Regional Round-Up

CAMBODIA

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

In December 2021, the Royal Government of Cambodia ("RGC") declared an end of the "20 February Event" (the COVID-19 community spread). Cambodia has also reopened the country and allowed businesses to resume the carrying out of all business operations. As part of the efforts to rehabilitate the economy from the effects of the COVID-19 pandemic, the RGC continues to work on relevant regulatory developments.

Some of the key developments involve the enactment of the law on competition, and further legal developments in the commercial gaming industry including the establishment of a regulator, setting out the minimum capital requirements for casino operators, and the authorisation of commercial gaming following the enforcement of the Law on Management of Commercial Gaming in 2020.

Gazing Into: 2022

Following the enactment of Cambodia's first Law on Competition and the new Law on Investment, some regulations such as sub-decrees and prakas to implement these two laws are expected to be issued.

In addition, the following draft laws are in the pipeline:

• Draft law on commercial contracts;

• Draft amendment of the law on commercial enterprises, commercial rules and register;

• Draft law on cybercrime;

• Draft prakas on cooling-off period;

• Draft prakas on investigation procedures and formalities concerning competition;

• Draft prakas on formalities and procedures of negotiated settlement;

• Draft prakas on unfair contract clauses;

• Draft national consumer protection programme;

• Draft guideline on pyramid scheme and multi-level marketing; and

• Draft prakas on principles of management, organisation and functioning of trusts.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Cambodia

CHINA

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

Looking back on 2021, the world was facing unprecedented changes and struggling with the challenges brought about by the pandemic of the century, the COVID-19 pandemic.  In contrast, China in that same year has further opened its markets to foreign investments and continued to provide strong impetus for the steady recovery of the global economy. For example, on the national level, the National Development and Reform Commission and the Ministry of Commerce jointly issued in December 2021 the updated versions of two "negative lists" for the access to foreign investment in China, both of which have taken effect on 1 January 2022, replacing their respective 2020 versions. On the regional level, further to the Master Plan for Construction of Hainan Free Trade Port which has been rolled out since 1 June 2020, China passed the Hainan Free Trade Port Law on 20 June 2021, marking a significant move to upgrade the construction of the Hainan free trade port covering areas from policy support to legislative guarantee.

Together with the opening up of the market, China also focused on data security and protection by promulgating two very important laws in the year of 2021, namely, the Data Security Law and the Personal Information Protection Law. A number of (draft) implementation rules and industry regulations have also been finalised and/or released, such as the Regulations/Rules on: (i) the Protection of the Security of Critical Information Infrastructure which came into force on 1 September 2021; (ii) the Management of Automobile Data Security (for Trial Implementation) which took effect on 1 October 2021; (iii) the Measures on Security Assessment of Cross-Border Data Transfer (Draft for Comments);  and (iv) the Measures on Network Security Assessment (Draft Revision for Comments). These laws and regulations demonstrate the Chinese government's determination and efforts to safeguard data security.  It is expected that more detailed rules relating to these will be issued in the year of 2022.

As the tensions between China and the United States over trade and technology have not been eased in 2021, China has promulgated various regulations and/or policies to safeguard its national security and interests as well as to push back against certain foreign discriminatory restrictive measures. Such regulations include the Measures for Security Review of Foreign Investment, the Anti-Foreign Sanctions Law Measures, and the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Laws.

Gazing Into: 2022 

2022 is likely to witness the further opening-up of the China market for foreign investment alongside the tightening of regulations in relation to some aspects  of business operations. In response to the negative impact of the COVID-19 pandemic on China's economy and to deliver on its commitments to open up its economy, China will continue to press ahead with the reforms to streamline administration, improve regulation, and upgrade services (which is called "放管服" in Chinese) to further optimise the business operation environment for all domestic and foreign investors.

The 2021 Negative Lists have been further shortened, signalling the Chinese government's continuous attempts to attract foreign investments.

