Topic: Legal framework

Such a legal framework requires further review to ensure that all regulatory barriers on business activities are properly simplified or fully removed, VCCI stated.

The Legislative Research Institute under the National Assembly Standing Committee has said that the legal framework on the ownership of virtual assets will focus on identifying the legal nature of virtual assets and building specific criteria for licensing to operate crypto asset exchanges and intermediaries in the field in Vietnam. Vietnamese law does not currently recognize ownership of virtual and digital assets.

With a legal framework now in place, analysts say that Vietnam’s insurance market needs greater transparency to tackle unfair competition and insurance fraud. The overall structure of the market also needs to be improved, such as in the re-insurance sector, which had just two local players as of the end of 2021.

A loophole left by Resolution No. 42 that will expire on August 15, 2022, will prolong the bad debt settlement process, affect the restructuring of the credit institution network, and discourage investors from participating in handling bad debts and mobilizing capital at home and abroad. Many National Assembly deputies have therefore agreed with a government proposal on extending the Resolution, but said it is necessary to complete the legal framework and develop a debt trading market.