Vietnam Today

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.

The Prime Minister has outlined six key solutions to develop a synchronous, efficient, and integrated science and technology market, such as mobilizing maximum resources from the private and international sectors, creating favorable conditions for businesses to quickly join the global value chain and dominate the international market, and linking the development of the domestic market with global and regional markets, in line with Vietnam’s international commitments and international practices.

With impressive growth posted in the third quarter, United Overseas Bank (UOB) has raised its growth forecast for Vietnam in 2022 to 8.2 per cent; significantly higher than its previous forecast of 7 per cent. UOB believes that, in 2023, Vietnam’s economy will be affected to a certain degree in the context of demand in main markets continuing to slow down. Growth next year is therefore expected to be 6.6 per cent.

The National Assembly (NA) Standing Committee has agreed with the legislature’s Resolution on piloting a number of specific mechanisms in Buon Ma Thuot city in the central highlands’ Dak Lak province. The Resolution will be in effect for five years from January 1, 2023, to create a breakthrough in promoting economic development in the central highlands.

The government has agreed with a proposal from the Ministry of Health (MoH) to add two policies to amendments and supplements to a number of articles in the Law on Pharmacy: promoting the development of the pharmaceutical industry and prioritizing research, technology transfer, and the production of invented medicines.

Vietnamese enterprises taking part in the internet economy face major challenges. The legal framework on intellectual property in the country is quite complex, and includes the Law on Intellectual Property, the Law on Competition, and the Law on Cybersecurity. Vietnam has also joined certain international conventions. However, effective tools to combat unfair competition are still lacking, which protect businesses in cyberspace, especially in terms of intellectual property rights.