, create additional opportunities despite lingering regulatory challenges.
WTO/AFAS
N/A
EVFTA
Unbound (meaning no commitment) regarding:
– Production of electricity; transmission and distribution of electricity on own account
– Manufacture of gas; distribution of gaseous fuels through mains on own account
– Production of steam and hot water; distribution of steam and hot water on own account
Other sub-sectors: not included (meaning no commitment) in the service schedule.
CPTPP
Only the following restrictions:
– Foreign investment to own or operate power transmission facilities in Viet Nam may not be permitted. EVN (Viet Nam Electricity Corporation) is currently the sole authorised owner and operator of power transmission facilities in Viet Nam.
– Viet Nam reserves the right to adopt or maintain any measure with respect to hydroelectricity and nuclear power.
– Services incidental to energy distribution: Foreign services suppliers are not allowed to supply the services incidental to energy distribution. Foreign investment in these services is not permitted.

4. Financial Services: CPTPP members enjoy fewer restrictions on cross-border banking and insurance services compared to WTO commitments, where foreign shareholding caps remain higher. This has spurred interest from global financial institutions seeking to provide new products in Vietnam’s rapidly growing capital markets.
Insurance sector:
EVFTA
N/A
WTO/AFAS
Unbound (meaning no commitment) regarding:
– Production of electricity; transmission and distribution of electricity on own account
– Manufacture of gas; distribution of gaseous fuels through mains on own account
– Production of steam and hot water; distribution of steam and hot water on own account
Other sub-sectors: not included (meaning no commitment) in the service schedule.
CPTPP
Only the following restrictions:
– Foreign investment to own or operate power transmission facilities in Viet Nam may not be permitted. EVN (Viet Nam Electricity Corporation) is currently the sole authorised owner and operator of power transmission facilities in Viet Nam.
– Viet Nam reserves the right to adopt or maintain any measure with respect to hydroelectricity and nuclear power.
– Services incidental to energy distribution: Foreign services suppliers are not allowed to supply the services incidental to energy distribution. Foreign investment in these services is not permitted.

Bank Services:
WTO/AFAS/EVFTA
Cross-border supply mode: No commitment, except:
Provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services; and
Advisory, intermediation and other auxiliary financial services on all activities listed in subparagraphs from (a) to (k), including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.
Commercial presence mode: Foreign purchase of shares in each Viet Nam’s joint-stock commercial bank may not exceed 30% of the bank’s chartered capital.
A branch of foreign commercial bank is not allowed to open other transaction points outside its branch office, excluding ATMs.
CPTPP
Cross-border supply mode: No restriction
Commercial presence mode: No other restrictions other than:
A foreign credit institution or a foreign institution engaged in a banking operation shall only be permitted to establish one representative office in each province or city under the central authority.
General directors (directors), deputy general directors (deputy directors), chief accountants, directors of branches and directors of subsidiary companies and people assuming equivalent positions must reside in Viet Nam during their term of office whenever they assume the positions in the Board of Directors of a credit institution.

Securities services:
WTO/AFAS
Commitments on 6 sub-sectors
Commercial presence mode:
foreign securities service suppliers are permitted to establish representative offices and joint ventures with maximum foreign ownership of 49%.
After 5 years from the date of accession, securities service suppliers with 100% foreign-invested capital shall be permitted.
EVFTA
Same commitments in 6 sub-sectors
Commitments on 2 additional services: Provision and transfer of financial data processing; and credit reference and analysis.
Commercial presence mode: Same as the WTO/ AFAS
CPTPP
No restrictions except the following:
The operation and services provided by branches of foreign securities company and fund management company in Viet Nam are subject to approval of the Government of Viet Nam, including the imposition of conditions for the approval.
Foreign participation from above 49% to less than 100% of charter capital of a securities company, fund management company in Viet Nam is subject to approval of the Government of Viet Nam, including the imposition of conditions for the approval.

