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- HM&P: Vietnam International Law Firm
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Banking & Finance
A land plot worth trillions of VND, an operating factory or a dominant stake in an enterprise can all be very valuable assets. But when Vietnamese enterprises borrow capital from foreign banks, the economic value of the asset does not necessarily mean the ability to use the same asset to secure the loan.
For years, a bank's value has often been seen in terms of its capital size, asset quality, branch network or credit market share. But in the digital era, another asset is increasingly determining the attractiveness of M&A deals: customer data.
Just over three years after the Law on on Anti-money Laundering (AML) 2022 came into effect, the Government issued Resolution No. 66.23/2026/NQ-CP to remove difficulties arising in the process of implementing AML regulations to meet the urgent requirements of implementing international commitments related to information exchange according to tax requirements. The application period of the Resolution is not long , but the policy implications of this document may go far beyond the transition period it governs.
In fact, many businesses have internal regulations on anti-money laundering. However, when the management agency checks, what they are interested in is not only whether the enterprise has a set of regulations but whether that regulation is really applied in daily business activities or only exists in archived records. The gap between "regulated" and "regulated operation" is the reason why many businesses are still being dealt with despite significant investment in compliance.
In fact, many businesses still think that anti-money laundering is the story of banks or financial institutions. It is this awareness that makes many businesses only focus on business activities without paying enough attention to building a compliance system. It is not until they are inspected or sanctioned that businesses realize that their obligations do not depend on whether they participate in money laundering or not, but on whether the law defines them as subjects who must take preventive measures or not.
In modern corporate governance, salary is no longer the only tool for retaining talent. Especially in technology businesses, start-ups or businesses in a period of rapid growth, giving employees the opportunity to become shareholders often brings much greater efficiency than short-term cash bonuses.
When it comes to mergers and acquisitions (M&A) deals in the field of financial technology (fintech), the question is often what technology the business owns, how many users the platform has, or how strong the engineering team is. However, as Vietnam's fintech market enters a more mature stage and the regulatory framework becomes more mature, the focus of deals has changed significantly. What investors are really looking for is no longer just technology, but access to a highly regulated market through specialized business licenses.
After more than two decades of development, Vietnam's stock market is entering an important period of reform. Decree 245/2025/ND-CP for the first time allows enterprises to register for listing at the same time as the initial public offering (IPO), instead of having to complete each procedure in the same order as before. At first glance, this change is just an administrative reform, but in fact it has a direct impact on the efficiency of capital mobilization of enterprises and the attractiveness of the entire market.
2026 can be considered one of the pivotal years of Vietnam's economy. While many economies around the world are still facing uncertainties from geopolitical conflicts, trade protectionism, prolonged high interest rates and global supply chain restructuring, Vietnam has entered a new stage of development with high growth ambitions far-reaching institutional reforms and the goal of becoming a high-income country by 2045.
Many businesses believe that Initial Public Offerings (IPOs) officially start when the company offers shares to the public or lists them on the stock exchange. However, from the perspective of legal and corporate governance, IPOs actually started a long time ago. Even for many large-scale enterprises, the preparation process can take from two to three years before the date of submission to the State Securities Commission. Because when IPO, businesses not only sell shares to investors but also have to prove to the market that they are transparent enough, compliant enough and have enough management capacity to become a public company.
The issuance of individual corporate bonds is an important capital mobilization channel but is sensitive to the risk of "information asymmetry" when the issuer knows better than investors about financial health, purpose of using capital, collateral and debt repayment capacity. When the obligation to disclose information is carried out in a slow, insufficient or wrong form, the market is prone to falling into improper risk valuation, wrong capital allocation and causing a lack of investor confidence.
Today, insurance products are considered an integral part of the lives of individuals and organizations, playing a role in supporting both individuals and organizations in reducing risks and financial stability. Along with the increase in demand and the emergence of complex and potentially risky transactions, the completion of relevant legal regulations is considered one of the top priorities.
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