Author: Dr. Oliver Massmann

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.]
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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.

Effective from September 15, 2025, Decree 210/2025/ND-CP establishes a comprehensive legal framework to facilitate investment by startup investment funds in innovative startups in Vietnam, enhancing capital access for these enterprises. This article outlines the key provisions of Decree 210, highlighting its significance in fostering a secure investment environment for startups and venture capital funds.

Decree 210 formally recognizes convertible investment instruments, enabling investment funds to provide capital to startups through mechanisms that can later be converted into equity or capital contributions. Prior to this decree, investors often relied on convertible loans or restructured preferred shares under existing enterprise regulations to inject capital into startups. The absence of a clear legal framework posed potential risks. The introduction of these provisions represents a significant advancement, reducing uncertainty and enhancing investor confidence.

The decree also introduces provisions allowing investment funds to negotiate preemptive rights to acquire new shares in subsequent funding rounds of startups. This regulation aligns with common practices in venture capital and startup ecosystems, ensuring that investors can protect their legitimate interests by maintaining their proportional ownership in future capital raises.

Decree 210 establishes specific guidelines to ensure the safe and transparent operation of investment funds and startups:
1. Fund Composition and Legal Status: An investment fund may consist of 2 to 30 investors and does not have legal entity status. This flexible structure is well-suited to the experimental and smaller-scale nature of early-stage venture capital funds.
2. Investment Limits: The total capital invested by a fund in a single startup may not exceed 50% of the startup’s charter capital post-investment. This restriction aims to prevent excessive control by a single investor and encourages startups to diversify their funding sources.
3. Prohibition on Cross-Investment: The decree strictly prohibits innovative startup investment funds from investing in other similar funds. This measure enhances financial transparency, mitigates risks associated with capital recycling, and prevents speculative financial structures.

To maintain the focus on fostering innovation, Decree 210 imposes specific limitations on the activities of startup investment funds:
• Funds are prohibited from engaging in commercial lending or guaranteeing loans.
• Investment in listed securities, bonds, or fund certificates on the stock market is not permitted.
• Funds are barred from promising guaranteed returns when raising capital from investors.

