Duane Morris Vietnam

Decree 103 Eliminates Key Bureaucratic Barriers and Reshapes Outbound Capital Rules
On 31 March 2026, the Government of Vietnam issued Decree No. 103/2026/ND-CP (“Decree 103”) guiding offshore investment activities. Effective immediately upon its April 3 rollout, the new decree replaces Chapter VI of Decree No. 31/2021/ND-CP.
This legislation marks a significant liberalization of Vietnam’s outbound capital flow regulations, providing critical clarity to the Investment Law 2025. By removing heavily bureaucratic approval layers, the government is facilitating smoother international expansion for domestic enterprises and foreign-invested companies in Vietnam.
Key Developments
1. Abolition of Investment Policy Approval
The Investment Law 2025 and Decree 103 eliminate the requirement for offshore investment policy approvals by the National Assembly and the Prime Minister. Investors can now proceed directly to the Ministry of Finance to apply for an Outbound Investment Registration Certificate (“OIRC”).
While formal policy approval is abolished, state oversight remains for mega-projects. For projects with capital of VND 1,600 billion or more, or those seeking special support mechanisms, the Ministry of Finance must still report the project to the Prime Minister for review prior to issuing the OIRC.
2. OIRC Exemptions for Projects Under VND 7 Billion
In a major administrative breakthrough, Decree 103 establishes a capital threshold that exempts smaller projects from the OIRC requirement entirely.
• The Exemption: Projects with outward investment capital under VND 7 billion (approximately USD 265,000) no longer require an OIRC.
• The Exceptions: The exemption does not apply to conditional sectors. Investments in banking, insurance, securities, press, radio, television, and real estate still require an OIRC regardless of capital size.
• Compliance Requirement: Exempted investors must still declare their project information on the National Investment Information System. This generates an automated dossier code, which is a mandatory prerequisite for registering foreign exchange transactions with the State Bank of Vietnam.
3. Cross-Border Stock Swaps Formalized
Decree 103 officially permits investors to use shares, capital contributions, and retained profits to execute cross-border stock swaps or pay for participation in foreign projects. These transactions must adhere strictly to market-based pricing principles and comply with stringent tax, anti-transfer pricing, and anti-money laundering regulations.
Crucially, investors must complete the required foreign investment procedures before executing the swap.
4. Pre-OIRC Capital Transfers
To facilitate early-stage project development, the decree explicitly allows investors to transfer capital abroad before obtaining the OIRC. These pre-approval transfers are restricted to project preparation activities, such as market research, feasibility studies, contract negotiations, and asset leasing.
This clarification resolves longstanding uncertainty regarding preparatory overseas expenditures and provides investors with significantly greater flexibility during the initial stages of international expansion.
Strategic Impact
Decree 103 represents one of the most important modernizations of Vietnam’s outbound investment framework in recent years. By simplifying licensing procedures, reducing political approval layers, and introducing practical flexibility for international transactions, Vietnam is sending a strong signal that it supports the global expansion ambitions of both domestic and foreign-invested enterprises operating in the country.
The reform also reflects Vietnam’s broader policy objective of integrating more deeply into global capital markets while maintaining targeted oversight for strategically sensitive sectors and large-scale projects.
For investors, the new framework is expected to reduce transaction timelines, lower administrative burdens, and improve legal certainty for cross-border investment activities.
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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.

Vietnam is entering a decisive new chapter in its economic development.
The country is no longer merely positioning itself as a low-cost manufacturing destination. Instead, Vietnam is steadily transforming into a sophisticated digital and strategic investment hub for Asia and beyond.
Two parallel developments are shaping this transformation:
1. the tightening of Vietnam’s legal framework on data, cybersecurity and digital governance; and
2. the government’s aggressive push to attract high-quality strategic investment in advanced technologies.
Taken together, these reforms signal a profound shift in Vietnam’s policy direction – from quantity-driven growth to quality-driven modernization.
The New Reality: Data Is Now a Strategic Asset
Vietnam’s evolving Data Law and cybersecurity framework reflect a global trend that can now be seen across Europe, China, the United States and ASEAN alike:
data is no longer viewed merely as information – it is regarded as a strategic national resource.
Vietnam’s authorities are increasingly focused on:
• personal data protection,
• cloud and digital infrastructure governance,
• cross-border data transfers,
• digital platform accountability,
• cybersecurity resilience,
• and localization requirements in sensitive sectors.
For foreign investors, especially in:
• SaaS,
• fintech,
• AI,
• e-commerce,
• digital platforms,
• and international technology ecosystems,
These developments are no longer peripheral compliance topics. They are becoming central boardroom issues.
The practical implication is clear:
Companies operating in Vietnam must now integrate legal compliance, cybersecurity architecture and business strategy far more closely than before.
This is not unique to Vietnam. What is unique, however, is the speed with which Vietnam is attempting to modernize its regulatory environment while simultaneously accelerating digital growth.
Vietnam Is Seeking Trust — Not Only Investment
Many observers interpret stricter data regulations as barriers.
That interpretation is incomplete.
Vietnam’s policymakers understand that long-term digital growth requires trust:
• trust from consumers,
• trust from international investors,
• trust from global technology partners,
• and trust in the security and resilience of digital infrastructure.
The emerging framework therefore aims to create a more structured and predictable digital environment – even if implementation challenges and practical uncertainties still remain.
In reality, sophisticated investors increasingly prefer jurisdictions where digital governance becomes clearer and more enforceable.
For serious long-term investors, regulatory clarity is often more valuable than regulatory absence.
At the Same Time: Vietnam Is Competing Aggressively for the Future
While tightening digital governance, Vietnam is simultaneously opening the door wider than ever for strategic industries.
The government is actively competing for investment in:
• semiconductors,
• AI,
• renewable energy,
• electronics manufacturing,
• digital infrastructure,
• high-tech supply chains,
• and advanced industrial ecosystems.
This policy direction is not accidental.
Vietnam recognizes that global supply chains are restructuring rapidly.
Geopolitical diversification, technological decoupling pressures and regional resilience strategies are creating a historic opportunity for countries able to combine:
• political stability,
• industrial capability,
• skilled labor,
• and regulatory modernization.
Vietnam intends to be one of those countries.
A More Sophisticated Incentive Environment
Foreign investors in strategic sectors may now benefit from:
• preferential tax treatment,
• accelerated licensing procedures,
• land incentives,
• infrastructure support,
• and tailored investment facilitation.
But Vietnam’s new approach is increasingly selective.
The country is no longer simply asking:
“How much capital will you bring?”
The more important question today is:
“What strategic value will your investment create for Vietnam?”
Technology transfer, innovation, ESG standards, digital capability and supply chain integration are becoming far more important in the investment approval process.
The Human Dimension Behind the Legal Changes
Behind these legal and regulatory reforms lies something deeper.
Vietnam is a country balancing extraordinary economic ambition with the understandable desire to preserve sovereignty, security and social stability during a period of immense technological change.
That balancing exercise is not easy.
The country is attempting to:
• remain attractive to foreign capital,
• protect national interests,
• accelerate digitalization,
• foster innovation,
• and maintain social confidence at the same time.
For international investors, understanding this broader context matters enormously.
Success in Vietnam has never depended solely on legal structures.
It also depends on understanding the country’s developmental priorities, institutional sensitivities and long-term aspirations.
Conclusion
Vietnam’s evolving data and high-tech investment framework should not be viewed simply as “more regulation.”
It is better understood as part of Vietnam’s transition into a more mature, strategically ambitious and digitally sophisticated economy.
The message from Vietnam is increasingly clear:
• high-quality investment is welcome,
• innovation is encouraged,
• digital growth is supported,
• but compliance, responsibility and long-term commitment now matter more than ever.
For investors who understand this balance, Vietnam continues to offer one of the most compelling long-term opportunities in Asia.
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.

GESETZLICHE GRUNDLAGE
Diese Mitteilung stützt sich auf vier Rechtsinstrumente, die zusammen den aktuellen Rechtsrahmen bilden: Rundschreiben 20/2026/TT-BTC, in Kraft seit 12. März 2026, ist das maßgebliche operative Instrument und die verbindliche Referenz für die tägliche FCT-Compliance. Gesetz über die Körperschaftsteuer 2025 (Gesetz Nr. 67/2025/QH15), in Kraft seit 1. Oktober 2025, brachte die bedeutendste strukturelle Reform des CIT-Rahmens in über einem Jahrzehnt. Rundschreiben 86/2024/TT-BTC, in Kraft seit 6. Februar 2025, führte Verfahrensreformen in der FCT-Verwaltung ein und ist nun zusammen mit Rundschreiben 20/2026 auszulegen.Baugesetz 2025 (Gesetz Nr. 135/2025/QH15), in Kraft ab 1. Juli 2026, bestätigt und führt die Pflicht zur Bauausführungslizenz für ausländische Bau- und EPC-Auftragnehmer fort.

1. ZUSAMMENFASSUNG
Das Steuerregime für ausländische Auftragnehmer in Vietnam wurde 2025–2026 grundlegend reformiert. Drei aufeinanderfolgende Instrumente — Rundschreiben 86/2024/TT-BTC, Gesetz Nr. 67/2025/QH15 und Rundschreiben 20/2026/TT-BTC — modernisierten die FCT-Verwaltung, änderten die CIT-Behandlung ausländischer Auftragnehmer und aktualisierten die Registrierungs- und Quellensteuerverfahren, die vietnamesische Vertragspartner befolgen müssen. Ab dem 12. März 2026 ist Rundschreiben 20/2026 das maßgebliche Instrument, und alle FCT-Erklärungen, Registrierungen und Quellensteuerberechnungen müssen unter seinem Rahmen erfolgen.
Parallel zum FCT-Regime ist die Frage der Lizenzierung ausländischer Auftragnehmer von gleicher Bedeutung. Die Antwort ist kein pauschales Ja oder Nein, sondern hängt genau vom Sektor und der Art des Engagements ab. Bau- und EPC-Auftragnehmer müssen vor Beginn jeglicher Arbeiten auf vietnamesischem Territorium eine Bauausführungslizenz — pro Vertrag, pro Projekt — einholen. Allgemeine Dienstleister, die grenzüberschreitend ohne physische Projektstandorte tätig sind, benötigen keine Lizenz. Das Baugesetz 2025, in Kraft ab 1. Juli 2026, bestätigt die Lizenzpflicht vollständig.
Ausländische Auftragnehmer und ihre vietnamesischen Vertragspartner müssen jetzt handeln, um ihre Position unter beiden Rahmenbedingungen zu prüfen. Das Compliance-Fenster vor dem 1. Juli 2026 ist kurz.

2. WAS IST DIE FOREIGN CONTRACTOR TAX?
Die Foreign Contractor Tax ist keine eigenständige Steuer im vietnamesischen Steuergesetz. Sie ist ein Quellenmechanismus — eine kombinierte Abgabe aus Mehrwertsteuer (VAT) und Körperschaftsteuer (CIT) —, die auf Einkünfte ausländischer Unternehmen aus Verträgen in Vietnam oder mit vietnamesischen Vertragspartnern erhoben wird.
Die beiden Komponenten sind wie folgt:
• VAT-Komponente: Erhoben auf den Wert der in Vietnam gelieferten Waren und Dienstleistungen, einbehalten durch den vietnamesischen Vertragspartner.
• CIT-Komponente: Erhoben auf den steuerpflichtigen Gewinn oder die fingierten steuerpflichtigen Einnahmen des ausländischen Auftragnehmers, ebenfalls einbehalten durch den vietnamesischen Vertragspartner.
Es gibt drei Zahlungsarten:
• Abzugsmethode (phương pháp khấu trừ): Registrierung beim vietnamesischen Finanzamt, vollständige vietnamesische Buchführung und direkte Abgabe von VAT- und CIT-Erklärungen.
• Direktmethode (phương pháp trực tiếp): Der vietnamesische Vertragspartner behält VAT und CIT ein und führt sie ab, basierend auf vorgeschriebenen Pauschalsätzen. Dies ist die häufigste Methode für Auftragnehmer ohne lokale Präsenz.
• Hybridmethode: Der ausländische Auftragnehmer registriert und zahlt VAT direkt, während CIT pauschal durch den vietnamesischen Partner einbehalten wird.

3. DER NEUE RECHTSRAHMEN: WICHTIGE ÄNDERUNGEN
Rundschreiben 86/2024/TT-BTC — In Kraft seit 6. Februar 2025
Wesentliche Verfahrensreformen für die FCT-Verwaltung, insbesondere für die Steuerregistrierung und die Direktmethode. Es vereinfachte die Registrierung von Steuercodes und aktualisierte die Pflichten der vietnamesischen Quellensteueragenten. Zudem wurden die Anforderungen für die Inanspruchnahme von Doppelbesteuerungsabkommen (DBA) präzisiert.
Körperschaftsteuergesetz 2025 — Gesetz Nr. 67/2025/QH15 — In Kraft seit 1. Oktober 2025
Die bedeutendste strukturelle Reform des CIT-Rahmens seit über einem Jahrzehnt. Änderungen betreffen:
• Steuersätze: Aktualisierte CIT-Sätze für ausländische Auftragnehmer.
• Einkommensumfang: Erweiterung der Kategorien vietnamesischer Einkünfte, einschließlich digitaler Dienste, IP-Lizenzen und Technologietransfer.
• Global Minimum Tax (GMT): Schnittstelle zwischen CIT und Qualified Domestic Minimum Top-up Tax.
• CIT-Vergünstigungen: Aktualisierte Anreize für bestimmte Sektoren und Regionen.
Rundschreiben 20/2026/TT-BTC — In Kraft seit 12. März 2026
Das maßgebliche operative Instrument für FCT.
• FCT-Sätze: Veröffentlichung der neuen Pauschalsätze für VAT und CIT nach Vertragstyp und Sektor.
• Steuercoderegistrierung: Einführung eines digitalisierten Prozesses über ein elektronisches Portal.
• Anwendungsbereich: Präzisierungen zu Mischverträgen, digitalen Plattformdiensten und Offshore-Dienstleistungen mit Vietnam-Bezug.
• Sanktionsrahmen: Verschärfte Strafen bei Nicht-Compliance.
• DBA-Entlastung: Aktualisierte Verfahren und strengere Fristen für die Beantragung von DBA-Vorteilen.

4. BRAUCHEN AUSLÄNDISCHE AUFTRAGNEHMER EINE LIZENZ? DIE ENDGÜLTIGE ANTWORT
Die Frage der Lizenzpflicht für ausländische Auftragnehmer gehört zu den am häufigsten missverstandenen Compliance-Themen auf dem vietnamesischen Markt. Die Antwort hängt ausschließlich vom Sektor und der Art der ausgeführten Tätigkeiten ab. Dieser Abschnitt legt die Position eindeutig dar.
► BAU- & EPC-AUFTRAGNEHMER — LIZENZ IST VERPFLICHTEND
Ein ausländischer Auftragnehmer, der im Bauwesen, in der Beschaffung und im Bau (EPC), sei es im Rahmen eines EPC-Vertrags, eines schlüsselfertigen Vertrags oder eines herkömmlichen Bauvertrags tätig ist, muss eine Bauausführungslizenz einholen. Diese Pflicht gilt pro Vertrag und pro Projekt und wird durch die Zuschlagserteilung ausgelöst, nicht erst durch den Beginn der Arbeiten.
Wann genau entsteht die Lizenzpflicht?
Eine Bauausführungslizenz ist erforderlich, wenn folgende Bedingungen gleichzeitig erfüllt sind:
• Der Auftragnehmer hat einen Vertrag über Bauarbeiten in Vietnam erhalten (z. B. Tiefbau, Industrieanlagen, Infrastruktur, mechanische und elektrische Installationen oder Beschaffung im Rahmen eines EPC).
• Der Vertrag wird ganz oder teilweise auf vietnamesischem Territorium ausgeführt.
• Der Auftragnehmer führt die Bauarbeiten direkt aus und erbringt nicht lediglich Offshore-Design-, Beratungs- oder Lieferleistungen ohne Vor-Ort-Präsenz.
Zeitpunkt der Antragstellung — die Timing-Regel:
Die Lizenz muss nach offizieller Zuschlagsmitteilung, aber vor Beginn jeglicher Bauarbeiten in Vietnam beantragt und erteilt werden. Sie ist eine Vor-Beginn-Lizenz, keine Vor-Biet-Lizenz. Teilnahme am Ausschreibungsverfahren ist ohne Lizenz möglich, die Aufnahme von Arbeiten vor Ort jedoch nicht. Ein Arbeitsbeginn ohne Lizenz führt zu Verwaltungssanktionen und kann das Risiko der Vertragsnichtigkeit nach sich ziehen.
Pflicht zu Joint Venture oder Subunternehmern:
Zusätzlich zur Lizenz ist ein ausländischer Bau- oder EPC-Auftragnehmer gesetzlich verpflichtet, entweder ein Joint Venture mit einem vietnamesischen Auftragnehmer zu bilden oder vietnamesische Subunternehmer einzubeziehen — es sei denn, die Vergabestelle bestätigt offiziell, dass kein geeigneter vietnamesischer Auftragnehmer verfügbar ist. Diese lokale Beteiligungspflicht ist zwingend und muss bereits im Vertragsaufbau berücksichtigt werden. Ein Lizenzantrag ohne Nachweis entsprechender Beteiligung wird abgelehnt.
Baugesetz 2025 — Stichtag 1. Juli 2026:
Das Baugesetz 2025 (Gesetz Nr. 135/2025/QH15) tritt am 1. Juli 2026 in Kraft und bestätigt alle bestehenden Lizenzpflichten ohne Lockerung. Ausländische Auftragnehmer mit laufenden oder geplanten EPC- und Bauverträgen müssen sicherstellen, dass ihre Lizenzanträge und Beteiligungsstrukturen ab diesem Datum vollständig konform sind. Verträge, die vor dem 1. Juli 2026 geschlossen, aber danach ausgeführt werden, unterliegen den neuen Anforderungen. Das Zeitfenster zur Anpassung ist kurz — sofortiges Handeln ist erforderlich.
► ALLGEMEINE DIENSTLEISTUNGEN & HANDEL — KEINE LIZENZ ERFORDERLICH
Ein ausländischer Auftragnehmer, der standardmäßige grenzüberschreitende Dienstleistungen erbringt — etwa Beratung, Finanz- und Rechtsberatung, Softwareentwicklung, Softwarelizenzierung, Marketing, Werbung, digitale Dienste, Schulungen und ähnliche Tätigkeiten — ohne physischen Projektstandort in Vietnam, benötigt keine Lizenz. Für diese Auftragnehmer besteht lediglich die Pflicht zur FCT-Compliance: Sicherstellung, dass der vietnamesische Vertragspartner die Steuernummer gemäß Rundschreiben 20/2026 registriert und FCT korrekt einbehält und abführt.
Wichtige Abgrenzung — physische Präsenz, nicht Vertragsbezeichnung:
Die Lizenzpflicht hängt von der physischen Natur der Tätigkeit ab, nicht von ihrer vertraglichen Bezeichnung. Ein Auftragnehmer, der seine Tätigkeit als „Beratung“ bezeichnet, tatsächlich aber Personal zur Bauleitung oder -aufsicht auf einer vietnamesischen Baustelle einsetzt, wird als Bauauftragnehmer behandelt. Maßgeblich ist die Substanz der Tätigkeit, nicht die Etikettierung im Vertrag. Diese Abgrenzung ist in der vietnamesischen Praxis etabliert und wird strikt angewandt.
PRAKTISCHE COMPLIANCE-CHECKLISTE
Für ausländische Auftragnehmer:
• Prüfen, ob die Tätigkeit physische Bauarbeiten in Vietnam umfasst. Falls ja: Bauausführungslizenz vor Arbeitsbeginn erforderlich.
• Sicherstellen, dass der Vertrag entweder ein Joint Venture oder Subunternehmerbeteiligung vorsieht.
• FCT-Zahlungsmethode bestimmen (direkt, Abzug, hybrid).
• Steuerregistrierung über das neue elektronische Portal gemäß Rundschreiben 20/2026 bestätigen.
• DBA-Vorteile prüfen und Dokumentation vorbereiten.
• Bei Zugehörigkeit zu einem MNE-Konzern: Schnittstellen mit GMT- und QDMTT-Pflichten prüfen.
• Für Bau- und EPC-Auftragnehmer: Alle laufenden Verträge vor dem 1. Juli 2026 auf Konformität mit dem Baugesetz 2025 überprüfen.
Für vietnamesische Vertragspartner (Quellensteueragenten):
• FCT-Berechnungen ab 12. März 2026 nach den neuen Pauschalsätzen durchführen.
• Steuercodes aller ausländischen Auftragnehmer über das elektronische Portal registrieren.
• Vor Vertragsabschluss prüfen, ob Bau- oder EPC-Auftragnehmer eine gültige Lizenz besitzen.
• FCT-Erklärungs- und Abführungsfristen gemäß Rundschreiben 20/2026 einhalten.
• Vertragsdokumente mit ausländischen Auftragnehmern mit klaren FCT-Klauseln versehen (Quellensteuer, Bruttoaufrechnung, DBA-Verfahren).

WIE DUANE MORRIS VIETNAM UNTERSTÜTZEN KANN
Duane Morris Vietnam LLC berät seit über zwei Jahrzehnten ausländische Auftragnehmer und vietnamesische Projektträger zu FCT-Compliance, Bau-Lizenzierung und Vertragsgestaltung. Dr. Oliver Massmann, Partner und Generaldirektor, wird von Chambers Asia-Pacific, Legal 500 und IFLR1000 als führender Experte im Bereich Energie, Infrastruktur und Regulierung in Vietnam eingestuft und ist der einzige ausländische Anwalt, der jemals vor der vietnamesischen Nationalversammlung auf Vietnamesisch vorgetragen hat.
Unsere Praxis umfasst:
• FCT-Strukturierung und Auswahl der Zahlungsmethode
• Steuerregistrierung und DBA-Anträge gemäß Rundschreiben 20/2026
• Lizenzanträge und -management für Bauausführungen
• Strukturierung von Joint Ventures und Subunternehmervereinbarungen
• Vertragsklauseln zu FCT (Entwurf und Prüfung)
• Compliance-Audits für Auftragnehmer und Quellensteueragenten
• Vertretung in FCT-Streitigkeiten und Durchsetzungsverfahren

Bitte wenden Sie sich bei Fragen oder für weitere Details an Dr. Oliver Massmann unter omassmann@duanemorris.com.

