Vietnam is rapidly establishing itself as a key player in the global pharma industry, evolving into a critical hub for global health and pharmaceutical manufacturing. Vietnam is also positioning itself to meet global demand for pharmaceuticals by leveraging its manufacturing upgrades and export-oriented policies, ensuring its supply chain can serve international markets. As one of […]
Vietnam continues to demonstrate its commitment to legal modernization and transparency—key pillars for attracting and retaining foreign direct investment (FDI). The latest milestone in this journey is Resolution No. 59/2024/UBTVQH15, issued by the National Assembly Standing Committee on December 11, 2024. This resolution adjusts the 2025 Law- and Ordinance-Making Program, introducing new legislative priorities that directly impact the business and investment environment.
For foreign investors, understanding these legislative updates is essential to navigating Vietnam’s evolving regulatory landscape and identifying new opportunities.
What Is Resolution 59/2024/UBTVQH15?
Resolution 59 is a formal adjustment to Vietnam’s legislative agenda for 2025. It outlines the addition of several key draft laws and resolutions to be discussed and passed by the National Assembly. These additions reflect Vietnam’s strategic focus on legal clarity, digital governance, and economic modernization.
Key Legislative Additions for 2025
1. Extension of Agricultural Land Use Tax Exemption
- What it is: A draft resolution to extend the duration of tax exemptions on agricultural land use, continuing the provisions of Resolution No. 55/2010/QH12.
- Why it matters: This move supports Vietnam’s agricultural sector, which remains a critical part of the economy. For investors in agribusiness, food processing, and rural development, this signals continued government support and potential tax advantages.
2. Revised Law on Promulgation of Legal Documents
- What it is: A revision of the Law on Promulgation of Legal Documents, aiming to streamline the legislative process, reduce legal inconsistencies, and improve transparency.
- Why it matters: This reform aims to streamline the legislative process, reduce legal inconsistencies, and improve transparency. For FDIs, this means greater predictability and fewer regulatory surprises.
3. Draft Law on Personal Data Protection
- What it is: A comprehensive legal framework to regulate the collection, processing, and storage of personal data.
- Why it matters: This law is crucial for tech companies, e-commerce platforms, and any business handling customer data. It aligns Vietnam with global data protection standards (e.g., GDPR), enhancing trust and compliance for international investors.
4. Revised Press Law
- What it is: An update to the existing Press Law to reflect the digital media landscape, providing clearer guidelines for media, advertising, and digital content businesses.
- Why it matters: This could impact media, advertising, and digital content businesses, offering clearer guidelines and potentially more freedom for responsible communication and branding.
5. Revised Law on Bankruptcy
- What it is: A modernization of Vietnam’s bankruptcy framework, aiming to enhance efficiency, fairness, and investor protection in business restructuring and insolvency proceedings.
- Why it matters: A more efficient and fair bankruptcy process is essential for risk management, investor protection, and business restructuring. This reform will enhance Vietnam’s reputation as a safe and mature investment destination.
Implications for Foreign Direct Investors
✅ Improved Legal Certainty
The inclusion of these laws in the 2025 legislative agenda reflects Vietnam’s intent to harmonize its legal system with international standards. This reduces legal ambiguity and enhances investor confidence.
✅ Stronger Data Governance
The upcoming Personal Data Protection Law will provide a clear legal basis for data-driven businesses, helping foreign companies operate with confidence in Vietnam’s digital economy.
✅ Support for Innovation and Digital Economy
The revised Press Law and legal reforms around digital governance indicate a pro-business stance toward innovation, media, and technology sectors.
✅ Enhanced Risk Mitigation
With a modernized bankruptcy law, investors can expect better legal recourse and asset protection in the event of business failure or restructuring.
Timeline and Legislative Process
All the newly added laws and resolutions are scheduled for:
- Discussion at the 9th session of the National Assembly (May 2025)
- Passage at the 10th session (October 2025)
This timeline gives investors a clear window to prepare for compliance, engage with policymakers, or adjust business strategies accordingly.
Strategic Takeaways for Investors
- Monitor Legal Developments: Stay updated on the progress of these draft laws to anticipate regulatory changes.
- Engage Local Advisors: Work with legal and consulting firms like Viettonkin to interpret and implement new compliance requirements.
- Leverage Incentives: Explore opportunities in agriculture, tech, and media where legal reforms may unlock new incentives or reduce barriers.
- Plan for Data Compliance: Begin aligning your data practices with expected requirements under the new Personal Data Protection Law.
Conclusion: A More Predictable and Investor-Friendly Vietnam
Resolution 59/2024/UBTVQH15 is more than a procedural update—it’s a signal of Vietnam’s maturing legal infrastructure and its commitment to creating a transparent, innovation-friendly, and globally integrated business environment.
At Viettonkin Consulting, we are here to help you navigate these changes and seize the opportunities they bring. Whether you're entering Vietnam for the first time or expanding your operations, understanding the legal landscape is key to long-term success.
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