For over ten years now blockchain technologies have largely been focused on cryptocurrencies and attempts to raise the popularity of the underlying technology. In Vietnam, early incidents involving ponzi schemes and fraudulent investments led the bank of Vietnam to declare that cryptocurrency would not be accepted as legal tender in the country. They then went [...]
According to Vietnam Plus yesterday, Ho Chi Minh City authorities are hopeful that their gross regional domestic process will be composed 25% of the digital economy. The plans are ambitious. Accordingly, attention will be paid to raising public awareness of digital transformation; organising the implementation of digital transformation tasks and building digital government; and integrating [...]
Last week, I posted our firm’s coverage of the new decree for implementation of the law on Cybersecurity in Vietnam (the “Decree”). This week I want to look at some of the effects this will have on enterprises doing business in Vietnam. As a base definition, data localization roughly means a requirement that data collected [...]
Despite the fact that the promulgation of Decree 53 on the implementation of the cybersecurity law is verging on old news, I wanted to share the information prepared by our firm here because it is an extremely important development in the sphere of cybersecurity in Vietnam. Dang The Duc and Thai Gia Han prepared the [...]
When I first came to understand Vietnam’s rigid requirements surrounding data localization I thought the requirements far too rigid and expensive to be realistically enforced. Requiring data collectors to open a branch office or representative office and to refrain from transferring any data collected on Vietnamese citizens out of the country. I’m not the only [...]
According to thus month’s Wired Magazine, the United States Federal Bureau of Investigation conducted 3.4 million illegal searches of private data. Thus included searches of foreign individuals and entities. That number, to those who might not be aligned with the United States, is a terrifying one. As the FBI is an agency devoted to domestic [...]
In last week’s Economist there featured an article about the Chinese founded app TikTok. As the article was written with an America aligned editorial policy it took a warning stance suggesting that even though ByteDance, the holding company that owns TikTok is domiciled in the Cayman Islands, the ultimate beneficial owners remain it’s Chinese founders. [...]
Know Your Customer (KYC) is a major element of most countries’ anti-money laundering legislation. Vietnam is no exception. It has developed a comprehensive set of KYC regulations and have even extended the process to allow for digital KYC confirmation. And herein lies the problem. KYC relies on the cooperation of each country. Vietnam may have [...]
To finish up the rather long review of data privacy regulations in e-commerce, including data localitzation and cybersecurity issues, I thought I would share our overview we prepared of relevant commitments in these areas in international agreements to which Vietnam has recently become a member. Without looking at every bilateral treaty, we have reviewed the [...]
Data Localization, Where We Stand In 2018 the National Assembly passed the controversial new law on cybersecurity that subsequently went into effect on 1 January 2019. In addition to providing rules that allowed the government to arguably censor residents who posted objectionable content on the internet, it also expanded and simultaneously solidified the data localisation [...]