These restrictions underscore the decree’s intent to prioritize venture capital investments that support innovation and creativity, rather than purely financial or speculative objectives.
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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 7 August 2025, the Government issued Decree No. 219/2025/ND-CP regulating foreign worker working in Vietnam (“Decree 219”) to replace previous regulations outlined in Decree No. 152/2020/ND-CP and the amending Decree No. 70/2023/ND-CP. In general, Decree 219 outlines relevant provisions to attract high-quality talent in priority sectors, and provide clear guidance for both employers and employees. Notable provisions are as follows:
1. Streamlined Work Permit Application Process: Decree 219 integrates the two-step process of (i) seeking approval for the demand to use foreign labor and (ii) applying for a work permit into a single, consolidated procedure. This significantly reduces administrative burden. As a result, the total statutory processing time for a work permit application is now 10 working days, a significant reduction compared to the statutory timeline of about 20 working days for the two steps before integration.
2. Expanded Cases for Work Permit Exemption: The new decree expands the list of cases where a foreign worker is exempt from a work permit. Notable cases include:
• High-Value Capital Contributors: Owners or capital-contributing members of limited liability companies, and Chairpersons or members of the Board of Management of joint-stock companies, with a capital contribution of VND 3 billion or more.
• Priority Sector Professionals: Foreign experts and workers confirmed by relevant ministries or provincial People’s Committees to be working in strategic fields such as finance, science and technology, innovation, and national digital transformation.
• Short-Term Work: Foreign managers, executives, experts, or technicians entering Vietnam for short-term assignments of less than 90 days per calendar year are now eligible for exemption.
3. Relaxation of Requirements for “Experts” and “Technicians”: The conditions to qualify as an “expert” or “technician” have been eased as follows:
• Experts: Now require a bachelor’s degree (or higher) and at least 2 years of relevant work experience (down from 3 years). For those in priority development sectors, only 1 year of experience is needed.
• Technicians: The required relevant work experience has been reduced from 5 years to 3 years.
4. Decentralization of Authority: The authority for issuing, re-issuing, extending, and revoking work permits and work permit exemption certificates is now transferred to provincial-level People’s Committees.
5. New Rules for Work Permit Exemption Certificates: The decree introduces clear procedures for the re-issuance, extension, and revocation of work permit exemption certificates.
• An exemption certificate may be extended once for a maximum period of two years.
• Clear grounds for revocation have been established, including working outside the certified scope or termination of the work assignment.
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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 3 March 2025, the Government issued Decree No. 58/2025/ND-CP providing guidance on the Law on Electricity pertaining to development of renewable energy power and new energy power (“Decree 58”), replacing Decree No. 135/2024/ND-CP regulating policies and mechanisms to encourage the development of self-production and self-consumption rooftop solar power (“Decree 135”). Decree 58 focuses on incentives for new energy projects, mechanisms for self-production and self-consumption rooftop solar (“RTS”) power projects, and development of offshore wind power projects.
I. Mechanisms for self-production and self-consumption RTS power projects
1. Self-production and self-consumption: Similar to Decree 135, mechanisms and policies under Decree 58 are provided for the development of self-production and self-consumption RTS power installed on the roofs of various constructions including individual residences, offices, industrial zones, clusters, export processing zones, high-tech parks, economic zones, production facilities, and business establishment. Self-production and self-consumption RTS power, according to Decree 58, refers to electricity produced and consumed by an organization or individual to meet their demands.
2. Principles for development of self-production and self-consumption RTS power systems:
• The implementation of the construction and project development must be in compliance with all applicable regulations on investment, construction, land, environment, safey, firefighting and prevention;
• During the RTS power system’s investment and construction phase, imported and used solar panels and DC-to-AC converters are strictly prohibited.
3. Models: According to Decree 58, developers of self-production and self-consumption RTS power systems can opt to either connect or not to connect their RTS power system to the grid. In the case of connection to the grid, no more than 20% of the RTS power system’s installed capacity may be sold to Vietnam Electricity (EVN) in exchange for the surplus power produced. Depending on whether or not they are connected to the national power grid and whether or not they have extra power production that they may sell to EVN, RTS power systems must meet a variety of standards as set out in Decree 58.
4. Mechanism for RTS power system not being connected to the grid: RTS power system in this case is not subject to the requirement of the electricity operation permit and is able to be developed without any limitation regarding its capacity. Prior to installation, the developer must inform the relevant power units and the provincial Department of Industry and Trade (DOIT) of the RTS power system’s installed capacity and location. They must also notify the provincial authorities responsible for construction, fire safety, and firefighting of the RTS power system’s installation.
5. Grid-connected RTS power system:
• RTS power systems with a capacity of less than 100kW: Developers must notify the DOIT and local construction and fire prevention and firefighting competent authorities. Developers can choose whether surplus electricity is imported into the national grid. A zero-export device must be installed if surplus electricity is not fed into the national grid.
• RTS power systems with a capacity from 100 kW to under 1,000 kW: Apart from the procedures as set out for RTS power system being less than 100kW, developers must further notify EVN and may sell the surplus electricity of no more than 20% of its actual installed capacity if the capacity has not exceeded the total capacity allocated to its local province/city under the national power development plan and its detailed implementation plan.
• RTS power systems with a capacity of 1,000 kW or more: Developers must register with the DOIT to obtain the development registration certificate. The electricity operation permit is required if the developers sell the surplus electricity to the grid. When the total capacity exceeds the capacity allocated to such province/city under the national power development plan and its detailed implementation plan, the developer must additionally follow the regulated procedure for supplementing its project to the national power planning. A zero-export device must be installed if surplus electricity is not fed into the national grid.
6. Batter energy storage system (“BESS”): According to Decree 135, installing BESS is advised for developers in order to guarantee reliable and secure power system operations.
II. Incentives for new energy power projects
1. Incentives provided for new energy projects:
• Exemption from sea area usage fees during the basic construction period but not exceeding 03 years from the date of commencement of construction. 50% reduction in sea area usage fees for a period of 09 years after the exemption period of the basic construction period;
• Exemption from land use fees and land rent during the basic construction period but not exceeding 03 years from the date of commencement of construction. After the exemption period of the basic construction period, the exemption and reduction of land use fees and land rent shall be implemented in accordance with the provisions of law on investment and land;
• The minimum long-term contracted electricity output is 70% within the loan principal repayment period but not exceeding 12 years unless the investor and the electricity buyer have another agreement. This mechanism shall not be applied in cases where the project fails to generate the minimum committed output due to reasons from the project side or due to load demand or technical conditions of the power system that cannot consume all the output;
2. New energy projects qualified for incentives:
• New energy projects produced from 100% green hydrogen, 100% green ammonia, or 100% mixture of green hydrogen and green ammonia;
• Projects supplying electricity to the national power system;
• The first project for each type of new energy.
III. Development of offshore wind power projects:
• Applicable projects: Offshore wind power projects with in-principle investment policy approval issued by competent authorities before 1 January 2031.
• Conditions applied to foreign investors:
Experience: Foreign investors must have at least invested and developed one offshore wind power project that is operating and generating power in Vietnam or elsewhere;
Financial capability: Foreign investors must have their capital in the project accounting for at least 15% of the project’s total estimated investment capital, and their equity ratio on the capital contribution to the project being at least 20%;
• Participation of domestic enterprises: Domestic enterprises must hold at least 5% of the charter capital or total voting shares in the economic organization implementing the offshore wind power project. The domestic enterprises can be State-owned enterprises or enterprises in which a State-owned enterprise with 100% of the charter capital holds more than 50% of the charter capital or total voting shares. Additionally, for offshore wind power projects that export electricity without using the national power system, the domestic enterprises must hold more than 50% of the charter capital;
• Authorities’ consensus: Foreign investors must obtain written consensus from the Ministry of National Defense, the Ministry of Public Security, and the Ministry of Foreign Affairs; and
• Commitment to using domestic resources: They must commit to using domestic human resources, goods, and services from domestic suppliers, ensuring fair competition in terms of price, quality, progress, and availability.
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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.