5. Transport Services:
Sub-sectors
Maritime transport services
Internal Waterways transport + Passenger transport
+ Freight transport
Rail transport+ Passenger transport + Freight transport
Air transport + Selling and Marketing of Air Transport Services
WTO
Commercial presence mode: joint venture with maximum 49% foreign ownership
Cross-border supply mode: No commitment
Commercial presence mode: joint venture with maximum 49% foreign ownership
Cross-border supply mode: No commitment
Commercial presence mode: joint venture with maximum 49% foreign ownership
Cross-border supply mode: No restriction
Commercial presence mode: Airlines are permitted to provide service in Viet Nam through their ticketing offices or agents in Viet Nam
AFAS
Same as WTO
Cross-border supply mode: No restriction
Commercial presence mode: joint venture with maximum 51% foreign ownership
Cross-border supply mode: No restriction
Commercial presence mode: joint venture with maximum 51% foreign ownership
Cross-border supply mode: No restriction
Commercial presence mode: No restriction
CPTPP
Same as WTO
Same as WTO
Cross-border supply mode: No restrictions
Commercial presence mode:
+ Freight transport:
joint venture with maximum 49% foreign ownership
+ Passenger transport: not permitted
Viet Nam reserves the right to maintain or adopt any measure.
EVFTA
Commercial presence mode: joint venture with maximum 70% foreign ownership
Same as AFAS
Same as WTO
Same as WTO

6. Telecommunications: Foreign ownership limits in non-facilities-based services have increased from 65% under WTO schedules to as high as 100% within five years of CPTPP entry into force. The liberalization of this sector supports the expansion of 5G networks and cloud computing services, enabling deeper digital integration.
Sub-sectors
Non facilities-based services
Other services – Virtual Private Network (VPN)
WTO/AFAS
Commercial presence mode: Joint venture with maximum 65% foreign ownership
Commercial presence mode: Joint venture with maximum 70% foreign ownership
EVFTA
Commercial presence mode: Upon entry into force, Joint venture with maximum 65% foreign ownership
5 years from the date of entry into force of the Agreement, this capital limitation will be 75%.
Commercial presence mode: Upon entry into force, Joint venture with maximum 70% foreign ownership
5 years from the date of entry into force of the Agreement, this capital limitation will be 75%.
CPTPP
Joint venture or purchase of shares in a Vietnamese enterprise, with maximum 65% foreign ownership.
No later than 5 years from the date of entry into force of the Agreement, this capital limitation will be 100%.
Joint venture or purchase of shares in a Vietnamese enterprise, with maximum 70 % foreign ownership.
No later than 5 years from the date of entry into force of the Agreement, this capital limitation will be 100%.