LEGISLATIVE BASIS
This Alert is grounded in four instruments that together constitute the current governing framework:
Circular 20/2026/TT-BTC, effective 12 March 2026, is the primary operative instrument and the definitive reference for day-to-day FCT compliance. Law on Corporate Income Tax 2025 (Law No. 67/2025/QH15), effective 1 October 2025, introduced the most significant structural reform to Vietnam’s CIT framework in over a decade. Circular 86/2024/TT-BTC, effective 6 February 2025, introduced procedural reforms to FCT administration and is now read alongside Circular 20/2026. Law on Construction 2025 (Law No. 135/2025/QH15), effective 1 July 2026, reaffirms and carries forward the Construction Operation Licence requirement for foreign construction and EPC contractors.
1. EXECUTIVE SUMMARY
Vietnam’s foreign contractor tax framework has undergone fundamental reform across 2025 and 2026. Three successive instruments — Circular 86/2024/TT-BTC, Law No. 67/2025/QH15, and Circular 20/2026/TT-BTC — have modernised FCT administration, revised CIT treatment of foreign contractors, and updated the registration and withholding procedures that Vietnamese contracting parties must follow. From 12 March 2026, Circular 20/2026 is the operative instrument and all FCT declarations, registrations, and withholding calculations must be conducted under its framework.
Running parallel to the FCT regime, and equally important, is the question of foreign contractor licensing. The answer is not a blanket yes or no. It turns precisely on the sector and the nature of the engagement. Construction and EPC contractors must obtain a Construction Operation Licence — on a per-contract, per-project basis — before commencing any work on Vietnamese territory. General service providers operating cross-border without a physical project site do not require a licence. The Law on Construction 2025, effective 1 July 2026, maintains and carries forward the licensing requirement in full.
Foreign contractors and their Vietnamese counterparties must act now to assess their position under both frameworks. The compliance window before 1 July 2026 is short.
2. WHAT IS FOREIGN CONTRACTOR TAX?
Foreign Contractor Tax is not a separate tax in the Vietnamese tax code. It is a withholding mechanism — a composite levy combining Value Added Tax and Corporate Income Tax — applied to income earned by foreign entities from contracts performed in Vietnam or with Vietnamese counterparties. It applies to foreign organisations and individuals that supply goods or provide services in Vietnam under contracts with Vietnamese parties, where the supply of goods is associated with services performed in Vietnam.
The two components are as follows. The VAT component is levied on the value of goods and services supplied in Vietnam and is withheld by the Vietnamese contracting party. The CIT component is levied on the taxable profit or deemed taxable revenue of the foreign contractor and is likewise withheld by the Vietnamese contracting party. In both cases, the Vietnamese party acts as the withholding agent and bears primary compliance responsibility for declaration and remittance.
There are three FCT payment methods. Under the Deduction Method (phương pháp khấu trừ), the foreign contractor registers with the Vietnamese tax authority, maintains full Vietnamese accounting records, and files VAT and CIT returns directly. This method is available to foreign contractors that have a permanent establishment or are present in Vietnam for 183 days or more in a tax year. Under the Direct Method (phương pháp trực tiếp), the Vietnamese contracting party withholds and remits both VAT and CIT on behalf of the foreign contractor, applying prescribed deemed rates to the gross contract value. This is the most common method for foreign contractors without a local presence and the method most directly affected by the 2025–2026 legislative changes. Under the Hybrid Method, the foreign contractor registers for and pays VAT directly under the deduction method, while the Vietnamese party withholds CIT on a deemed basis. This method is available to foreign contractors present in Vietnam for more than 183 days but who do not meet all conditions for the full deduction method.
3. THE NEW REGULATORY FRAMEWORK: KEY CHANGES
Circular 86/2024/TT-BTC — Effective 6 February 2025
Circular 86 introduced important procedural reforms to FCT administration, primarily targeting tax code registration and the direct withholding method. It streamlined tax code registration for foreign contractors operating under the direct method, giving Vietnamese contracting parties updated procedures for registering the foreign contractor’s tax code. It clarified the obligations of Vietnamese withholding agents, including updated timelines for declaration and remittance. It also updated guidance on the interaction between FCT obligations and applicable double taxation agreements (DTAs), including the documentary requirements for foreign contractors seeking treaty relief. Practitioners must note that Circular 86 has been supplemented and in certain respects superseded by Circular 20/2026; both instruments must be read together for the current position.
Law on Corporate Income Tax 2025 — Law No. 67/2025/QH15 — Effective 1 October 2025
The CIT Law 2025 represents the most significant structural reform to Vietnam’s CIT framework in over a decade and has direct implications for the CIT component of FCT. On the rate structure, the Law confirms and in some respects modifies the CIT rates applicable to foreign contractors under the FCT regime; practitioners should verify applicable deemed CIT rates under the direct method against the updated schedule. On the scope of Vietnam-sourced income, the 2025 Law broadens the categories of income considered to arise from Vietnamese sources, potentially bringing additional categories of foreign contractor income — including digital services, intellectual property licensing, and technology transfer — within the FCT net. On the interaction with the Global Minimum Tax, for foreign contractors that are constituent entities of MNE groups subject to GMT rules, the 2025 Law establishes the interface between the CIT framework and Qualified Domestic Minimum Top-up Tax obligations; this is a complex area requiring specialist advice. On CIT incentives, the 2025 Law updates the schedule of available incentives; foreign contractors operating in encouraged sectors or geographical areas should confirm whether preferential treatment is available to reduce their FCT burden under the deduction method.
Circular 20/2026/TT-BTC — Effective 12 March 2026 — The Operative Instrument
Circular 20/2026 is the primary operative instrument governing FCT as of the date of this Alert. It supersedes and consolidates earlier circulars and is the definitive reference for all current compliance work. Its principal changes are as follows.
On deemed FCT rate schedules, Circular 20/2026 publishes the revised schedule of deemed VAT and CIT rates applicable under the direct method, organised by contract type and sector. Both Vietnamese contracting parties and foreign contractors must apply these rates from 12 March 2026.
On tax code registration, Circular 20/2026 replaces the registration procedures introduced by Circular 86/2024 with a revised, digitised process. Foreign contractors subject to the direct method must now be registered through the updated electronic portal. Vietnamese contracting parties acting as withholding agents are responsible for initiating this registration and face penalties for non-compliance.
On the scope of FCT, the Circular provides updated guidance on which contract types and service categories are subject to FCT, addressing areas of prior ambiguity including mixed supply contracts combining goods and services, digital platform services, and offshore services with a Vietnam nexus.
On the penalty framework, Circular 20/2026 updates the penalties for FCT non-compliance, including late registration, under-withholding, and late remittance. Vietnamese contracting parties in particular face enhanced scrutiny as the primary withholding agents.
On DTA relief, the Circular provides updated procedures for applying for double taxation agreement benefits to reduce or eliminate FCT liability. Documentary requirements have been revised and time limits tightened. Foreign contractors from DTA partner countries should review the updated application process promptly.
4. DO FOREIGN CONTRACTORS NEED A LICENCE? THE DEFINITIVE ANSWER
The foreign contractor licence question is one of the most frequently misunderstood compliance issues in the Vietnamese market. The answer turns entirely on the sector and the nature of the activities performed. This section sets out the position with precision.
► CONSTRUCTION & EPC CONTRACTORS — LICENCE IS MANDATORY
A foreign contractor engaged in civil engineering, procurement, and construction — whether under an EPC structure, a turnkey contract, or a conventional construction contract — must obtain a Construction Operation Licence. This requirement is mandatory, applies on a per-contract and per-project basis, and is triggered by the award of the contract, not by the commencement of physical work.
When exactly does the licence requirement arise?
A foreign contractor must apply for a Construction Operation Licence when all of the following conditions are met simultaneously: the foreign contractor has been awarded a contract for construction work in Vietnam, including civil works, industrial construction, infrastructure, or mechanical and electrical installation, or procurement within an EPC structure; the contract is to be performed in whole or in part within Vietnamese territory; and the foreign contractor will be directly executing construction activities, rather than merely providing offshore design, advisory, or supply services without an on-site presence.
Exactly when to apply — the timing rule:
The Construction Operation Licence must be applied for and obtained after the foreign contractor has been formally notified of winning the bid, and before commencing any construction activities on Vietnamese territory. It is a pre-commencement licence, not a pre-bid licence. A foreign contractor may participate fully in a bidding process without holding the licence. It cannot, however, commence any on-site work until the licence has been granted. Commencing work without the licence exposes the foreign contractor to administrative sanctions and potentially to contract nullification risk.
Joint venture and local subcontracting obligations:
In addition to obtaining the Construction Operation Licence, a foreign construction or EPC contractor is legally required either to form a joint venture with a Vietnamese contractor, or to engage Vietnamese subcontractors for portions of the work — unless the contracting authority has formally certified that no capable Vietnamese contractor is available for those portions. This local participation requirement is not optional. It must be reflected in the contract structure before the licence application is submitted. A licence application that does not demonstrate compliant local participation arrangements is liable to be refused.
The Law on Construction 2025 — Critical date: 1 July 2026:
Law No. 135/2025/QH15 (Law on Construction 2025) takes effect on 1 July 2026. This Law maintains and carries forward all existing Construction Operation Licence requirements for foreign contractors without relaxation. Foreign contractors with live or pipeline EPC and construction contracts must ensure their licence applications and local participation arrangements are structured in full compliance with the 2025 Law from that date. Contracts entered into before 1 July 2026 but executed after that date will be subject to the new Law’s requirements. The window to review and restructure existing arrangements before the transition date is short. Foreign contractors should act immediately.
► GENERAL SERVICES & TRADING — NO LICENCE REQUIRED
A foreign contractor providing standard cross-border commercial services — including consulting, financial advisory, legal services, software development, software licensing, marketing, advertising, digital services, training, and similar engagements — without a physical project site in Vietnam does not require a foreign contractor licence of any kind. For these contractors, the only regulatory obligation running parallel to their commercial engagement is FCT compliance: ensuring that their Vietnamese counterparty correctly registers their tax code under Circular 20/2026 and withholds and remits FCT under the applicable method.
The critical distinction — physical footprint, not contractual label:
The licence/no-licence boundary turns on the physical nature of the services, not their contractual characterisation. A foreign contractor that labels its engagement as consulting but deploys personnel to manage and supervise construction activity on a Vietnamese project site will be treated as a construction contractor for licensing purposes. The substance of the engagement governs, not the label placed on it in the contract. This distinction is well established in Vietnamese regulatory practice and is strictly applied by the relevant authorities.
PRACTICAL COMPLIANCE CHECKLIST
For foreign contractors:
Determine whether your engagement involves physical construction activity in Vietnam. If yes, a Construction Operation Licence is required before work commences — not before bidding, but before the first day on site. If a licence is required, confirm that your contract structure includes either a joint venture with a Vietnamese contractor or Vietnamese subcontracting arrangements, and engage legal counsel before signing the main contract. Confirm which FCT payment method applies to your engagement — direct, deduction, or hybrid. If subject to the direct method, confirm with your Vietnamese counterparty that your tax code has been or will be registered through the new electronic portal under Circular 20/2026. If your jurisdiction has a DTA with Vietnam, assess whether treaty benefits are available to reduce your FCT burden and prepare the required documentation under Circular 20/2026’s updated procedures. If you are a constituent entity of an MNE group, assess the interaction of the 2025 CIT Law changes with your GMT and QDMTT obligations. For construction and EPC contractors specifically: review all live and pipeline contracts for compliance with the Law on Construction 2025 before 1 July 2026.
For Vietnamese contracting parties acting as withholding agents:
Update all FCT withholding calculations to apply the deemed rate schedule published in Circular 20/2026/TT-BTC from 12 March 2026. Register or re-register the tax code of each foreign contractor in your supply chain through the updated electronic portal. Verify that each foreign construction or EPC contractor holds a valid Construction Operation Licence before contract execution. Review all FCT declaration and remittance timelines against the updated procedures in Circular 20/2026. Ensure that contract documentation with foreign contractors contains adequate FCT clauses addressing withholding obligations, grossing-up provisions, and DTA relief procedures.
HOW DUANE MORRIS VIETNAM CAN HELP
Duane Morris Vietnam LLC has advised foreign contractors and Vietnamese project owners on FCT compliance, construction licensing, and contract structuring for over two decades. Dr. Oliver Massmann, Partner and General Director, is ranked by Chambers Asia-Pacific, Legal 500, and IFLR1000 as a leading practitioner in Vietnam’s energy, infrastructure, and regulatory practice, and is the only foreign lawyer to have presented to Vietnam’s National Assembly in Vietnamese.
Our practice covers FCT structuring and payment method selection; tax code registration and DTA relief applications under Circular 20/2026; Construction Operation Licence applications and management; joint venture and subcontracting agreement structuring for construction engagements; FCT contract clause drafting and review; regulatory compliance audits for foreign contractors and Vietnamese withholding agents; and representation in FCT disputes and enforcement proceedings.
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.