After around 40 years' implementation of reform and opening-up policies, China has become the world's second largest economic power. Despite this, it is also facing various challenges and issues brought about by the rapid growth of capital, resulting in an unstable and unbalanced social and economic development. It is against this backdrop that President Xi has called for China to achieve "Common Prosperity (共同富裕)". In the coming year, China will continue its efforts to reform its existing regulatory regime and strengthen supervision to prevent the uncontrolled growth and disorderly expansion of capital and to promote a healthy and stable social and economic environment. These efforts include:

• reshaping China's regulatory regime for overseas listing;
• ongoing  amendments to the Company Law (second substantial amendments); and
• continued enhancement of anti-monopoly enforcement.

Last but not least, data protection will continue to be the China regulators' focus in 2022. China regulators have rolled out several data enforcement campaigns in 2021, the most significant of which was the enforcement against Didi, which announced on 3 December 2021 that it would delist from the New York Stock Exchange (NYSE) and pursue a listing in Hong Kong instead. As we are in an era of big data, data security and protection are to be taken to relate not only to individual privacy but also to national security. China will continue to strengthen its data enforcement following the passage of the Data Security Law ("DSL") and the Personal Information Protection Law ("PIPL"). The basic legal framework of data protection has been established in China through the DSL and PIPL coming into operation. However, it remains to be seen how the general requirements and principles stipulated under these laws are implemented. 

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: China

INDONESIA

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

2021 marked a year of recovery for Indonesia, both economically and in terms of combating the spread of COVID-19 through increased vaccination rates and imposition of social lockdowns. There was also a major structural change in the legal sphere, as the Government issued 49 implementing regulations to the Omnibus Law. These regulations govern various topics from employment to investment.

Indonesia also continues to expand digitally, with key regulators such as Bank Indonesia and the Financial Services Authority ("OJK") issuing regulations on previously unregulated spheres like digital banking.

Lastly, the Government adopted a sweeping reform on tax by enacting the Harmonised Tax Law and the updated Indonesia-Singapore Double Taxation Agreement.

Gazing Into: 2022

At the end of 2021, just one year after the Government enacted the Omnibus Law ("Law"), the Indonesian Constitutional Court declared the Law as "conditionally unconstitutional". While the Law and its implementing regulations will remain effective until November 2023, the Government will have to revisit and amend certain procedural flaws in the Law. Failure to do so may cause the Law to be deemed unconstitutional. We expect that the Government will use maximum effort to preserve the changes brought by the Law.

Meanwhile, the plan to move Indonesia's capital city from Jakarta to Borneo by Q1 2024 is still going ahead. We expect that the bill on the new capital city, which will form the legal basis for the relocation, will be passed soon.

On energy transition and electric vehicles, the Government recently issued a new carbon tax regulation, which marked the beginning of the shift towards a more environmentally-friendly regime. We expect that more policies will be issued this year and the following years to ensure that Indonesia can achieve its targeted carbon neutrality (which in itself is very ambitious).

Lastly, we are looking at the second tax amnesty in 2022 as part of the Harmonised Tax Law. There are no details yet of the target and timing.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Indonesia

LAO PDR

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

In 2021, Laos has gradually adapted to the new normal to make the country's economy grow. To this end, various legal and regulatory changes have been introduced in order to enhance the socio-economic status of the country. 2021 has also seen (i) the Instruction on the Promotion of Investment Incentives Concering the State Land Rental and Concession Fee; (ii) the Instruction on Converting Foreign Exchange Stores into Commercial Bank Representatives; (iii) the Decision on the Management of Accounting Software; and (iv) the Presidential Decree on Administrative Case Proceedings coming into operation.

In addition, Laos has sought to promote its socio-economic development by reducing its value added tax (VAT) to 7% pursuant to the Law on Amendment to Certain Provisions of the Law on Tax.

Gazing Into: 2022 

The Southeast Asian crypto world has gained itself a somewhat contagious popularity, so much so that governments, including the Government of Lao PDR, are beginning to show interest and scrutiny in the major factors that drive and regulate this system. The cryptocurrency trend is expected to continue in 2022, and the the Government of Lao PDR intends to pilot digital asset transactions for three years following the issuance of the cryptocurrency and blockchain regulation at the end of 2021.

Laos also intends to strengthen and promote its administration system development in the country, with the recent release and publication of the Draft Law on Governance in the Government Gazette for public comments. 

In addition, the following key trends and/or developments are to be noted:

• Laos intends to become the logistics hub of many countries by 2022;

• The COVID-19 Recovery Pre-Consultation Meeting was held on 27 October 2021 to identify the necessary elements for the formulation of a COVID-19 Recovery Plan for 2022;

• Laos has officially announced it will reopen for tourism beginning 1 January 2022. The will be implemented in three phases: (i) from 1 January 2022 to 30 March 2022; (ii) from 1 April 2022 to 30 June 2022; and (iii) from 1 July 2022 onward. Tourism will be restricted to group tours at first, with tours arranged by authorised tour operators under the Lao Travel Green Zone Plan; and

• Lao Visits Laos - While the tourism industry in Laos has been affected by the loss of international visitor arrivals, a domestic tourism campaign called "Lao Visits Laos" ("Lao Thiao Lao") is beginning to take shape. The Lao Thiao Lao Marketing Campaign kicked off recently to promote domestic tourism.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Laos

MALAYSIA

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

Following the Malaysian Government's consistent efforts in 2020 to provide temporary relief and enact legislation to address the challenges and changes brought about by the COVID-19 pandemic, 2021 has seen a shift of emphasis to address different issues. These include early precedents on recently enacted laws and noteworthy case law involving high profile cases. These developments include:

• the precedent on the liability of online intermediary platforms for third-party content;

• the precedent on what constitutes criminal breach of trust and money laundering;

• the precedent on the first corporate liability charge under the Malaysian Anti-Corruption Act 2009;

• developments in the Competition Law following a decision by the Malaysian Competition Commission; and

• enforcement trends for accounting fraud under the Capital Markets and Services Act 2007.

There have also been several cross-border legal updates in the areas of admiralty, shipping, and energy laws, such as:

• the implementation of the Protocols on Court-to-Court communication and cooperation in Admiralty, Shipping and Cross-Border Insolvency matters; and

• the issuance of the second edition of the Guide for Cross-Border Electricity Sales.

On the employment law front, the Industrial Relations (Amendment) Act 2020 and Employment (Amendment) Bill 2021 have led to discussions on the practicalities of their implementation and enforcement – something all organisations should be aware of.

The introduction of the Malaysia Digital Economy (MyDIGITAL) Blueprint is also expected to trigger a series of legal changes in the coming years including in the areas of personal data protection, telecommunications, competition, and intellectual property, starting with the revamp of the Content Code in the area of telecommunications law.

Gazing Into: 2022

In 2022, we expect to see developments in several areas of law including the following:

• Employment & Benefits – Employment (Amendment) Bill 2021

• Intellectual Property – Patent (Amendment) Bill 2021, the Copyright (Amendment) Bill 2021 and the Geographical Indications Bill 2021

• Technology, Media & Telecommunications –Licensing Requirements Imposed on the Provision of Cloud Services in Malaysia 

• Competition & Antitrust – Amendments to the Competition Act 2010  and the Competition Commission Act 2010 

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Malaysia

MYANMAR

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

2021 was a year of tumultuous changes in Myanmar due to the ongoing military takeover which started on 1 February 2021. The newly formed State Administration Council ("SAC") introduced many legislative changes, and institutions under the SAC imposed numerous directives to control the economy, particularly in relation to the depreciation of the Myanmar Kyat. 

Gazing Into: 2022

Due to the military takeover in 2021, and a caretaker government being formed instead of a parliament, legislation may be enacted immediately. Similarly, key legal developments cannot be accurately forecast due to a lack of bills being made publicly available. However, it is expected that the Ministry of Commerce will revoke the previous restrictions that are imposed on importation of foreign motor-vehicles.

Furthermore, there are two laws which are expected to be enacted in 2022. These laws are:

• the Private Security Business Law; and

• the Foreign Workers Law. 

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Myanmar

PHILIPPINES

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

As the country continues to recover from the effects of the COVID-19 pandemic, the Philippine government focused on enacting laws and regulations that will facilitate the growth of the economy while balancing against the effects of the COVID-19 pandemic. These measures include: (i) quarantine measures to minimise the transmission of COVID-19; (ii) measures to facilitate disclosures with government agencies; (iii) measures to facilitate doing business in the Philippines; and (iv) rules and regulations for the administration of COVID-19 vaccines.

