Vietnamese enterprises taking part in the internet economy face major challenges. The legal framework on intellectual property in the country is quite complex, and includes the Law on Intellectual Property, the Law on Competition, and the Law on Cybersecurity. Vietnam has also joined certain international conventions. However, effective tools to combat unfair competition are still lacking, which protect businesses in cyberspace, especially in terms of intellectual property rights.

Amendments to the Law on Medical Examination and Treatment have become necessary. Financial mechanisms are now an issue in the health sector that requires a legal corridor for medical examination and treatment facilities to feel secure.

On July, 29, the “Tax on e-commerce and cross-border digital services: International experience and Vietnamese practice” conference was held by the Institute of Financial Strategy and Policy in cooperation with General Department of Taxation. Analysts believe that tax revenue from e-commerce could skyrocket with control over cross-border trading and payment transactions for digital services based on completing a legal corridor and using technology.

Vietnam’s fintech market has made great strides forward in recent years, especially in the banking and finance sector, which is posting among the highest growth in Southeast Asia. Fintech businesses are therefore in need of a legal corridor to avoid unnecessary risks and tighten their relationships with banks.

Speaking at the opening ceremony of the “Start-up Festival 2022” on January 19, Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that Vietnam needs a new mechanism for a new startup model, paving the way for new technology initiatives and at the same time creating conditions for startups to be creative, using intelligence for innovation.