Issuance of Power Development Plan VIII
On 15 May 2023, the Prime Minister of Vietnam issued Decision No. 500/QD-TTg, approving the National power development plan for the period between 2021-2030 and setting out the vision for 2050 (“PDP VIII“).
PDP VIII sets out the roadmap for the development of energy sources and grid infrastructure, including for the renewable energy service and industry in Vietnam. It also includes planning for grid connections with neighbouring countries.
PDP VIII takes into account the commitments given by Vietnam in the Just Energy Partnership (JEPT), with priority given to renewable energy sources. It is expected that by 2030, renewable energy will account 30.9% to 39.2% of Vietnam’s power sources (and by 2050, it will reach 67.5% to 71.5%). PDP VIII also sees phase out of coal-powered electricity generation by 2050 (and coal-fired plants are to be converted into clean energy or ammonia by this time).
In terms of legislative plan, PDP VIII paves the way for the amendment of the current Law on Electricity and the initiation of the drafting of a separate law on renewable energy.
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Decree 21/2023/ND-CP on Microinsurance
On 5 May 2023, the Government enacted Decree 21/2023/ND-CP on microinsurance. This marks the first time microinsurance products have been comprehensively regulated by the Government, and was introduced after the Law on Insurance Business was passed in 2022. According to lawmakers, the decree was enacted to develop an effective microinsurance landscape, allowing for greater access to insurance by low-income individuals.
The Law on Insurance Business defines microinsurance as insurance aimed at low-income individuals and households to protect them against life, health and property risks.
The decree prescribes caps on the chargeable premiums and insurance terms for such products. For example, premiums are capped at 5% of the annual per capita income of the near-poverty households in urban areas, and must be suitable to the insurance benefits.
It also introduces the licensing, organisation and operational framework for mutual microinsurance organisations for the first time.
Decree 19/2023/ND-CP Guiding the Law on Anti-Money Laundering
On 28 April 2023, the Government enacted Decree 19/2023/ND-CP to guide the recent Law on Anti-Money Laundering (replacing the former Decree 116/2013/ND-CP which was passed around 10 years ago). Save for certain customer due diligence requirements which will come into effect from 1 December 2023, the decree came into effect from the date of its enactment.
The decree regulates the specific circumstances in which customer due diligence requirements need to be undertaken by reporting entities, with particular focus on financial institutions. Keeping track with the recent Law on Anti-Money Laundering, it regulates the requirements for digital wallet service providers.
The decree also regulates the criteria for identifying beneficial owners, as well as ascertaining when there is a complex or unusually large transaction for which reporting is required.
Decree 17/2023/ND-CP Guiding a Number of Articles and Measures on the Implementation of the Law on Intellectual Property Regarding Copyright and Related Rights
On 26 April 2023, the Government enacted Decree 17/2023/ND-CP to regulate copyright and related rights, following the recent amendments to the Law on Intellectual Property that were passed in 2022. The decree marks one of the most comprehensive laws to date on copyright, and came into force immediately on the date of enactment.
One of the key areas of regulation introduced by the decree is the regulation of online intermediary service providers (“ISPs“), particularly as to their extent of liability for copyright infringement and violations that occur on their platforms. It stipulates the conditions that need to be met by ISPs in order to enjoy safe harbour protections.
The decree also regulates, in greater detail, the criteria for determining when a copyright infringement has occurred. It also regulates the method for quantifying damages arising from infringement, while maintaining the principle that only actual damage will be awardable.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice
