Technology and Vietnamese law go hand in hand in an awkward first love sort of way, one not quite sure what to make of the other, but still enjoying the presence of their friend.
Two things that bring themselves to my attention this week, things that create a situation in which Vietnam creates difficult regulations to control access to and use of this technology.
First, according to Nguyen Quang Vu over at the Vietnamese Business Law Blog the government has issued a confusing decree concerning the use of Fintech and the interaction with the anti-money laundering regime currently in place. According to Anh Vu, the government requires that an initial in person interview be conducted to obtain identification information from the Fintech user. This obviates the purpose of Fintech in that it is anonymous and technologically available.
Second, the government is currently considering a Draft Decree about internet provision of on-demand content cross-border. In this draft decree the government proposes that all advertising be pre-approved and conducted by Vietnamese advertising companies, that the on-demand companies incorporate in Vietnam, and that they provide translations of all content.
These requirements, both in Fintech and on-demand broadcasting over the internet, are onerous and confusing. Often they are also in conflict with the country’s WTO concessions. It is obvious that this is an attempt to control the flow of information, something which is important to the government, but still, this is not a time to be making technology difficult to access, especially as there are attempts in the offing to increase benefits and privileges for Startup and Science and Technology firms in the country. It is a confusing contradiction that needs to be addressed at the very top if the problems faced by this intersection of technology and law are not to cause difficulties for foreign investors and domestic inventors alike. fffffffffff