Was ist das Neue Vietnam? Warum diese Frage für mich wichtig ist
Ich kam 1991 nach Vietnam. Das Land, in das ich damals eintrat, hatte kaum Ähnlichkeit mit dem, dem ich heute diene. Ich kam nicht als Tourist, nicht als Journalist, und nicht einmal ganz als Anwalt. Ich kam, in gewissem Sinne, als jemand, der glaubte – an das Potenzial eines Landes, eines Volkes und eines Transformationsprozesses, der gerade erst begann.
In den vergangenen 35 Jahren habe ich gesehen, wie Vietnam sich von einer vorsichtig geöffneten Nach-Embargo-Wirtschaft zu einer der dynamischsten und strukturell ehrgeizigsten Nationen Südostasiens entwickelt hat. Ich hatte das Privileg – und die Verantwortung – an der Schnittstelle dieser Transformation zu beraten: Investitionsrahmen, Handelsabkommen, Energierecht, regulatorische Reformen.
Doch die gestellte Frage ist keine juristische. Sie ist zutiefst menschlich. Und ich möchte sie als Mensch beantworten, der dieses Land zu seiner Heimat gemacht hat.
Ich spreche nicht über Vietnam von außen. Ich spreche von innen – als jemand, der sich entschlossen hat zu bleiben, die Sprache zu lernen und das Vertrauen von Institutionen zu gewinnen, die mir ihre Türen nicht hätten öffnen müssen.
Was ich am „alten“ Vietnam schätzte
Das Vietnam, das ich zuerst erlebte, hatte etwas Seltenes: einen fast unbeirrbaren Sinn für Würde. Ein Land, das Jahrhunderte der Invasion, Jahrzehnte des Krieges und Jahre der Isolation überlebt hatte – und doch seinen Glauben an sich selbst nicht verloren hatte. Diese stille Resilienz war kein Slogan. Sie war sichtbar auf den Straßen, in den Märkten, im Blick der Menschen.
Das „alte“ Vietnam hatte auch eine außergewöhnliche Beziehung zur kollektiven Anstrengung. Gemeinschaften sorgten füreinander. Die Bande von Familie und Nachbarschaft waren nicht sentimental – sie waren strukturell. Sie hielten Menschen durch Härten zusammen, auf eine Weise, die keine Institution nachbilden konnte.
Und etwas anderes schätzte ich enorm: Geduld. Die vietnamesische Gesellschaft wusste, wie man wartet. Wie man langsam aufbaut. Wie man Vertrauen als etwas behandelt, das verdient, nicht beansprucht wird.
WAS ICH AUS DIESEN FRÜHEN JAHREN MITNEHME:
› Beziehungs¬tiefe – Geschäft hier wurde immer auf langfristig aufgebautem Vertrauen, nicht auf Transaktionen gegründet
› Kulturelle Kontinuität – eine Gesellschaft, die ihre Vergangenheit ehrt, während sie in die Zukunft eilt
› Resilienz ohne Bitterkeit – Menschen, die allen Grund hätten, Groll zu hegen, und doch Offenheit wählen
› Demut im Lernen – Vietnam lehrte mich, dass Expertise im Kontext verdient werden muss, nicht importiert
Was das Neue Vietnam wird
Das Vietnam des Jahres 2026 ist außergewöhnlich. Es ist nicht das Land, in das ich kam – und ich meine das als höchstes Kompliment. Tempo, Ehrgeiz und Raffinesse seiner Transformation haben alles übertroffen, was ich mir damals vorstellen konnte.
Vietnam ist heute ein Land, das seine eigenen Regeln schreibt – buchstäblich. Ich hatte die Ehre, beim EU Vietnam Freihandelsabkommen zu beraten, das Vietnam in eine völlig neue Kategorie globaler Handelspartner erhob. Die rechtliche und regulatorische Architektur, die heute entsteht, wäre vor dreißig Jahren unvorstellbar gewesen.
Die neue Generation vietnamesischer Führungskräfte, Unternehmer und Fachleute trägt etwas Kraftvolles: Sie haben die Resilienz und kulturelle Tiefe ihrer Eltern geerbt, während sie mit globaler Sprachgewandtheit, technologischem Selbstbewusstsein und außergewöhnlichem Ehrgeiz agieren. Sie kopieren keine Modelle. Sie entwerfen ihre eigenen.
Und dann gibt es den wohl transformativsten Meilenstein dieser Ära – einen, der Vietnams Platz in der Welt für die nächste Generation definieren wird: Vietnams Aufstieg zum Emerging Market Status im September 2026.
Dies ist keine technische Formalität. Es ist eine Erklärung an die globalen Kapitalmärkte, dass Vietnam an den großen Tisch gehört – gleichauf mit China, Indien, Brasilien und den großen Wachstumsökonomien der Welt.
WAS MIR ECHTEN OPTIMISMUS GIBT:
› Emerging Market Status – September 2026 – historische Neueinstufung, die Vietnam auf Augenhöhe mit China, Indien und den großen Wachstumsökonomien stellt
› Humankapital – Qualität, Antrieb und globale Denkweise der jungen vietnamesischen Fachkräfte sind Weltklasse
› Strategische Positionierung – Vietnam hat ein komplexes geopolitisches Umfeld mit bemerkenswerter Gelassenheit gemeistert
› Führungsrolle in der grünen Transformation – Vietnams Kohlenstoffkreditrahmen und Energie¬wende¬ambitionen sind wirklich zukunftsgerichtet
› Kulturelles Selbstbewusstsein – das Neue Vietnam muss nicht zwischen Tradition und Moderne wählen – es hält beides
Was ich mir als Nächstes erhoffe
Ich bin nicht romantisch. Nach 35 Jahren im Feld weiß ich, dass Transformation nicht linear verläuft und Fortschritt immer neue Spannungen erzeugt. Wenn ich also über meine Hoffnungen spreche, tue ich das als Praktiker – jemand, der am Tisch mit Ministerien, Gerichten und Vorstandsetagen gesessen hat.
Ich hoffe, Vietnam wird weiterhin Institutionen aufbauen, die Individuen überdauern. Die Qualität eines Rechtssystems, eines Investitionsrahmens oder einer Energiepolitik wird letztlich nicht daran gemessen, was auf dem Papier steht, sondern daran, ob es konsequent angewendet wird. Dies ist Vietnams nächste große Herausforderung – und seine nächste große Chance.
Ich hoffe, Vietnam wird die Dinge bewahren, die es ursprünglich außergewöhnlich gemacht haben. Die Beziehungskultur. Das langfristige Denken. Die Fähigkeit, Komplexität zu halten, ohne von ihr gelähmt zu werden. Dies sind Wettbewerbsvorteile in einer Welt, die zunehmend ungeduldig und transaktional ist.
Und ich hoffe – vielleicht am persönlichsten –, dass Vietnam ein Ort bleibt, an dem Außenstehende, die sich ihm verpflichten, von ihm lernen und ihm mit Integrität dienen, willkommen sind. Diese Offenheit hat meine eigene Geschichte hier geprägt. Sie hat mich zu einem besseren Anwalt, einem besseren Denker und einem besseren Menschen gemacht.
Schlusswort
Vor fünfunddreißig Jahren traf ich eine Entscheidung. Nicht nur eine berufliche Entscheidung – eine Lebensentscheidung. Ich entschied mich, hier zu sein, die Sprache zu lernen, mir einen Platz am Tisch zu verdienen und zu etwas Größerem als mir selbst beizutragen.
Das Neue Vietnam ist – in seiner besten Form – ein Land, das eine solche Verpflichtung belohnt. Es ist ein Land, das etwas Reales, Dauerhaftes aufbaut, etwas, dem die Welt viel mehr Aufmerksamkeit schenken sollte.
Ich bin stolz, auch nur eine kleine Rolle in dieser Geschichte gespielt zu haben. Und ich blicke mit echter Vorfreude darauf, was als Nächstes kommt.
Xin cảm ơn. Vietnam, du hast meinen Respekt, meine Bewunderung – und mein Herz.
Bitte zögern Sie nicht, Dr. Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, wenn Sie Fragen haben oder weitere Details zu den oben genannten Punkten wünschen. Dr. Oliver Massmann ist Generaldirektor von Duane Morris Vietnam LLC.