There have also been developments in the area of corporation law for more transparent beneficial ownership of shares of stock and more efficient business registration. The Tax Code was also amended to reduce corporate income tax rates in the Philippines.  

Gazing Into: 2022 

Towards the end of 2021, the Philippine Congress passed an Act amending the Retail Trade Liberalization Act. The Act lowered the required paid-up capital for foreign retail enterprises to encourage foreign investors to engage in retail trade in the Philippines.

On 22 September 2021, the President signed into law an act imposing taxes on Philippine Offshore Gaming Operations.  Value-added tax is now imposed on sales to offshore gaming licencees. A gaming tax of 5% on services rendered by offshore gaming licencees is also imposed.

In addition, the following key trends and/or developments in the following areas are to be noted: 

• improvements in the monitoring of COVID-19 transmissions and vaccinations through the Vaccine and Health Passport Program Act;

• imposition of strict penalties on prohibited acts concerning the use of bank accounts, e-wallets, and other financial accounts through the Bank Account, E-Wallet, and Other Financial Accounts Regulation Act;

• allowing the conduct of videoconferencing with respect to remote appearance from persons outside the Philippines;

• amendments to and modernisation of the Intellectual Property Law; and

• adoption of global standards of data privacy protection.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Philippines

SINGAPORE

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

In 2021, the subject of sustainability was high on the agenda for Singapore as the Government announced the Singapore Green Plan 2030 to strengthen Singapore's commitments under the United Nation 2030 Sustainable Development Agenda and the Paris Agreement. Recognising that financial institutions (FIs) and listed companies play a significant role in funding sustainable developments and bringing awareness to sustainability issues, regulatory frameworks are put in place to require FIs, as well as companies listed on the Singapore Exchange Securities Trading Limited (SGX-ST), to make climate-related disclosures consistent with international standards.

FIs are given guidance on incorporating environmental considerations in their risk management frameworks and Singapore implements the Salvage Convention to reward salvors which help to prevent pollution events at sea.

The Singapore Exchange Limited (SGX) took a progressive step and launched the special purpose acquisition company (SPAC) listing framework to provide companies with an alternative capital fund raising route.

Various legislation took effect to support and facilitate cross-border trade amid the supply chain challenges exacerberated by the COVID-19 pandemic. These include the Apostille Act 2020 that facilitates cross-border use of public documents and the Multimodal Transport Act 2021 that facilitates market access for logistics operators in ASEAN. The Singapore Court of Appeal dealt with legal issues and uncertainties arising from trade finance transactions that are particularly relevant when markets are facing increasing financial distress. A legal framework has been put in place to enable the digitalisation of transferable documents that are often used in cross-border trade to combat fraud.

The COVID-19 pandemic continues to put tremendous strain on the economy globally and in Singapore. Various relief measures were implemented to help industries which are negatively affected, notably the Built Environment sector. With more business running into financial difficulties, the Singapore courts have ruled on significant restructuring and insolvency issues relating to construction law, cross-border insolvencies and the judicial management process.

With the proliferation of hacking incidents, personal data protection remains a key issue for businesses and individuals. Therefore, the Personal Data Protection Act 2012 and the accompanying regulatory documents were updated to strengthen organisational accountability. The Personal Data Protection Commission dealt with a novel issue relating to opinion data auto-generated by artificial intelligence (AI). 

In the 2021 edition of a well-regarded survey, Singapore shared the top position with London as one of the most preferred seats of international arbitration in the world. To enhance Singapore's attractiveness as a leading dispute resolution hub, a new avenue for funding, conditional fee agreements, will be allowed and the scope of permissible third-party funding has been expanded to address concerns of parties in the arbitration and legal proceedings over costs in such proceedings. 

As Singapore unveiled its Singapore IP Strategy 2030, a 10-year blueprint to strengthen Singapore's position as a global intangible assets and intellectual property (IP) hub, the new Copyright Act came into force to strengthen the copyright ecosystem. Legislative changes were also passed in Parliament to enhance and facilitate the registration processes of IP rights.

Other key areas with important developments include:

• Revised timeline for transition from Singapore Dollar Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA) for a range of financial products.
• More stringent requirements on Technology Risk Management for FIs. 
• Updated exemption frameworks to allow foreign branches or foreign related corporations of Singapore FIs to provide cross-border financial services in Singapore.
• A new guide for businesses to understand competition law issues arising from business collaborations. 
• Implementation of property cooling measures to promote continued housing affordability.

Gazing Into: 2022 

At the 26th Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCC) which took place from 31 October 2021 to 12 November 2021 in Glasgow, Singapore joined the Powering Past Coal Alliance (PPCA) and has signed the Global Coal to Clean Power Transition statement. 

Constituting part of the Government's efforts to deal with climate change, legislative changes have been passed by Parliament to implement a regulatory framework to nudge electricity generation licensees to adopt low carbon generation sources. In addition, the newly launched national standards for Renewal Energy Certificates will support renewable energy deployment in Singapore and the region. 

Adequate financing is key to supporting businesses transition into greener practices. Various initiatives are being developed to encourage and build investors' confidence in sustainability financing, including (i) a taxonomy for sustainability financing to guide Singapore financial institutions (FIs) on categorising "green" or "greener" activities, (ii) a common platform for ESG (environment, social and governance) disclosures; and (iii) a carbon exchange and marketplace that provides organisations with high-quality carbon credits. 

Against the backdrop of a few high-profile incidents involving the sale and trading of cryptocurrencies and the rapid evolution of the technology supporting digital payments, more regulations and guidelines governing digital payment tokens are expected. 

The coming into force of the Regional Comprehensive Economic Partnership (RCEP) Agreement will promote the trade and business ties between Singapore and the RCEP countries.

New Rules of Court governing civil proceedings in Singapore courts will be implemented to, among other things, modernise and expedite the litigation process. Structural changes to the judicial service and legal service were implemented so that the two services may benefit from greater specialisation and adopt a more flexible personnel management framework to meet the demands of an increasingly complex and rapidly evolving legal landscape. All of the Singapore statutes have been revised and updated to, among other things, simplify and modernise the language of more than 500 Acts, making the Acts more reader-friendly and accessible to the layman. These developments complement the efforts to strengthen Singapore's position as the leading dispute resolution hub in the region.

In addition, the following key trends and/or developments are to be noted:

• Enhanced corporate governance practices among companies listed on the Singapore Exchange Securities Trading Limited (SGX-ST) with new requirements on Board diversity and whistle blowing policies.
• Four digital banks, which were granted licences to offer digital banking services in Singapore, are expected to commence operations in 2022, delivering more choices to Singapore consumers.   
• Use of technology to facilitate sharing of information to counter money laundering and sharing of data to address issues in the financial services industry and sustainability financing. 
• The Infocomm Media Development Authority (IMDA) is partnering various stakeholders to drive adoption and commercialisation of 5G solutions.   
• New legal requirements to enhance cybersecurity standards and counter foreign interference by electronic communications activity.
• Possible increase in the goods and services tax (GST), as surmised from the 2022 New Year Message by PM Lee Hsien Loong. 

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Singapore

THAILAND

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

2021 saw the continuation of existing measures and the introduction of new measures to manage the COVID-19 pandemic. These include, among others, (i) financial and tax measures to support businesses and individuals; (ii) extended deadline for tax payments; (iii) labour-related measures to assist employers and employees; and (iv) measures by the Board of Investment (BOI) to accelerate investment to stimulate Thailand's economy and encourage businesses to adopt digital technologies. 

Due to the disruption caused by the COVID-19 pandemic, the planned June 2021 implementation of the Personal Data Protection Act was delayed for certain types of data controllers for a further one-year period.

In the area of competition law, there were substantial inroads made by the enforcement of the 2017 Trade Competition Act and the issuance of guidelines to clarify its intended scope and application.  For example, in mid-December 2021, the Office of the Trade Competition Commission (OTCC) issued a set of guidelines on the use of "fair" credit terms between business operators and small and medium enterprises.

Throughout the year, efforts to bring foreign e-service providers within the Thai taxation system continued by requiring them to register as value-added tax (VAT) registrants in Thailand under certain circumstances. 

The following are some other key developments in 2021:

• amendments to the Civil Commercial Code to Change the Statutory Interest Rate; and
• new regulations on the dual-use items trade control measures.

Gazing Into: 2022 

As the COVID-19 pandemic continues, we expect to see the furtherance of measures focussed on COVID-19 pandemic control and support. The Thai Cabinet, in September 2021, provided in-principle approval of various measures to promote foreign investment in Thailand through the issuance of new visa, work permit, tax and foreign land ownership incentives. The implementation of these measures will likely require the amendment of the relevant laws.  Further legislative amendments may also be on the cards in 2022 due to the impact of the Initiative Process Act B.E. 2564 (2021), which sets out the process for introducing a bill, as well as an amendment to the Thai Constitution.

All of the provisions of the Personal Data Protection Act B.E. 2562 (2019) ("PDPA") will become fully effective on 1 June 2022 after postponements in 2020 and 2021 of its coming into operation. A number of subsidiary laws are expected to be passed to set out further details of the requirements under the PDPA.

We expect increased enforcement of the 2017 Trade Competition Act, with the Office of the Trade Competition Commission ("OTCC") clearly ramping up to receive and investigate an increased number of complaints. We expect that the focus of  OTCC in 2022 will continue to be on investigation of unfair trade practices under Section 57 of the 2017 Trade Competition Act.

Environmental, Social, and Governance ("ESG") factors are increasing in importance for stakeholders of Thai businesses in terms of operations and investment decisions. We expect increasing pressure on the Thai government to strengthen the environmental protection regime in Thailand. Some initiatives in this regard include the proposed amendments to the Enhancement and Conservation of National Environmental Quality Act 1992, which were put up for public hearing from 11 October 2021 to 8 December 2021, and are intended to, among others, strengthen the Pollution Control Department's enforcement powers.

In brief, we expect the following key trends in  2022:

• a continuation of COVID-19 pandemic related measures to support investment, which will likely involve the amendment of the relevant laws;
• increased legislative action due to the operation of the Initiative Process Act;
• probable uncertainty over the implementation of the PDPA, which is set to be fully operational on  1 June 2022 (i.e. the full implementation may be further extended);
• increased enforcement under competition law; and
• increased focus on enhancing environmental protection and ESG principles for Thai business operations and investments.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Thailand

VIETNAM

Looking Back: 2021 and Gazing Into: 2022

Looking Back: 2021

2021 was a challenging year for Vietnam. To contain the spread of the COVID-19 pandemic, , the State enforced lockdowns for several months. This resulted in significant disruptions to the manufacturing and supply chains.

However, the pandemic did not hamper the drive of the Government in pushing out legislation on spotlighted industries or sectors. This includes the sub-sectors of Vietnam's digital economy. 2021 saw the Government enact or publish draft regulations to cover areas such as personal data protection, e-commerce, internet services and online content, cross-border advertising, and telecommunications.

Vietnam's future power development remained a topic of considerable interest in 2021 – particularly as to whether the Government would continue to drive clean energy as a major power source for the future. Investors closely monitored the numerous iterations of the proposed National Power Development Plan VIII. Project owners also continue to monitor the transitional treatment of their projects that remain under construction or have otherwise yet to have achieved commercial operational date by the feed-in-tariff (FiT) deadlines.

Other key important developments relate to:

• the  implementation of some provisons of the Law on Investment 2020;

• the implemention of the Labour Code 2019; and

• the regulation of foreign employees working in Vietnam, and the recruitment of Vietnamese employees working for foreign employers in Vietnam. 

Gazing Into: 2022

Despite the pandemic challenges faced in 2021, the Government has since shifted its COVID-19 policy direction with a view to "living with the virus". Compounded with a strengthening vaccine drive, our outlook for 2022 is optimistic. 

Draft pieces of legislation that were slated to be enacted by the end of 2021 are likely to come into fruition in 2022. These include regulations on personal data protection, internet services and online content, and cybersecurity. It is expected that companies will be reviewing their existing data protection compliance policies to align with the upcoming regulations.

In the clean energy sector, the National Power Development Plan VIII is expected to be passed. In addition, the substantive provisions of the Law on Environmental Protection (which was passed in 2020) have come into effect from 1 January 2022. Among others, this will introduce more concrete policies on an emission trading system.

Full Report

Click on the link below for the full report which provides summaries of the key legal developments related to the above areas.

• Regional Round-Up 2021: Vietnam