VILAF advised both Vietnam National Aviation Insurance Corporation (VNI) and Saigon-Hanoi Insurance Corporation (BSH) in the sale of 75% ownership stake to DB Insurance. VNI and BSH are both listed in UpCom in Vietnam and ranks in the top 10 largest insurance companies in the country. DB Insurance is South Korea’s leading provider of non-life insurance products and services with focus on property and casualty products. It has more than 60 domestic branches and has […]
Draft Law on Data
Posted on Mar 8, 2024 in Legal Update by VILAF
I. OVERVIEW OF THE DRAFT LAW ON DATA The Ministry of Public Security (“MPS”) has proposed the promulgation of the Law on Data. In line with this proposition, the MPS has released a draft of the Law on Data (“Draft Law”) and is in the process of soliciting opinions from entities that would be subjected to the Draft Law. The Draft Law stipulates principles for data collection, storage, protection; cases of providing data to state […]
Legal Bulletin: March 2024
Posted on Mar 6, 2024 in Legal Update by VILAF
1. New Law on Credit Institutions On 18 January 2024, the National Assembly adopted the Law No. 32/2024/QH15 on Credit Institutions. With effect from 01 July 2024, except Article 200.3 and Article 210.15 which takes effect from 01 January 2025, the New Law on Credit Institutions (the “New Law”) replaces the Law on Credit Institution No. 47/2010/QH12, as amended by Law No. 17/2017/QH14 (the “Current Law”). Below are some key points of the New Law. […]
VILAF advises SCBX Public Company Limited (SCBX) and The Siam Commercial Bank PCL (SCB) as Vietnamese law counsel in the acquisition of Home Credit Vietnam from Home Credit N.V. The transaction was signed last week for a consideration of approximately VND20,973 billion (equivalent to approximately US$873 million), and is expected to be completed by the first half of 2025, subject to approvals from the relevant competent authorities. Partner Duyen Ha Vo led the VILAF team […]
Vietnam’s Land Law Overhaul: Transforming Land Acquisition for Project Development
Posted on Feb 21, 2024 in Legal Update by VILAF
By Duyen Ha Vo (Senior Partner) and Tram Dang (Senior Associate) The landscape of land acquisition in Vietnam is set to undergo a transformation with the impending implementation of the new Land Law, recently approved by the National Assembly and poised to take effect on January 1, 2025. This article explores the potential implications of these changes on the land acquisitions of developers engaged in real estate, energy, and infrastructure projects. KEY HIGHLIGHTS 1. Land […]