7. Government Procurement and Intellectual Property: Both the EVFTA and CPTPP contain advanced provisions on government procurement and IP protection, giving foreign investors greater access to public projects and reinforcing Vietnam’s commitment to global best practices.
Criteria
Monetary values that determine whether procurement by central government is covered under an agreement
Procurement of construction services by central government entities
Entities covered
Exclusion of preferences for SMEs
Application of offsets
EVFTA
130,000 Special Drawing Rights (SDRs) (US$191,000) from 15 years since the entry into force of the agreement
Initial transitional threshold: 1.5 million SDRs
Initial threshold: 65.2 million SDRs
After 15 years, 8.5 million SDRs
22 central government bodies (added the Ministry of Public Security)
42 other entities: added two state-owned enterprises (Vietnam Electricity and Vietnam Railways) and two universities (Vietnam National University – Hanoi and Vietnam National University – Ho Chi Minh City)
Sub-central government coverage: Adds 2 cities: Hanoi and Ho Chi Minh – expansion of the list within 15 years since the entry into force of the agreement
Broad exclusion
Based on value of a contract
CPTPP
130,000 Special Drawing Rights (SDRs) (US$191,000) from 25 years since the entry into force of the agreement
Initial transitional threshold: 2 million SDRs
Initial threshold: 40 million SDRs
After 15 years, 5 million SDRs
21 central government bodies
38 other entities
No sub-central government coverage – expansion of the list within 3 years since the entry into force of the agreement
Applies only to procurement of goods and services whose value is estimated at 260,000 SDRs or less and may not be applied to SMEs with more than 500 permanent full-time employees.
Based on the total value of covered procurement
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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Am 11. September 2025 hat die Regierung Vietnams das Dekret Nr. 245/2025/ND-CP („Dekret 245“) erlassen, das zentrale Bestimmungen des bisherigen Wertpapiergesetzes ändert und ergänzt. Dekret 245 führt mehrere Reformen ein, die gezielt Kriterien internationaler Indexanbieter wie FTSE Russell und MSCI adressieren. Diese Änderungen sollen ausländisches Kapital anziehen, indem der Markt für internationale Investoren zugänglicher, transparenter und sicherer gestaltet wird. Das Dekret stellt einen bedeutenden Reformschritt dar, um den vietnamesischen Kapitalmarkt an internationale Standards anzupassen und somit die Aufstufung zum Schwellenland zu erleichtern.
Wichtige Punkte des Dekrets 245:
1. Vereinfachte Verfahren für ausländische Investoren
Dekret 245 erleichtert und beschleunigt die Teilnahme ausländischer Investoren am vietnamesischen Wertpapiermarkt. Besonders hervorzuheben ist, dass die vietnamesische Zentralbank („SBV“) kürzlich die Rundschreiben Nr. 03/2025/TT-NHNN und Nr. 25/2025/TT-NHNN veröffentlicht hat, um die Verfahren zur Eröffnung von indirekten Investitionskonten und Zahlungskonten zu vereinfachen – dies reduziert Kosten und Zeit für den Marktzugang.
• Vereinfachte Handelscodes: Ausländische Investoren können nun einen elektronischen Wertpapierhandelscode (E-STC) erhalten und sofort mit dem Handel beginnen, ohne zuvor physische Unterlagen für ein offizielles Zertifikat einreichen zu müssen.
• Duale Handelscodes für Fondsmanager: Ausländische Fondsverwaltungsgesellschaften können nun zwei Handelscodes erhalten – einen für Eigenhandel und einen für die Verwaltung von Kundentransaktionen. Dies entspricht dem Modell des Omnibus Trading Account (OTA), einem wichtigen Kriterium für die Markteinstufung.
2. Verbesserte Marktinfrastruktur und Sicherheit
Die neuen Regelungen schaffen eine rechtliche Grundlage für eine moderne und sichere Handelsumgebung.
• Zentraler Kontrahenten-Clearing (CCP): Das Dekret schafft die rechtliche Basis für die Einführung eines CCP-Mechanismus – ein entscheidendes Element eines reifen Marktes. Dieses System reduziert Risiken für inländische und ausländische Investoren, indem es die Abwicklung von Geschäften garantiert und Gegenparteien- sowie Wechselkursrisiken minimiert. Die staatliche Wertpapieraufsicht (SSC) plant die Umsetzung bis zum ersten Quartal 2027.
• Gleichzeitiger Börsengang und Listing: Unternehmen können sich nun gleichzeitig für einen Börsengang (IPO) und ein Listing registrieren. Die Zeit von der IPO-Genehmigung bis zum Handelsbeginn verkürzt sich von bisher 90 Tagen auf nur 30 Tage. Dadurch wird die Marktliquidität verbessert und der Anlegerschutz gestärkt. Insgesamt kann der IPO-Prozess um 3–6 Monate verkürzt werden, was die Attraktivität der Emission erhöht.
3. Weitere wichtige Reformen
• Bonitätsbewertungen für Anleihen: Alle Organisationen, die Anleihen öffentlich anbieten oder registrieren, müssen nun eine Bonitätsbewertung durch eine unabhängige Agentur einholen. Dies erhöht die Transparenz und schützt Investoren, indem sichergestellt wird, dass nur finanziell solide Unternehmen Kapital vom öffentlichen Markt aufnehmen können.
• Verpflichtende englischsprachige Offenlegung: Am 18. September 2024 hat das Finanzministerium das Rundschreiben Nr. 68/2024/TT-BTC erlassen, das börsennotierte Unternehmen verpflichtet, Informationen sowohl auf Vietnamesisch als auch auf Englisch offenzulegen. Dekret 245 betont diese Anforderung erneut und verpflichtet betroffene Unternehmen zur Einhaltung der geltenden Offenlegungsregeln.
• Abschaffung niedrigerer ausländischer Beteiligungsgrenzen: Dekret 245 hebt die Regelung auf, die es öffentlichen Unternehmen bisher erlaubte, in ihrer Satzung oder durch Hauptversammlungsbeschlüsse eine ausländische Beteiligungsgrenze (FOL) unterhalb des gesetzlich oder international zulässigen Maximums festzulegen. Diese Änderung eröffnet ausländischen Investoren mehr Möglichkeiten, Anteile an vietnamesischen Unternehmen zu erwerben.
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Bei Fragen oder dem Wunsch nach weiteren Informationen wenden Sie sich bitte an Dr. Oliver Massmann unter omassmann@duanemorris.com. Dr. Oliver Massmann ist Geschäftsführer von Duane Morris Vietnam LLC.

On 11 September 2025, the Government of Vietnam issued Decree No. 245/2025/ND-CP (“Decree 245”), which amends and supplements key provisions of the previous securities law. Decree 245 introduces several reforms that directly address criteria for an upgrade by international index providers like FTSE Russell and MSCI. These changes are designed to attract foreign capital by making the market more accessible, transparent, and secure for international investors. This legal document is a significant reform effort aimed at aligning Vietnam’s capital market with international standards, thereby facilitating its upgrade to emerging market status.
Key highlights of Decree 245:
1. Streamlined Procedures for Foreign Investors
Decree 245 makes it easier and faster for foreign investors to participate in Vietnam’s securities market. Notably, recently, the State Bank of Vietnam (“SBV”) issued Circular No. 03/2025/TT-NHNN and Circular No. 25/2025/TT-NHNN to simplify procedures for opening indirect investment capital accounts and payment accounts, thereby reducing costs and time to access the market for foreign investors.
• Simplified Trading Codes: Foreign investors can now receive an electronic securities trading code (E-STC) and begin trading immediately, without the prior requirement of submitting physical paperwork to obtain an official certificate.
• Dual Trading Codes for Fund Managers: Foreign fund management companies can now be granted two securities trading codes, one for proprietary trading and another for managing client transactions. This aligns with the Omnibus Trading Account (OTA) model, which is a key requirement for market classification upgrades.
2. Enhanced Market Infrastructure and Security
The new regulations establish a legal foundation for a modern and secure trading environment.
• Central Counterparty (CCP) Clearing: The Decree provides the legal basis for implementing a CCP mechanism, a critical component of a mature market. This system will mitigate risks for both domestic and foreign investors by guaranteeing trade settlement, reducing counterparty and exchange rate risks. The State Securities Commission of Vietnam (SSC) plans to implement this by the first quarter of 2027.
• Simultaneous IPO and Listing: The Decree allows companies to concurrently register for an Initial Public Offering (IPO) and a stock listing. This shortens the time from IPO approval to the start of trading from a previous 90 days to just 30 days, improving market liquidity and investor protection. Accordingly, the IPO process can be shortened by 3-6 months compared to before, ensuring investors’ rights and increasing the attractiveness of the issuance.
3. Other Notable Reforms
• Credit Ratings for Bonds: All organizations issuing or registering bonds for a public offering must now obtain a credit rating from an independent agency. This enhances transparency and helps protect investors by ensuring that only financially sound entities can raise capital from the public.
• Mandatory English Disclosure: On 18 September 2024, the Ministry of Finance issued Circular No. 68/2024/TT-BTC where it requires public companies and listed firms will be required to disclose information in both Vietnamese and English. Decree 245 once again emphasizes on this matter by requiring applicable entities to follow the prevailing rules on disclosure of information.
• Abolishing Lower Foreign Ownership Limits: Decree 245 removes the provision that previously allowed a public company’s charter or general meeting of shareholders to set a foreign ownership limit (FOL) below the maximum allowed by law or international commitments. This change opens up more opportunities for foreign investors to acquire shares in Vietnamese companies.
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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

In Vietnam, the Government holds a monopoly on the importation of cigarettes and cigars, except import for sales as duty-free goods. The market size remains stable with over 100 billions cigarettes per year since 2015, in which around 60% is Vietnamese products, around 22% is foreign products made in Vietnam and 18% is illegally imported products. In 2023, the Vietnamese cigarette market was valued at approximately VND160.5 trillion (about USD6.8 billion). Vietnamese people spend a significant amount on tobacco annually. A 2024 report indicated that this figure reached nearly USD2 billion. The tobacco industry is a major to the State budget. The Vietnam Vietnam National Tobacco Corporation (Vinataba) alone contributes over VND10 trillion annually (VND15.5 trillion in 2024).
There are currently around 16 Vietnamese cigarette manufacturers with Vinataba being a prominent unit in the production, distribution and trading scene. Additionally, there are two foreign-invested joint ventures between Phillip Morris and Vinataba, and British American Tobacco and Vinataba that engaged in the production of tobacco and shredded tobacco products respectively., where Vinataba holds the major ownership of the joint ventures.
Requirements for cigarette production
Under Law on Investment 2020, cigarette production is a conditional business line, meaning investors have to fulfil requirements imposed by the Government regarding licensing procedures before commencement of operation. Entities manufacturing, buying and selling tobacco products, processing tobacco materials, buying and selling tobacco materials and investing in growing tobacco plants must obtain specific licenses for such activities according to regulations.
International regulations on Vietnamese tobacco products
EU-Vietnam Free Trade Agreement: After 15 years from 1 August 2020, EU will remove import taxes on Vietnamese tobacco products and vice versa.
Vietnam-US Bilateral Trade Agreement and Vietnam-Japan Agreement on Investment Encouragement and Protection: Vietnam eliminated export requirements applicable to tobacco products for investors coming from USA and Japan.
WTO schedule: there’s currently no commitments made by Vietnam to WTO members regarding the distribution of tobacco products.
Tariff import quotas from the Eurasian Economic Union in 2023 – 2027 for tobacco is 500 tons per year.
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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

1/ How do you view Vietnam’s decision to waive tuition fees nationwide from preschool to high school starting in 2025–2026?
[OM: Vietnam’s decision to waive tuition fees nationwide is a progressive and visionary policy. It marks a pivotal moment in the nation’s development, affirming that education is not a commodity but a fundamental right. This move will significantly reduce the financial burden on families, particularly those with low and middle incomes, ensuring that economic circumstances don’t become a barrier to a child’s education. It’s an investment in Vietnam’s greatest asset: its people.]
2/ What long-term impacts could this policy have on social equity and human resource development in Vietnam?
[OM: By removing tuition fees, Vietnam is directly addressing the gap in educational access between different regions and socioeconomic groups. This will lead to a more equitable society where a child’s potential is determined by their talent and hard work, not their family’s income.
In terms of human resource development, a more educated populace is a more productive one. This policy will increase enrollment and graduation rates, especially in rural and remote areas, creating a larger pool of skilled workers. This is crucial for Vietnam as it seeks to move from a manufacturing-based economy to a knowledge-based one.]
3/ How might free education help address demographic challenges such as aging, migration, and sex ratio imbalance?
[OM: This policy can help address Vietnam’s demographic challenges in several ways:
• Aging Population: A tuition-free system strengthens the next generation by improving their education and skills. This prepares them to support an aging population through increased productivity and innovation, which will be necessary to fund social security and healthcare.
• Migration: Free education can help reduce the push factor of rural-to-urban migration. When quality education is available and affordable in rural and remote areas, families are less compelled to move to urban centers solely for better schooling opportunities. This helps maintain community stability and balanced regional development.
• Sex Ratio Imbalance: By guaranteeing educational access for all, the policy indirectly promotes gender equality. In families with limited resources, a choice may have to be made between educating a son or a daughter. By eliminating tuition fees, the policy removes this difficult choice, encouraging families to educate their daughters, which can contribute to a more balanced and empowered society over time.]
•
4/ How could tuition-free education change the lives of vulnerable children, especially girls, those in remote areas, and ethnic minorities?
[OM: This policy will be a game-changer for vulnerable children. For girls in remote areas and ethnic minorities, the tuition waiver can break cycles of poverty and inequality. The policy makes it easier for children to attend school without the financial strain on their families. This can lead to increased enrollment, higher retention rates, and better academic outcomes, ensuring these groups are not left behind in Vietnam’s development journey. Historically, girls in some areas had their education undervalued. I believe that this will also change.]
5/ Do you see this policy as a concrete step in fulfilling Vietnam’s commitment to the UN Convention on the Rights of the Child?
[OM: Absolutely. This policy is a concrete and bold step in fulfilling Vietnam’s commitment to the UN Convention on the Rights of the Child (CRC). Vietnam was the first country in Asia and the second in the world to ratify the CRC. This tuition waiver policy goes beyond primary education, extending this right to include preschool and secondary levels, demonstrating an exceptional commitment to the spirit and letter of the convention.
6/ What international lessons or models could Vietnam learn from to improve the effectiveness of this policy?
[OM: Countries like Finland and Norway, which have successful tuition-free systems, demonstrate the importance of robust state funding to ensure quality. It’s not just about waiving fees; it’s about providing adequate resources for teachers, facilities, and learning materials. Vietnam must ensure that waiving tuition doesn’t lead to a decline in educational quality. Moreover, the United States’ “Promise” programs offer a model of providing targeted support for additional costs beyond tuition, such as books, transportation, and supplies. While tuition is waived, these other costs can still be a barrier. Providing targeted stipends or subsidies for the most vulnerable families can significantly enhance the policy’s impact.]
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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

On September 9, 2025, the Vietnamese Government issued Resolution No. 05/2025/NQ-CP to implement a five-year pilot program for the virtual assets market. This is a significant development for Vietnam, marking the first time a formal legal framework has been established for the issuance and trading of crypto assets. Key takeaways:
1. Asset Issuance: Only Vietnamese enterprises are permitted to issue virtual assets, and virtual assets can only be issued and offered to foreign investors and traded between the same. The assets issued must be backed by real underlying assets, and not by securities or fiat currencies. Virtual assets service providers are tasked with selecting the virtual assets to be traded.
2. Trading Restrictions: All issuance, trading, and payment activities involving virtual assets must be conducted in Vietnamese Dong (VND). Foreign investors must open a dedicated VND account at an authorized bank for all transactions.
3. Foreign Ownership Cap: While foreign investors are a key target, they are prohibited from holding more than 49% of the charter capital of any licensed service provider.
4. Market Regulation: The Ministry of Finance will oversee the pilot. Only entities licensed by the Ministry can provide services related to the virtual assets market. These service providers must meet rigorous requirements, including a significant minimum charter capital of VND 10 trillion (approx. USD 380 million) and a minimum of 65% institutional ownership.
5. Regulatory Compliance: Participants must strictly adhere to Vietnamese laws on anti-money laundering, counter-terrorism financing, cybersecurity, and data protection. Non-compliance could lead to severe penalties, including license revocation and criminal prosecution.
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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

On August 20, 2025, Party General Secretary To Lam signed Resolution 70-NQ-TW of the Politburo, a strategic directive aimed at ensuring Vietnam’s national energy security through 2030, with a forward-looking perspective toward 2045.

Building upon the groundwork established by Resolution 55-NQ/TW, which accelerated the expansion and diversification of the energy sector, Resolution 70 introduces updated priorities that reflect new international and domestic contexts. The focus shifts from merely ensuring sufficient power supply to providing energy that is high-quality, affordable, sustainable, climate-resilient, and integrated with global markets.

Key legal and policy highlights of Resolution 70 include:

• Facilitating Capital Inflows: Promotes equal access for private and international investors, targeting renewable energy, smart grids, new energy sources, and nuclear power. The Resolution advocates for reforms in finance, credit, and taxation policies, alongside incentives for green projects, energy storage, R&D, and domestic manufacturing. It also emphasizes mobilizing official development assistance (ODA), green bonds, and zero-emission target programs (JETP).
• Strengthening Contractual and Project Execution Frameworks: Mandates enhanced enforcement of Power Purchase Agreements (PPAs), resolution mechanisms for stalled projects, elimination of state-owned enterprise (SOE) payment delays, and encouragement of private investments in energy storage infrastructure such as batteries and LNG/fuel depots. New transmission pricing models are introduced to attract private capital.
• Renewable Energy Prioritization: Aims for renewables to constitute 25–30% of the primary energy supply by 2030, with the introduction of renewable energy certificate markets and system optimizations. It promotes diverse technologies including geothermal, ocean, tidal energy, hydrogen, ammonia, and offshore wind linked to hydrogen production. Special mechanisms will address legal and financial obstacles affecting stalled renewable projects. Biomass, co-generation, and waste-to-energy projects are encouraged without planning caps.
• Nuclear Power Development: Urges expedited implementation of the Ninh Thuận 1 and 2 nuclear power plants by 2030–2035, with opportunities for both SOEs and private sector participation, especially in small modular reactors.
• Energy Efficiency and Emissions Reduction: Establishes energy savings goals of 8–10% of total final consumption by 2030 and greenhouse gas reductions of 15–35% from energy-related activities, compared to business-as-usual scenarios.
• Human Resource Development: Calls for a comprehensive master plan to enhance high-quality workforce training in the energy sector, with a focus on nuclear energy. The target is 25,000–35,000 trained personnel, with active recruitment of international experts and overseas Vietnamese specialists.

On September 4, 2025, the Ministry of Industry and Trade (MOIT) Vice Minister Long chaired a conference emphasizing that while Resolution 70 establishes a critical strategic framework, the key challenge remains its effective implementation across all sectors.

This Resolution represents a significant legal and policy advancement aimed at unlocking substantial investment in Vietnam’s energy sector by addressing institutional bottlenecks and aligning energy development with sustainable, resilient, and international standards.