What is the New Vietnam? Why This Question Matters to Me
I arrived in Vietnam in 1991. The country I stepped into bore little resemblance to the one I serve today. I did not come as a tourist, or a journalist, or even entirely as a lawyer. I came, in some sense, as a believer — in the potential of a place, a people, and a process of transformation that I sensed was only just beginning.
Over the past 35 years, I have watched Vietnam grow from a post-embargo economy cautiously opening its doors, to one of Southeast Asia’s most dynamic and structurally ambitious nations. I have had the privilege — and the responsibility — of advising at the intersection of that transformation: foreign investment frameworks, trade agreements, energy law, regulatory reform.
But the question posed is not a legal one. It is a deeply human one. And I want to answer it as a human being who has made this country his home.
I do not speak about Vietnam from the outside. I speak from within — as someone who chose to stay, to learn the language, to earn the trust of institutions that did not have to open their doors to me.
What I Value in the ‘Old’ Vietnam
The Vietnam I first encountered had something rare: an almost stubborn sense of dignity. A country that had survived centuries of invasion, decades of war, and years of isolation — yet had not lost its belief in itself. That quiet resilience was not a slogan. It was visible in the streets, in the markets, in the way people looked you in the eye.
The ‘old’ Vietnam also had an extraordinary relationship with collective effort. Communities looked after one another. The bonds of family and neighbourhood were not sentimental — they were structural. They held people together through hardship in ways that no institution could replicate.
And there was something else I valued enormously: patience. Vietnamese society knew how to wait. How to build slowly. How to treat trust as something earned, not claimed.
WHAT I CARRY FROM THOSE EARLY YEARS:
› Relational depth – business here has always been built on trust forged over time, not transactions
› Cultural continuity – a society that honors its past even as it races toward its future
› Resilience without bitterness – a person who has every reason to carry grievance, yet choose openness
› Humility in learning – Vietnam taught me that expertise must be earned in context, not imported
What the New Vietnam Is Becoming
The Vietnam of 2026 is extraordinary. It is not the country I arrived in — and I mean that as the highest possible compliment. The pace, ambition, and sophistication of its transformation have exceeded everything I imagined when I first set down roots here.
Vietnam is now a country that writes its own rules — literally. I have had the honor of advising on the EU-Vietnam Free Trade Agreement, which placed Vietnam in an entirely different category of global trade partner. The legal and regulatory architecture being built today would have been unrecognizable thirty years ago.
The new generation of Vietnamese leaders, entrepreneurs, and professionals carries something powerful: they have inherited the resilience and cultural depth of their parents, while operating with global fluency, technological confidence, and extraordinary ambition. They are not copying other models. They are designing their own.
And then there is the single most transformative milestone of this era — one that I believe will define Vietnam’s place in the world for the next generation: Vietnam’s upgrade to Emerging Market Status in September 2026.
This is not a technicality. This is a declaration to global capital markets that Vietnam belongs at the top table — on par with China, India, Brazil, and the world’s great growth economies.
For 35 years I have watched international investors approach Vietnam with admiration tempered by hesitation. That hesitation ends now. Emerging Market classification triggers automatic inclusion in the world’s most influential investment indices, unlocking hundreds of billions of dollars in institutional capital that was structurally prohibited from entering Vietnam before. Sovereign wealth funds, pension funds, global asset managers – they are not coming to explore. They are coming to invest, and to stay.
The implications for Vietnam’s legal, regulatory, and commercial landscape are profound. Governance standards will rise to meet the expectations of the world’s most sophisticated investors. Transparency, rule of law, and institutional consistency — the very things I have spent 35 years advocating for — will no longer be aspirational. They will be competitive requirements. Vietnam will have to deliver them, and I believe it will.
This is the moment Vietnam has been building toward since Doi Moi. And for those of us who have been here long enough to remember the starting point, it is nothing short of extraordinary.
The New Vietnam is not a destination — it is a direction. And the direction is unmistakably forward, unmistakably Vietnamese, and unmistakably significant for the world.
WHAT GIVES ME GENUINE OPTIMISM:
› Emerging Market Status – September 2026 – a historic reclassification placing Vietnam on par with China, India and the world’s great growth economies – unlocking global institutional capital at scale
› Human capital – the quality, drive, and global mindedness of Vietnam’s young professionals is world-class
› Strategic positioning – Vietnam has navigated a complex geopolitical environment with remarkable poise
› Green transition leadership – Vietnam’s carbon credit frameworks and energy transition ambitions are genuinely forward-looking
› Cultural confidence – the New Vietnam does not need to choose between tradition and modernity – it is holding both
What I Hope to See Next
I am not romantic. After 35 years in the field, I understand that transformation is not linear, and that progress always produces new tensions. So, when I speak about what I hope for, I speak as a practitioner — someone who has sat across the table from ministries, courts, and boardrooms.
I hope Vietnam will continue to build institutions that outlast individuals. The quality of a legal system, an investment framework, or an energy policy is ultimately measured not by what it says on paper, but by whether it is consistently applied. This is Vietnam’s next great challenge — and its next great opportunity.
I hope Vietnam will protect the things that made it extraordinary in the first place. The relational culture. The long-term thinking. The capacity to hold complexity without being paralyzed by it. These are competitive advantages in a world that is increasingly impatient and transactional.
And I hope – perhaps most personally – that Vietnam will remain a place where outsiders who commit to it, learn from it, and serve it with integrity are welcomed. That openness has defined my own story here. It has made me a better lawyer, a better thinker, and a better human being.
Closing
Thirty-five years ago, I made a choice. Not just a career choice — a life choice. I chose to be here, to learn the language, to earn a place at the table, and to contribute to something larger than myself.
The New Vietnam, at its best, is a country that rewards that kind of commitment. It is a country that is building something real, something durable, and something the world should pay much closer attention to.
I am proud to have played even a small role in that story. And I look forward — with genuine excitement — to what comes next.
Xin cảm ơn. Vietnam, you have my respect, my admiration — and my heart.
***
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.

