- HM&P: Vietnam International Law Firm
- HM&P: Vietnam International Law Firm
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- https://hmplaw.vn/
Investment
Vietnam is facing a big question in the global investment attraction competition: will we be bold enough to build a breakthrough investment support mechanism or will we continue to choose a safe and prudent path to limit risks to the state budget?
After nearly four decades since opening up to attract foreign investment, Vietnam is facing a new turning point in development policy. If the first phase of the renovation process is shaped by the goal of attracting as much foreign direct investment (FDI) as possible to replenish the economy, the current context poses another requirement: investment capital flows need not only to be larger, but to create higher value.
In a private equity deal, the attention of the business is usually focused on the amount of money the fund will invest, the valuation of the business or the percentage of shares to be transferred. However, for the investment funds themselves, the most important question is often asked just before the conclusion of the transaction: how and when will the fund divest?
For many years, Vietnam has always been considered one of the most attractive consumer finance markets in Southeast Asia. The population size of over 100 million people, the young population structure, the per capita income are continuously improving along with the accelerating speed of digitalization, which has created favorable conditions for the development of consumer credit.
If designed in the right direction, the Law on Derivatives Trading not only serves the goal of hedging risks for domestic enterprises but also gradually helps to form an influential commodity trading center in the region. The Ministry of Industry and Trade earlier this year proposed to develop a separate Law on Trading in Derivatives instead of just adding some provisions in the 2005 Commercial Law for a reason.
After more than 5 years of implementation, the Securities Law 2019 has contributed to creating a relatively complete legal framework for the Vietnamese stock market. However, the current economic, technological and capital market development requirements have changed significantly. It is worth noting that the amendment to the Securities Law being consulted by the Ministry of Finance in June 2026 is not a comprehensive reform like in 2019, but an amendment with very specific goals: removing legal bottlenecks to serve economic growth, upgrading the stock market and creating space for new financial models .
The Law on Investment 2025 and its guiding documents are making one of the most important changes to the mechanism for managing foreign investment flows into Vietnam. Not only amending the investment process, the new investment legal system also requires the redesign of the foreign exchange management mechanism to suit the mobilization practice of international capital flows and modern investment models.
The Law on Investment 2025 opens up a notable change for foreign investors: in some cases, investors can establish businesses before completing the procedures for issuing an Investment Registration Certificate (IRC). However, this flexibility also poses a new requirement: investors must design industries, capital structures, investment plans and compliance obligations right from the time the enterprise has not officially had a licensed investment project.
On March 31, 2026, the Government issued Decree 96/2026/ND-CP guiding the implementation of the Law on Investment 2025 (Decree 96), marking an important step forward in perfecting the legal framework for investment in Vietnam. In the context of competition to attract investment capital between countries, especially in the fields of high technology, digital economy and green economy, this Decree clearly shows the strong reform orientation in the direction of simplifying procedures, strengthening post-inspection and selecting high-quality capital flows of Vietnam.
The Law on Investment 2025 was officially approved by the National Assembly on December 11, 2025, including 07 Chapters, 52 Articles and 04 Appendices that have replaced the Law on Investment 2020. The Law on Investment 2025 officially takes effect on March 1, 2026 with the expectation of removing administrative barriers, improving the quality of the investment and business environment, and improving competitiveness in attracting Vietnam's foreign investment capital in the new development period.
Data centers, also known as Data Centers, are becoming one of the key digital infrastructure fields, attracting increasing attention from foreign investors in Vietnam. However, due to the specific nature associated with telecommunications infrastructure, information security and energy planning, the investment and business of data center services in Vietnam are governed by many different layers of law. In this article, we will clarify some important legal considerations that foreign investors need to pay special attention to when considering investing in this very attractive sector.
In the context of Vietnam's promotion of attracting high-quality FDI inflows and upgrading the legal framework on competition, the role of the Vietnam Competition Commission (VCC) in controlling economic concentration is becoming increasingly important. The prominent trend in the past few years has been the increase in the decisions of the VCC for "Conditional Economic Concentration". What is the reason for the VCC to make these decisions?
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