One of the major issues we face as lawyers in Vietnam is protecting our clients in drafted contracts. There are numerous elements that go into such drafting, but one major element is the inclusion of penalties for breaches of the contract. While Vietnam does not recognize liquidated damages, there are a number of other penalties [...]
Under the laws of Vietnam, e-commerce activity means conducting a part or the whole of the process of commercial activity by electronic means connected to the internet, mobile telecommunications network or other open networks. A commercial activity is activity for profit-making purposes, comprising purchase and sale of goods, provision of services, investment, commercial enhancement, and [...]
I'm a little scared. And it's Facebook's fault. The thing is, for the longest time, the world was organized into discreet territories with their own sovereignty, powers, and abilities to control the trade that crossed their borders. They could physically stop something or someone from entering their country by holding them up at the border [...]
Electronic Transactions (E-Transactions) in Vietnam As defined in the Electronic Transaction Law (the ET Law), electronic transaction or e-transaction means a transaction conducted by electronic means. Electronic means are means that operate on the basis of an electric, electronic, digital, magnetic, wireless, optical, electro-magnetic technology or similar technologies. Any transactions by electronic means in the [...]
This week we wanted to highlight our upcoming legal guide for investment in Vietnam prepared by Associate Le Thanh Cong and Legal Assistant Pham Hoang Vu. This excerpt from the full guide covers investment support by the government for enterprises, particularly SMEs and technology startups, which is a subset of investment incentives offered under the [...]
Data Intermediaries and Analytics Firms International treatment of data has led to the creation of a couple of categories of service providers: data intermediaries who are third parties that transfer data from one entity to another and are bound by the rules of specific jurisdictions, and analytics firms who take the data provided by banks [...]
Recently we prepared a memorandum for a major international organization related to data protection in Vietnam. It serves as a really good overview of the issue of how to treat data, both personal and corporate, and as such, I would like to include a version of that document here. What follows is a redacted and [...]
Know Your Customer, or KYC, is a process of identification and verification of customer information by financial entities[1] in accordance with the prevention and combating of money laundering and financing of terrorism. For KYC in Vietnam, financial entities must apply measures to identify customers in the following cases: When a customer initially opens an account [...]
Vietnam's startup darling Axie Infinity is in the news. Like the United States on the back of trillions of dollars of newly printed dollar bills, Axie Infinity is suffering from a classic economic problem: inflation. Here's the skinny. Axie Infinity is a blockchain item, based on Ethereum, where it uses a couple of different technologies. [...]
Credit information is defined as “related data, figures, datum of borrowers in the participating organizations of a credit information company”, and credit information services provision refers to the provision of credit information products by credit information companies to its users on the basis of collecting, processing, and storing credit information. Credit information products are created [...]