Quyết định của Việt Nam trong việc khôi phục tham vọng điện hạt nhân đánh dấu một trong những bước phát triển hạ tầng chiến lược quan trọng nhất ở Đông Nam Á trong nhiều thập kỷ qua. Tuy nhiên, nhiều nhà quan sát quốc tế vẫn tiếp tục hiểu sai bản chất thực sự của những gì Hà Nội đang cố gắng đạt được.
Ninh Thuận 2 không chỉ đơn thuần là một dự án nhà máy điện.
Đây là khởi đầu cho nỗ lực của Việt Nam nhằm xây dựng cả một hệ sinh thái hạt nhân quốc gia gần như từ con số 0.
Sự khác biệt này có ý nghĩa then chốt đối với các nhà đầu tư, chính phủ, nhà thầu EPC, cơ quan tín dụng xuất khẩu, quỹ hạ tầng, công ty bảo hiểm, nhà cung cấp công nghệ và các cố vấn pháp lý muốn hiểu rõ quy mô của cơ hội – cũng như độ phức tạp của thách thức.
Dự án không chỉ là việc xây dựng lò phản ứng. Việt Nam phải đồng thời phát triển:
• khung quản trị hạt nhân,
• năng lực quản lý,
• cơ chế giám sát an toàn,
• khả năng hiện đại hóa lưới điện,
• hệ thống ứng phó khẩn cấp,
• chuỗi đào tạo nhân lực,
• hệ sinh thái nội địa hóa,
• cùng với chuyên môn vận hành dài hạn.
Ít quốc gia trong lịch sử hiện đại từng thực hiện một cuộc chuyển đổi thể chế đầy tham vọng như vậy song song với mở rộng công nghiệp.
Và Việt Nam ngày càng cho thấy quyết tâm thực hiện đúng điều đó.
Vì sao Việt Nam quay lại với điện hạt nhân
Việc Việt Nam quay lại với năng lượng hạt nhân cuối cùng được thúc đẩy bởi một vấn đề cốt lõi: an ninh năng lượng.
Quỹ đạo kinh tế của đất nước tiếp tục tạo áp lực lớn lên hệ thống điện quốc gia. Quá trình công nghiệp hóa nhanh chóng, sản xuất chất bán dẫn, hạ tầng trí tuệ nhân tạo, trung tâm dữ liệu, phương tiện điện và ngành công nghiệp nặng định hướng xuất khẩu đều đang thúc đẩy nhu cầu điện với tốc độ khó có thể đáp ứng chỉ bằng các nguồn năng lượng truyền thống.
Mô hình năng lượng truyền thống của Việt Nam ngày càng căng thẳng:
• nguồn khí nội địa đối mặt với hạn chế dài hạn,
• cơ hội mở rộng thủy điện đang thu hẹp,
• tài trợ cho than chịu áp lực quốc tế ngày càng lớn,
• và sự gián đoạn của năng lượng tái tạo tiếp tục thách thức tính ổn định của lưới điện.
Đồng thời, Việt Nam muốn định vị mình là:
• trung tâm sản xuất tiên tiến toàn cầu,
• điểm đến chiến lược cho ngành bán dẫn,
• và nền kinh tế số hàng đầu trong ASEAN.
Những tham vọng này đòi hỏi nguồn điện nền tảng quy mô lớn, đáng tin cậy.
Trong bối cảnh đó, năng lượng hạt nhân ngày càng được nhìn nhận tại Hà Nội không phải như một dự án mang tính ý thức hệ, mà là một nhu cầu công nghiệp chiến lược.
Tại sao Ninh Thuận 2 có ý nghĩa vượt xa việc sản xuất điện
Các nhà đầu tư nước ngoài nên tránh phân tích Ninh Thuận 2 như một dự án hạ tầng thông thường.
Đây đồng thời là:
• một dự án năng lượng,
• một dự án năng lực chủ quyền,
• một bài toán cân bằng địa chính trị,
• một chương trình hiện đại hóa quy định,
• và một sáng kiến chính sách công nghiệp.
Việt Nam phải xây dựng một khung hạt nhân quốc gia gần như từ đầu.
Điều này bao gồm:
• các cơ quan cấp phép hạt nhân,
• giám sát an toàn độc lập,
• năng lực kiểm định kỹ thuật,
• hệ thống an ninh mạng,
• quản trị chu trình nhiên liệu,
• hạ tầng quản lý phóng xạ,
• cùng với nguồn nhân lực kỹ sư chuyên môn cao.
Thách thức vì thế không chỉ mang tính công nghệ, mà còn mang tính thể chế.
Thực tế này giải thích vì sao tiến độ có thể kéo dài hơn so với những tuyên bố chính trị lạc quan ban đầu.
Vị thế ngày càng mạnh của Hàn Quốc
Mặc dù chưa có thông báo chính thức về việc trao thầu cuối cùng, Hàn Quốc ngày càng được xem là một trong những ứng viên mạnh nhất – và có thể là hàng đầu – cho Ninh Thuận 2.
Nhiều yếu tố cấu trúc củng cố nhận định này:
Thứ nhất: Quan hệ giữa Việt Nam và Hàn Quốc đã trở nên vô cùng sâu sắc. Hàn Quốc hiện là một trong những nhà đầu tư, nhà tuyển dụng và đối tác công nghiệp lớn nhất của Việt Nam. Riêng Samsung đã tái định hình căn bản nhiều lĩnh vực trong nền kinh tế sản xuất của Việt Nam. Uy tín công nghiệp của Hàn Quốc tại Việt Nam rất mạnh mẽ.
Thứ hai: Hàn Quốc mang lại một giá trị đặc biệt trong môi trường địa chính trị hiện nay:
công nghệ tiên tiến mà không gây ma sát địa chính trị đáng kể.
Đối với Hà Nội, điều này có ý nghĩa to lớn.
Việt Nam vốn tìm kiếm sự cân bằng chiến lược và thường tránh phụ thuộc quá mức vào một cường quốc duy nhất. Hàn Quốc vì thế là đối tác chính trị thoải mái – công nghệ cao, kỷ luật thương mại và được cả phương Tây lẫn châu Á chấp nhận rộng rãi.
Thứ ba: Năng lực tài chính có thể trở thành yếu tố quyết định.
Các dự án hạt nhân thuộc nhóm đầu tư hạ tầng tốn kém nhất thế giới. Việt Nam phải mở rộng sản xuất điện đồng thời duy trì kỷ luật tài khóa và sự linh hoạt chủ quyền.
Nếu các bên Hàn Quốc có thể cung cấp:
• tài trợ xuất khẩu cạnh tranh,
• cấu trúc trả nợ dài hạn,
• hỗ trợ có bảo lãnh chủ quyền,
• và sự chắc chắn trong triển khai,
thì sức hấp dẫn của Hàn Quốc sẽ tăng lên đáng kể.
Cuối cùng: Uy tín quốc tế của Hàn Quốc trong xuất khẩu hạt nhân đã được củng cố đáng kể trong những năm gần đây, đặc biệt nhờ các dự án thành công ở nước ngoài và danh tiếng toàn cầu của nền tảng APR1400.
Việt Nam đang theo dõi sát sao những diễn biến này.
Thực tế về tiến độ hạt nhân
Thảo luận công khai thường tập trung vào các mốc khánh thành. Tuy nhiên, nhà đầu tư cần giữ thái độ thực tế.
Ngay cả trong điều kiện thuận lợi nhất, tiến độ hạt nhân của Việt Nam nhiều khả năng sẽ kéo dài hơn một thập kỷ.
Đất nước không chỉ xây dựng lò phản ứng. Việt Nam đang xây dựng:
• năng lực quản lý,
• chuyên môn vận hành,
• niềm tin thể chế,
• cùng với hệ thống quản trị dài hạn.
Điều này cần thời gian.
Các kịch bản lạc quan có thể hướng tới vận hành thương mại ban đầu vào khoảng 2034–2035.
Tuy nhiên, đánh giá thận trọng và thực tế hơn sẽ đặt mốc vận hành ổn định vào khoảng 2036–2040.
Điều này không bất thường đối với các chương trình hạt nhân thế hệ đầu tiên.
Trên toàn cầu, các dự án hạt nhân thường gặp phải:
• điều chỉnh tài chính,
• thách thức trong trình tự hạ tầng,
• chậm trễ cấp phép,
• vấn đề nội địa hóa,
• tắc nghẽn nhân lực,
• cùng với yêu cầu an toàn ngày càng thay đổi.
Việt Nam gần như chắc chắn sẽ tiến hành thận trọng khi bắt đầu triển khai thực sự. Hệ quả chính trị của một chương trình hạt nhân vội vàng hoặc quản lý kém sẽ vô cùng lớn.
Trên thực tế, sự thận trọng có thể trở thành một trong những điểm mạnh lớn nhất của Việt Nam.
Ba thách thức then chốt mà nhà đầu tư phải hiểu
1. Phát triển thể chế và quy định
Thách thức lớn nhất có thể không nằm ở kỹ thuật – mà ở quản trị.
Việt Nam phải xây dựng:
• cơ chế giám sát an toàn có uy tín quốc tế,
• năng lực cấp phép,
• khung ứng phó khẩn cấp,
• cùng với khả năng giám sát vận hành dài hạn.
Hệ sinh thái thể chế này không thể được nhập khẩu trong một sớm một chiều.
2. Hạ tầng lưới điện và truyền tải
Sản xuất điện hạt nhân quy mô lớn đòi hỏi hạ tầng truyền tải tinh vi tương ứng.
Việt Nam phải đồng thời:
• hiện đại hóa lưới điện quốc gia,
• tăng cường hệ thống điều độ,
• cải thiện năng lực truyền tải đường dài.
Nếu không có đầu tư đáng kể vào truyền tải, chỉ riêng công suất phát điện sẽ không thể giải quyết thách thức năng lượng của Việt Nam.
3. Nguồn nhân lực và nội địa hóa
Việt Nam phải đào tạo:
• kỹ sư,
• cán bộ quản lý,
• người vận hành,
• chuyên gia an toàn,
• chuyên gia an ninh mạng,
• cùng với kỹ thuật viên hạt nhân.
Đây có thể trở thành một trong những khía cạnh dài hạn quan trọng nhất của chương trình.
Dự án vì thế không chỉ tạo ra hạ tầng năng lượng – mà còn năng lực công nghiệp.
Cơ hội đầu tư rộng lớn hơn
Các nhà đầu tư tinh vi nên nhận ra rằng cơ hội xung quanh Ninh Thuận 2 vượt xa việc xây dựng lò phản ứng.
Hệ sinh thái rộng lớn hơn có thể tạo ra cơ hội đáng kể trong:
• hạ tầng truyền tải,
• cảng và logistics,
• dịch vụ kỹ thuật,
• tư vấn môi trường,
• tài chính dự án,
• bảo hiểm,
• hệ thống số,
• an ninh mạng,
• nội địa hóa,
• phát triển nguồn nhân lực,
• sản xuất công nghiệp,
• cùng với dịch vụ tư vấn pháp lý và quy định.
Ở nhiều khía cạnh, hệ sinh thái hạt nhân xung quanh có thể trở nên quan trọng về kinh tế ngang bằng với chính các lò phản ứng.
Kế hoạch hành động thực tế cho nhà đầu tư
Đối với các nhà đầu tư đang cân nhắc tham gia vào tương lai hạt nhân của Việt Nam, một số ưu tiên chiến lược ngày càng trở nên quan trọng:
1. Xây dựng quan hệ thể chế dài hạn
Chương trình hạt nhân của Việt Nam sẽ được định hình thông qua sự phối hợp lâu dài giữa chính phủ và các thể chế. Chiến lược giao dịch ngắn hạn khó có thể thành công.
Nhà đầu tư nên tập trung vào:
• sự gắn kết bền vững,
• hợp tác kỹ thuật,
• xây dựng uy tín.
2. Ưu tiên nội địa hóa sớm
Việt Nam ngày càng kỳ vọng các dự án chiến lược sẽ đóng góp vào việc xây dựng năng lực trong nước.
Kế hoạch nội địa hóa nên bao gồm:
• đào tạo nguồn nhân lực,
• chuyển giao công nghệ,
• tích hợp nhà cung cấp nội địa,
• quan hệ đối tác giáo dục.
3. Tập trung vào hiểu biết quy định
Các dự án hạt nhân đòi hỏi sự tương tác với nhiều tầng lớp chính quyền và cơ quan giám sát.
Việc lập bản đồ pháp lý và quy định sớm sẽ rất cần thiết, đặc biệt liên quan đến:
• cấp phép,
• sử dụng đất,
• phê duyệt môi trường,
• tích hợp truyền tải,
• tuân thủ an toàn.
4. Chuẩn bị cho tiến độ dài hạn
Đây không phải là môi trường đầu tư ngắn hạn.
Nhà đầu tư nên cấu trúc sự tham gia với:
• kỷ luật vốn dài hạn,
• chiến lược triển khai theo giai đoạn,
• giả định thực tế về trình tự dự án.
Kết luận
Việc hồi sinh điện hạt nhân của Việt Nam không chỉ đơn thuần là sự trở lại của một dự án năng lượng. Đây là khởi đầu của một cuộc chuyển đổi công nghiệp quốc gia.
Ninh Thuận 2 đại diện cho nỗ lực của Việt Nam nhằm xây dựng:
• năng lực hạt nhân có chủ quyền,
• kiến trúc năng lượng hiện đại hóa,
• cùng với hệ sinh thái công nghiệp dài hạn gần như từ con số 0.
Quá trình này nhiều khả năng sẽ:
• diễn ra chậm hơn so với các tiêu đề chính trị,
• đòi hỏi thể chế khắt khe,
• và vô cùng phức tạp.
Tuy nhiên, định hướng chiến lược ngày càng trở nên rõ ràng.
Đối với các nhà đầu tư có sự kiên nhẫn, tinh tế và tầm nhìn dài hạn, chương trình hạt nhân của Việt Nam có thể trở thành một trong những cơ hội hạ tầng và công nghiệp mang tính định hình ở châu Á trong nhiều thập kỷ tới.
Và đối với chính Việt Nam, Ninh Thuận 2 có thể chứng minh rằng nó không chỉ là một nhà máy điện.
Nó có thể trở thành nền tảng cho một kỷ nguyên hoàn toàn mới về năng lực công nghiệp quốc gia.
Duane Morris Vietnam sẵn sàng đóng vai trò là cố vấn pháp lý tại Việt Nam cho dự án mang tính bước ngoặt này. Mọi yêu cầu xin vui lòng liên hệ TS. Oliver Massmann tại omassmann@duanemorris.com.