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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Am 07. August 2025 erließ die Regierung das Dekret Nr. 219/2025/ND-CP zur Regelung der Beschäftigung ausländischer Arbeitnehmer in Vietnam („Dekret 219“), das die bisherigen Bestimmungen des Dekrets Nr. 152/2020/ND-CP und des Änderungsdekrets Nr. 70/2023/ND-CP ersetzt. Im Allgemeinen enthält das Dekret 219 relevante Bestimmungen, um hochqualifizierte Fachkräfte in prioritären Sektoren anzuziehen und sowohl Arbeitgebern als auch Arbeitnehmern eine klare Orientierung zu geben. Nennenswerte Bestimmungen sind folgende:

1. Vereinfachtes Verfahren für die Beantragung einer Arbeitserlaubnis: Das Dekret 219 fasst das zweistufige Verfahren, bestehend aus (i) der Beantragung der Genehmigung für den Bedarf an ausländischen Arbeitskräften und (ii) der Beantragung einer Arbeitserlaubnis, in einem einzigen, konsolidierten Verfahren zusammen. Dies reduziert den Verwaltungsaufwand erheblich. Infolgedessen beträgt die gesamte gesetzliche Bearbeitungszeit für einen Antrag auf Arbeitsgenehmigung nun 10 Werktage, was eine deutliche Reduzierung gegenüber der gesetzlichen Frist von etwa 20 Werktagen für die beiden Schritte vor der Zusammenführung darstellt.
2. Erweiterte Fälle für die Ausnahme von der Arbeitsgenehmigungspflicht: Das neue Dekret erweitert die Liste der Fälle, in denen ausländische Arbeitskräfte keine Arbeitserlaubnis benötigen. Nennenswerte Fälle sind:
• Kapitalgeber mit hohen Kapitaleinlagen: Eigentümer oder kapitalgebende Gesellschafter von Gesellschaften mit beschränkter Haftung sowie Vorsitzende oder Mitglieder des Vorstands von Aktiengesellschaften mit einer Kapitaleinlage von mindestens drei Milliarden VND.
• Fachkräfte aus prioritären Sektoren: Ausländische Experten und Arbeitskräfte, welche von den zuständigen Ministerien oder Volkskomitees der jeweiligen Provinz bestätigt bekommen haben, dass sie in strategischen Bereichen wie Finanzen, Wissenschaft und Technologie, Innovation und nationaler digitaler Transformation tätig sind.
• Kurzzeitbeschäftigungen: Ausländische Führungskräfte, Manager, Experten oder Techniker, die für kurzfristige Einstätze von weniger als 90 Tagen pro Kalenderjahr nach Vietnam einreisen, können nun einen Anspruch auf Befreiung von der Arbeitsgenehmigungspflicht haben.
3. Lockerung der Anforderungen für „Experten“ und „Techniker“: Die Bedingungen, um sich als „Experte“ oder „Techniker“ zu qualifizieren, wurden wie folgt gelockert:
• Experten: Jetzt ist ein Bachelor-Abschluss (oder höher) und mindestens zwei Jahre einschlägige Berufserfahrung erforderlich (zuvor drei Jahre). Für Beschäftigte in prioritären Entwicklungsbereichen ist nur ein Jahr Berufserfahrung erforderlich.
• Techniker: Die erforderliche einschlägige Berufserfahrung wurde von fünf Jahren auf drei Jahre reduziert.
4. Dezentralisierung der Zuständigkeit: Die Zuständigkeit für die Erteilung, erneute Ausstellung, Verlängerung und den Widerruf von Arbeitsgenehmigungen und Bescheinigungen über die Befreiung von der Arbeitsgenehmigungspflicht wird nun an die Volkskomitees auf Provinzebene übertragen.
5. Neue Vorschriften für Arbeitsgenehmigungsbefreiungsbescheinigungen: Das Dekret führt klare Verfahren für die erneute Ausstellung, Verlängerung und den Widerruf von Arbeitsgenehmigungsbefreiungsbescheinigungen ein.
• Eine Ausnahmegenehmigung kann einmalig um maximal zwei Jahre verlängert werden.
• Es wurden klare Gründe für einen Widerruf festgelegt, darunter die Ausübung von Tätigkeiten außerhalb des genehmigten Umfangs oder die Beendigung des Arbeitsauftrags.

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Bei Fragen oder für weitere Informationen zu den oben genannten Punkten wenden Sie sich bitte an Dr. Oliver Massmann unter omassmann@duanemorris.com. Dr. Oliver Massmann ist Generaldirektor von Duane Morris Vietnam LLC.