The Central Institute for Economic Management (CIEM) has said the lack of a legal foundation for fintech and the circular economy raises concerns about risks and negative consequences. It is therefore necessary for Vietnam to accelerate the testing of a sandbox mechanism in the banking sector.

The EY Vietnam Consulting Joint Stock Company (EY Consulting Vietnam) and the CFO Club of Vietnam (CFO Vietnam) co-organized an event on October 14 on tax, laws, and customs, with the theme “Overcoming Challenges to Growth”. EY Consulting Vietnam said businesses are facing difficulties in implementing certain tax regulations, especially those related to foreign contractor taxes and corporate income taxes. Recognizing the problems, the government has recently issued a tax reform strategy to 2030.

Vietnam is among the top 10 countries with the highest volume of cross-border data transfer, yet its legal system on cross-border personal data protection has many flaws. A suitable legal approach to effectively managing that data flow is therefore required.