Die Entscheidung Vietnams, seine nuklearen Energieambitionen wiederzubeleben, markiert eine der bedeutendsten strategischen Infrastrukturentwicklungen in Südostasien seit Jahrzehnten. Dennoch missverstehen viele internationale Beobachter weiterhin die wahre Natur dessen, was Hanoi nun zu erreichen versucht.
Ninh Thuan 2 ist nicht einfach nur ein Kraftwerksprojekt.
Es ist der Beginn von Vietnams Versuch, ein gesamtes nationales nukleares Ökosystem nahezu von Grund auf aufzubauen.
Diese Unterscheidung ist entscheidend für Investoren, Regierungen, EPC Auftragnehmer, Exportkreditagenturen, Infrastrukturfonds, Versicherer, Technologieanbieter und Rechtsberater, die das Ausmaß der Chance – und die Komplexität der Herausforderung – verstehen wollen.
Das Projekt geht weit über den Bau von Reaktoren hinaus. Vietnam muss gleichzeitig entwickeln:
• nukleare Governance Rahmenwerke,
• regulatorische Kapazitäten,
• Sicherheitsaufsichtsmechanismen,
• Fähigkeiten zur Netzmodernisierung,
• Notfallreaktionssysteme,
• Ausbildungsprogramme für Fachkräfte,
• Lokalisierungsökosysteme,
• sowie langfristige Betriebskompetenz.
Nur wenige Länder in der modernen Geschichte haben eine derart ehrgeizige institutionelle Transformation parallel zu industrieller Expansion unternommen.
Und doch scheint Vietnam zunehmend entschlossen, genau das zu tun.
Warum Vietnam zur Kernenergie zurückkehrt
Die Rückkehr Vietnams zur Kernenergie wird letztlich von einem übergeordneten Thema bestimmt: Energiesicherheit.
Die wirtschaftliche Entwicklung des Landes setzt das nationale Stromsystem unter außergewöhnlichen Druck. Rasante Industrialisierung, Halbleiterfertigung, KI Infrastruktur, Datenzentren, Elektromobilität und exportorientierte Schwerindustrie treiben den Strombedarf in einem Tempo voran, das mit traditionellen Energiequellen allein schwer zu decken ist.
Vietnams historisches Energiemodell gerät zunehmend unter Spannung:
• die heimischen Gasressourcen sind langfristig begrenzt,
• die Möglichkeiten zur Wasserkrafterweiterung verengen sich,
• die Kohlefinanzierung steht unter wachsendem internationalen Druck,
• und die Unbeständigkeit erneuerbarer Energien bleibt eine Herausforderung für die Netzstabilität.
Gleichzeitig will sich Vietnam positionieren als:
• globales Zentrum für fortgeschrittene Fertigung,
• strategischer Standort für Halbleiter,
• sowie führende digitale Wirtschaft innerhalb der ASEAN.
Solche Ambitionen erfordern verlässliche, großskalige Grundlaststromerzeugung.
In diesem Kontext wird Kernenergie in Hanoi zunehmend nicht als ideologisches Projekt, sondern als strategische industrielle Notwendigkeit betrachtet.
Warum Ninh Thuan 2 weit über die Stromerzeugung hinaus von Bedeutung ist
Ausländische Investoren sollten der Versuchung widerstehen, Ninh Thuan 2 als ein konventionelles Infrastrukturprojekt zu analysieren.
Es handelt sich gleichzeitig um:
• ein Energieprojekt,
• ein Projekt zur Stärkung staatlicher Fähigkeiten,
• eine geopolitische Balanceübung,
• ein Programm zur Modernisierung der Regulierung,
• und eine industriepolitische Initiative.
Vietnam muss faktisch ein nationales Nuklearrahmenwerk nahezu von Grund auf aufbauen.
Dies umfasst:
• nukleare Genehmigungsinstitutionen,
• unabhängige Sicherheitsaufsicht,
• technische Inspektionskapazitäten,
• Cybersicherheitssysteme,
• Governance des Brennstoffkreislaufs,
• Infrastruktur für Strahlungsmanagement,
• sowie hoch spezialisierte Ingenieurkompetenz.
Die Herausforderung ist daher nicht nur technologisch, sondern auch institutionell.
Diese Realität erklärt, warum Zeitpläne letztlich länger ausfallen könnten, als optimistische politische Ankündigungen zunächst vermuten lassen.
Südkoreas zunehmend starke Position
Obwohl bisher keine endgültige Vergabe offiziell bekanntgegeben wurde, scheint Südkorea zunehmend zu den stärksten – und möglicherweise führenden – Kandidaten für Ninh Thuan 2 zu gehören.
Mehrere strukturelle Gegebenheiten stützen diese Einschätzung:
Erstens: Die Beziehung Vietnams zu Südkorea ist außerordentlich tief geworden. Korea zählt inzwischen zu den größten Investoren, Arbeitgebern und Industriepartnern Vietnams. Samsung allein hat wesentliche Teile der vietnamesischen Fertigungswirtschaft grundlegend umgestaltet. Die industrielle Glaubwürdigkeit Koreas in Vietnam ist außergewöhnlich stark.
Zweitens: Südkorea bietet in der heutigen geopolitischen Umgebung etwas äußerst Wertvolles:
fortschrittliche Technologie ohne erhebliche geopolitische Reibungen.
Für Hanoi ist dies von enormer Bedeutung. Vietnam strebt traditionell strategische Balance an und vermeidet im Allgemeinen eine übermäßige Abhängigkeit von einer einzelnen Großmacht. Korea stellt daher einen politisch komfortablen Partner dar – technologisch hochentwickelt, kommerziell diszipliniert und sowohl für westliche als auch asiatische Akteure weitgehend akzeptabel.
Drittens: Die Finanzierungskapazität könnte sich letztlich als entscheidend erweisen.
Nuklearprojekte gehören zu den kapitalintensivsten Infrastrukturinvestitionen weltweit. Vietnam muss die Stromerzeugung ausbauen und gleichzeitig fiskalische Disziplin und staatliche Flexibilität wahren.
Wenn koreanische Akteure bieten können:
• wettbewerbsfähige Exportfinanzierung,
• langfristige Rückzahlungsstrukturen,
• staatlich abgesicherte Unterstützung,
• und Umsetzungssicherheit,
dann steigt die Attraktivität Koreas erheblich.
Schließlich: Die internationale Glaubwürdigkeit Südkoreas im Nuklearexport hat sich in den letzten Jahren materiell gestärkt – insbesondere durch erfolgreiche Auslandsprojekte und den weltweiten Ruf der APR1400 Plattform.
Vietnam beobachtet diese Entwicklungen sehr genau.
Die Realität nuklearer Zeitpläne
Die öffentliche Diskussion konzentriert sich oft auf Schlagzeilen zu Inbetriebnahmedaten. Investoren sollten jedoch realistisch bleiben.
Selbst unter sehr günstigen Umständen wird sich Vietnams Nuklearzeitplan wahrscheinlich über mehr als ein Jahrzehnt erstrecken.
Das Land baut nicht nur Reaktoren. Es errichtet gleichzeitig:
• regulatorische Kapazitäten,
• betriebliche Expertise,
• institutionelles Vertrauen,
• sowie langfristige Governance Systeme.
Dies benötigt Zeit.
Optimistische Szenarien könnten den Beginn des kommerziellen Betriebs um 2034–2035 anvisieren.
Eine konservativere und realistischere Einschätzung sieht einen stabilen kommerziellen Betrieb jedoch eher zwischen 2036–2040.
Dies ist für Erstgenerations Nuklearprogramme nicht ungewöhnlich.
Weltweit stoßen Nuklearprojekte häufig auf:
• Finanzierungsanpassungen,
• Herausforderungen bei der Infrastrukturabfolge,
• Genehmigungsverzögerungen,
• Lokalisierungsprobleme,
• Engpässe bei Fachkräften,
• sowie sich weiterentwickelnde Sicherheitsanforderungen.
Vietnam wird mit hoher Wahrscheinlichkeit vorsichtig vorgehen, sobald die Umsetzung ernsthaft beginnt. Die politischen Folgen eines übereilten oder schlecht gemanagten Nuklearprogramms wären enorm.
In Wirklichkeit könnte Vorsicht zu einer der größten Stärken Vietnams werden.
Die drei entscheidenden Herausforderungen für Investoren
1. Regulierung und institutionelle Entwicklung
Die größte Herausforderung liegt möglicherweise nicht in der Technik – sondern in der Governance.
Vietnam muss entwickeln:
• international glaubwürdige Sicherheitsaufsicht,
• Genehmigungskompetenz,
• Rahmenwerke für Notfallvorsorge,
• sowie langfristige Betriebskontrollfähigkeit.
Dieses institutionelle Ökosystem lässt sich nicht über Nacht importieren.
2. Netzinfrastruktur und Übertragung
Großskalige Nuklearerzeugung erfordert ebenso anspruchsvolle Übertragungsinfrastruktur.
Vietnam muss gleichzeitig:
• das nationale Netz modernisieren,
• Leitsysteme stärken,
• sowie die Fernübertragungskapazität verbessern.
Ohne substanzielle Investitionen in die Übertragung kann allein die Erzeugungskapazität Vietnams Energieproblem nicht lösen.
3. Humankapital und Lokalisierung
Vietnam muss ausbilden:
• Ingenieure,
• Regulierer,
• Operatoren,
• Sicherheitsspezialisten,
• Cybersicherheitsexperten,
• sowie Nukleartechniker.
Dies könnte sich letztlich als eine der wichtigsten langfristigen Dimensionen des Programms erweisen.
Das Projekt schafft daher nicht nur Energieinfrastruktur – sondern auch industrielle Fähigkeiten.
Die breitere Investitionschance
Erfahrene Investoren sollten erkennen, dass die Chancen rund um Ninh Thuan 2 weit über den Reaktorbau hinausgehen.
Das breitere Ökosystem kann erhebliche Möglichkeiten schaffen in:
• Übertragungsinfrastruktur,
• Häfen und Logistik,
• Ingenieurdienstleistungen,
• Umweltberatung,
• Projektfinanzierung,
• Versicherung,
• digitale Systeme,
• Cybersicherheit,
• Lokalisierung,
• Arbeitskräfteentwicklung,
• industrieller Fertigung,
• sowie regulatorischer Beratung.
In vielerlei Hinsicht könnte das umgebende Nuklearökosystem wirtschaftlich ebenso wichtig werden wie die Reaktoren selbst.
Ein realistischer Aktionsplan für Investoren
1. Langfristige institutionelle Beziehungen aufbauen
Vietnams Nuklearprogramm wird durch langfristige staatliche und institutionelle Koordination geprägt. Kurzfristige Transaktionsstrategien werden kaum erfolgreich sein.
Investoren sollten sich konzentrieren auf:
• dauerhafte Einbindung,
• technische Kooperation,
• und Glaubwürdigkeitsaufbau.
2. Lokalisierung früh priorisieren
Vietnam erwartet zunehmend, dass strategische Projekte zum Aufbau inländischer Fähigkeiten beitragen.
Lokalisierungspläne sollten beinhalten:
• Ausbildung von Arbeitskräften,
• Technologietransfer,
• Integration lokaler Zulieferer,
• Bildungspartnerschaften.
3. Fokus auf regulatorisches Verständnis
Nuklearprojekte erfordern Interaktion mit mehreren Regierungsebenen und Aufsichtsbehörden.
Frühes rechtliches und regulatorisches Mapping ist entscheidend, insbesondere in Bezug auf:
• Genehmigungen,
• Flächennutzung,
• Umweltbewilligungen,
• Netzintegration,
• Sicherheitskonformität.
4. Vorbereitung auf lange Zeitpläne
Dies ist kein kurzfristiges Investitionsumfeld.
Investoren sollten ihre Teilnahme strukturieren mit:
• langfristiger Kapitaldisziplin,
• phasenweisen Umsetzungsstrategien,
• realistischen Annahmen zur Projektabfolge.
Schlussfolgerung
Die Wiederbelebung der Kernenergie in Vietnam ist nicht einfach die Rückkehr eines Energieprojekts. Sie ist der Beginn einer nationalen industriellen Transformation.
Ninh Thuan 2 stellt den Versuch Vietnams dar, aufzubauen:
• eine souveräne nukleare Fähigkeit,
• eine modernisierte Energiearchitektur,
• sowie ein langfristiges industrielles Ökosystem nahezu von Grund auf.
Der Prozess wird wahrscheinlich:
• langsamer verlaufen als politische Schlagzeilen vermuten lassen,
• institutionell anspruchsvoll,
• und hochkomplex sein.
Doch die strategische Richtung erscheint zunehmend klar. Für Investoren mit Geduld, Raffinesse und langfristiger Vision könnte Vietnams Nuklearprogramm letztlich zu einer der prägenden Infrastruktur und Industriechancen Asiens in den kommenden Jahrzehnten werden.
Und für Vietnam selbst könnte Ninh Thuan 2 weit mehr sein als ein Kraftwerk.
Es könnte das Fundament einer völlig neuen Ära nationaler industrieller Fähigkeiten werden.
Duane Morris Vietnam steht bereit, als vietnamesischer Rechtsberater bei diesem wegweisenden Projekt zu dienen. Für Anfragen wenden Sie sich bitte an Dr. Oliver Massmann unter omassmann@duanemorris.com.

Vietnam’s decision to revive its nuclear power ambitions marks one of the most significant strategic infrastructure developments in Southeast Asia in decades. Yet many international observers continue to misunderstand the true nature of what Hanoi is now attempting to achieve.
Ninh Thuan 2 is not simply a power plant project.
It is the beginning of Vietnam’s attempt to create an entire national nuclear ecosystem almost from scratch.
This distinction is critical for investors, governments, EPC contractors, export credit agencies, infrastructure funds, insurers, technology providers, and legal advisors seeking to understand the magnitude of the opportunity—and the complexity of the challenge.
The project is not merely about constructing reactors. Vietnam must simultaneously develop:
• nuclear governance frameworks,
• regulatory capacity,
• safety oversight mechanisms,
• grid modernization capability,
• emergency response systems,
• workforce training pipelines,
• localization ecosystems,
• and long-term operational expertise.
Few countries in modern history have undertaken such an ambitious institutional transformation in parallel with industrial expansion.
And yet Vietnam increasingly appears determined to do exactly that.
Why Vietnam Is Returning to Nuclear Power
Vietnam’s return to nuclear energy is ultimately driven by one overriding issue: energy security.
The country’s economic trajectory continues to place extraordinary pressure on the national power system. Rapid industrialization, semiconductor manufacturing, AI infrastructure, data centers, electric mobility, and export-oriented heavy industry are all accelerating electricity demand at a pace difficult to satisfy through traditional energy sources alone.
Vietnam’s historical power model is becoming increasingly strained:
• domestic gas resources face long-term constraints,
• hydropower expansion opportunities are narrowing,
• coal financing is under growing international pressure,
• and renewable energy intermittency continues to challenge grid stability.
At the same time, Vietnam seeks to position itself as:
• a global advanced manufacturing hub,
• a strategic semiconductor destination,
• and a leading digital economy within ASEAN.
Such ambitions require reliable, large-scale baseload power generation.
In this context, nuclear energy is increasingly viewed in Hanoi not as an ideological project, but as a strategic industrial necessity.
Why Ninh Thuan 2 Matters Far Beyond Electricity Generation
Foreign investors should resist the temptation to analyze Ninh Thuan 2 as a conventional infrastructure project.
This is simultaneously:
• an energy project,
• a sovereign capability project,
• a geopolitical balancing exercise,
• a regulatory modernization programme,
• and an industrial policy initiative.
Vietnam must effectively build a national nuclear framework almost from the ground up.
This includes:
• nuclear licensing institutions,
• independent safety oversight,
• technical inspection capability,
• cybersecurity systems,
• fuel-cycle governance,
• radiation management infrastructure,
• and highly specialized engineering talent.
The challenge is therefore not only technological. It is institutional.
This reality explains why timelines may ultimately prove longer than optimistic political announcements initially suggest.
South Korea’s Increasingly Strong Position
Although no formal final award has yet been announced publicly, South Korea increasingly appears to be among the strongest—and perhaps leading—candidates for Ninh Thuan 2.
Several structural realities support this assessment.
First, Vietnam’s relationship with South Korea has become extraordinarily deep. Korea is now one of Vietnam’s largest investors, employers, and industrial partners. Samsung alone fundamentally reshaped significant portions of Vietnam’s manufacturing economy. Korean industrial credibility in Vietnam is exceptionally strong.
Second, South Korea offers something highly valuable in today’s geopolitical environment:
advanced technology without significant geopolitical friction.
For Hanoi, this matters enormously.
Vietnam traditionally seeks strategic balance and generally avoids overdependence on any single major power. Korea therefore represents a politically comfortable partner—technologically sophisticated, commercially disciplined, and broadly acceptable to both Western and Asian stakeholders.
Third, financing capability may ultimately prove decisive.
Nuclear projects are among the most capital-intensive infrastructure investments in the world. Vietnam must expand electricity generation while simultaneously maintaining fiscal discipline and sovereign flexibility.
If Korean stakeholders can provide:
• competitive export financing,
• long-term repayment structures,
• sovereign-backed support,
• and implementation certainty,
then Korea’s attractiveness increases substantially.
Finally, Korea’s international nuclear export credibility has strengthened materially in recent years, particularly through successful overseas project execution and the global reputation of the APR1400 platform.
Vietnam is observing these developments carefully.
The Reality of Nuclear Timelines
Public discussion often focuses on headline commissioning dates. However, investors should remain realistic.
Even under highly favorable circumstances, Vietnam’s nuclear timeline will likely extend over more than a decade.
The country is not merely constructing reactors. It is building:
• regulatory capability,
• operational expertise,
• institutional confidence,
• and long-term governance systems.
This takes time.
Optimistic scenarios may target initial commercial operation around 2034–2035.
However, a more conservative and realistic assessment likely places stable commercial operation closer to:
2036–2040.
This is not unusual for first-generation nuclear programmes.
Globally, nuclear projects frequently encounter:
• financing adjustments,
• infrastructure sequencing challenges,
• licensing delays,
• localization issues,
• workforce bottlenecks,
• and evolving safety requirements.
Vietnam will almost certainly proceed cautiously once implementation begins in earnest. The political consequences of a rushed or poorly managed nuclear programme would be enormous.
In reality, caution may become one of Vietnam’s greatest strengths.
The Three Critical Challenges Investors Must Understand
1. Regulatory and Institutional Development
The greatest challenge may not be engineering—but governance.
Vietnam must develop:
• internationally credible safety oversight,
• licensing expertise,
• emergency preparedness frameworks,
• and long-term operational supervision capability.
This institutional ecosystem cannot be imported overnight.
2. Grid Infrastructure and Transmission
Large-scale nuclear generation requires equally sophisticated transmission infrastructure.
Vietnam must simultaneously:
• modernize the national grid,
• strengthen dispatch systems,
• and improve long-distance transmission capability.
Without substantial transmission investment, generation capacity alone cannot solve Vietnam’s energy challenge.
3. Human Capital and Localization
Vietnam must train:
• engineers,
• regulators,
• operators,
• safety specialists,
• cybersecurity experts,
• and nuclear technicians.
This may ultimately become one of the most important long-term dimensions of the programme.
The project therefore creates not only energy infrastructure—but industrial capability.
The Broader Investment Opportunity
Sophisticated investors should recognize that the opportunity surrounding Ninh Thuan 2 extends far beyond reactor construction itself.
The broader ecosystem may generate substantial opportunities in:
• transmission infrastructure,
• ports and logistics,
• engineering services,
• environmental consulting,
• project finance,
• insurance,
• digital systems,
• cybersecurity,
• localization,
• workforce development,
• industrial manufacturing,
• and regulatory advisory services.
In many respects:
the surrounding nuclear ecosystem may become economically as important as the reactors themselves.
A Realistic Action Plan for Investors
For investors considering participation in Vietnam’s nuclear future, several strategic priorities are becoming increasingly important.
1. Build Long-Term Institutional Relationships
Vietnam’s nuclear programme will be shaped through long-term governmental and institutional coordination. Short-term transactional strategies are unlikely to succeed.
Investors should focus on:
• sustained engagement,
• technical cooperation,
• and credibility-building.
2. Prioritize Localization Early
Vietnam increasingly expects strategic projects to contribute to domestic capability building.
Localization plans should include:
• workforce training,
• technology transfer,
• local supplier integration,
• and educational partnerships.
3. Focus on Regulatory Understanding
Nuclear projects require interaction with multiple layers of government and regulatory oversight.
Early legal and regulatory mapping will be essential, particularly concerning:
• licensing,
• land use,
• environmental approvals,
• transmission integration,
• and safety compliance.
4. Prepare for Long Timelines
This is not a short-cycle investment environment.
Investors should structure participation with:
• long-term capital discipline,
• phased implementation strategies,
• and realistic assumptions regarding project sequencing.
Conclusion
Vietnam’s revival of nuclear power is not simply the return of an energy project. It is the beginning of a national industrial transformation.
Ninh Thuan 2 represents Vietnam’s attempt to create:
• a sovereign nuclear capability,
• a modernized energy architecture,
• and a long-term industrial ecosystem almost from scratch.
The process will likely be:
• slower than political headlines suggest,
• institutionally demanding,
• and highly complex.
But the strategic direction now appears increasingly clear.
For investors with patience, sophistication, and long-term vision, Vietnam’s nuclear programme may ultimately become one of the defining infrastructure and industrial opportunities in Asia over the coming decades.
And for Vietnam itself, Ninh Thuan 2 may prove to be far more than a power plant.
It may become the foundation of an entirely new era of national industrial capability.
***
Duane Morris Vietnam stands ready to serve as Vietnamese legal counsel on this landmark project. For enquiries, please contact Dr. Oliver Massmann at omassmann@duanemorris.com.

Frage: Was ist derzeit das am meisten unterschätzte Risiko für ausländische Betreiber von Rechenzentren in Vietnam?

OM: Ich bin der Ansicht, dass die am meisten unterschätzten Risiken für ausländische Betreiber von Rechenzentren in Vietnam im Jahr 2026 die „System Security Level 4“-Falle sowie die praktischen Aspekte der Hardware-Wartung sind.
Nach dem Gesetz über die digitale Technologieindustrie (DTI-Gesetz) und dem Cybersicherheitsgesetz 2025 werden Rechenzentren, die kritische Infrastruktur oder bedeutende Finanz-/digitale Vermögensdaten hosten, häufig in die Sicherheitsstufe 4 für Informationssysteme eingestuft. Stufe 4 verlangt Null-Ausfallzeiten, nahtlose Backups und lokalisierte Kontrolle. Die meisten globalen Hyperscale-Modelle stützen sich auf regionale „Cloud HSMs“ oder zentrale Hubs (wie Singapur). Die Übernahme einer standardisierten globalen Architektur kann es daher unmöglich machen, die Anforderungen der Stufe 4 zu erfüllen, die vorschreibt, dass ein Ausfall die nationale Sicherheit nicht beeinträchtigen darf. Ausländische Betreiber unterschätzen oft die Kosten für den Aufbau dieser spezifischen, hochredundanten lokalen Architektur von Grund auf. Es ist entscheidend, dass ausländische Investoren die Klassifizierung nach vietnamesischem Recht genau kennen, um die Risiken klar zu verstehen.
Darüber hinaus hat das Ministerium für öffentliche Sicherheit nach den geltenden Vorschriften die Befugnis, Hardware physisch zu inspizieren und die Datensouveränität zu überprüfen. Viele ausländische Betreiber verwenden proprietäre „Black-Box“-Hardware oder modulare Rechenzentrumsdesigns. Wenn das Ministerium eine physische Prüfung der Verschlüsselungsmodule oder der Serverarchitektur verlangt, um sicherzustellen, dass keine „Hintertüren“ existieren oder dass Daten nicht illegal ins Ausland gespiegelt wurden, steht der Betreiber vor der Wahl: globale Sicherheitsprotokolle kompromittieren oder eine Lizenzsperre riskieren.
Zudem hat Vietnam vorgeschrieben, dass die Energieeffizienzkennzahl (Power Usage Effectiveness, PUE) bis 2030 unter 1,3 liegen muss – ein äußerst ehrgeiziges Ziel angesichts des tropischen Klimas des Landes. Zwar wurde das Rahmenwerk für direkte Strombezugsverträge (Direct Power Purchase Agreement, DPPA) eingeführt, um die Beschaffung von sauberer Energie zu ermöglichen, doch die Netzinfrastruktur und die Vorschriften zum DPPA hinken noch hinterher. Betreiber könnten sich in einer „Green Trap“ wiederfinden: gesetzlich verpflichtet, niedrige PUE-Werte und hohe Ziele für erneuerbare Energien zu erreichen, um ESG-Anforderungen und die Anreize des Investitionsgesetzes 2025 zu erfüllen, aber physisch nicht in der Lage, eine stabile, durchgehende grüne Last ohne massive, nicht eingeplante Investitionen in lokale Batteriespeicher (BESS) sicherzustellen. Ein bankfähiges Direct Power Purchase Agreement ist für ausländische Investoren notwendig, um sowohl internationalen Finanzstandards als auch den Vorschriften Vietnams gerecht zu werden.
Für weitere Informationen wenden Sie sich bitte an den Autor Dr. Oliver Massmann unter omassmann@duanemorris.com. Dr. Oliver Massmann ist Generaldirektor von Duane Morris Vietnam LLC.