Apolat Legal

The Ministry of Public Security proposes the development of a Law on Personal Data Protection to meet the requirements of protecting personal data rights. This update reviews the intended provisions of the law.

1. Draft Decree on the controlled sandbox mechanism for financial technology (Fintech) activities

The draft Decree clearly states that the selection process for organizations participating in the Sandbox Mechanism will be based on the following basic principles:

  • Fair, objective and transparent selection.
  • Clear and transparent criteria and selection procedures.
  • Participation in the Sandbox Mechanism does not guarantee official licensing. 
  • The experimental solution must be within the prescribed field.
  • The State Bank of Vietnam will decide the number of participating organizations based on its capacity for review and supervision.
  • The number of approved organizations will be made public.
  • Fintech solutions in the banking sector that are allowed to be tested: Credit scoring, data sharing through Open API, P2P lending
  • Issuing certificates for solutions that are innovative, beneficial and have added value.

Credit institutions will be considered for the Certificate of Participation in the Sandbox Mechanism if their solutions meet the following criteria:

  • The new solutions are not yet regulated by specific laws. 
  • Demonstrate creativity and bring benefits to service users, especially supporting financial inclusion.
  • Have a reasonable risk management and handling framework.
  • Have been fully evaluated for functionality and usefulness.
  • Feasible to be offered to the market after the trial period.

A Fintech company will be considered for the issuance of a Sandbox Participation Certificate if its solution meets the aforementioned criteria and satisfies the following conditions:

  • The company is legally incorporated in Vietnam, not undergoing any changes.
  • The company is not a credit institution under special control according to the law.
  • The legal representative of the company with a university degree in economics, business administration, law, or information technology, and has at least 2 years of management experience in the financial or banking sector.

2. The Ministry of Public Security proposes the development of a Law on Personal Data Protection

The Ministry of Public Security proposes the development of a Law on Personal Data Protection to meet the requirements of protecting personal data rights; prevent acts of personal data infringement, affecting the rights and interests of individuals and organizations; and improve the responsibilities of agencies, organizations, and individuals.

Specifically, the law will unify terminology and establish a number of important concepts related to Personal Data, Personal Data Protection; establish principles for Personal Data Protection; stipulate regulations on handling violations of Personal Data Protection regulations; rights and obligations of data subjects; consent of data subjects; regulations on Personal Data Protection in cases where the consent of the data subject is not required.

Moreover, the law also intends to stipulate more clearly the conditions for protecting personal data for organizations providing personal data processing services; services providing organizations and personnel for personal data protection (DPO); measures to protect personal data, and conditions for ensuring personal data protection activities.

The law also aims to perfect regulations to ensure conditions, measures to protect personal data, the specialized agency for personal data protection, the National Portal for Personal Data Protection, and the force for personal data protection.

Please Login or Register for Free now to view all updates and articles

In addition to free-to-view updates and articles, you can also subscribe to the full Legal Centrix Vietnam Service including access to:

  • Overview notes on the law
  • Thousands of high quality translations of legislation covering all key business areas
  • Legal and tax updates
  • Articles on important legal and tax issues
  • Weekly email alerts
  • Sophisticated web platform and search

Legal Centrix is trusted by top law and accounting firms.

Apolat Legal

Established in 2014, Apolat Legal is a licensed law firm providing a board range of legal services in multiple practice areas for domestic and international clients. The firm commits resolving legal issues regarding businesses thoroughly and in the most beneficial way for various clients in Vietnam.

Apolat Legal is also honored to receive numerous recognitions and/or articles posted by world-leading and local organizations and publications including: The Law Association for Asia and the Pacific (LawAsia, 1966), The Legal500, IP Link, AIPPI, IP Coster, Lexology, Global Trade Review (GTR), The Saigon Times, etc.

Apolat Legal lawyers have long been recognized for their legal expertise and paid attention to their dedication in work as well as the capacity to take advantages from their relationship to maximize the interests of clients. The lawyers will be grouped into specialized teams, directly participate in each case to provide advices and close support to customers, thereby quickly completing the assigned work in the most effective way.

APOLAT LEGAL’s reputation and the quality of its services are reflected by its clients. We are serving nearly 1,000 clients both local and foreign clients. Some past and current long-term clients which the firm worked with such as: LG Electronics, Coastal Living Land Joint Stock Company, Wall Street English, Hochiki Asia Pacific Pte.Ltd, Asus Technology (Vietnam) Company Limited, AEON Mall Vietnam, Baskin Robbin, Citigym, Woori Bank Vietnam Limited, Central Group, CJ Gemadept Logistics Holdings Company Limited, K Group Company Limited, Digiworld Corp., Yellow Cab Pizza, Bamboo Capital Joint Stock Company, Sinobright Pharma Co. Limited, Mayekawa, Sky Music Jsc, Oxalis Holiday Company Limited, PGT Holdings, Vinacapital, Capitaland, Donghyup,...

Click here to view the author's profile



  • Vietnam
  • Legal Updates
  • Data Protection & Privacy

Related Content

Recent updates

Cookies On
Our Website
We use cookies on our website. To learn more about cookies, how we use them on our site and how to change your cookie settings please click here to view our cookie policy. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy.