Summary
Vietnam has introduced new internet regulations through Decree No. 147/2024/ND-CP, which imposes strict compliance measures for foreign tech firms. This decree replaces an earlier framework and specifically targets companies that operate platforms like social media and app stores, requiring them to adhere to comprehensive content moderation, user verification, and reporting obligations. Companies must notify the Ministry of Information and Communications if they meet certain user thresholds, and failure to comply can lead to severe penalties.
Key Points
- The new decree significantly changes Vietnam’s regulatory landscape for foreign tech companies.
- It applies to firms using onshore data storage or attracting over 100,000 Vietnamese monthly visitors.
- Companies must monitor and remove illegal content within strict timeframes.
- New child protection regulations will require enhanced content moderation mechanisms.
- Mandatory user authentication may clash with business models prioritising anonymity.
- Annual reporting to the Ministry is required, increasing operational demands on tech firms.
- The complex compliance environment may favour larger firms while complicating the situation for smaller players.
- Potential partnerships with local businesses may emerge as a strategy to navigate the new regulations.
Why should I read this?
If you’re in tech or considering doing business in Vietnam, you definitely want to get clued in on this! This article lays it all out—how new regulations are reshaping the game for both giants and smaller players. Keep your growth strategy sharp by understanding these compliance hurdles. After all, nobody wants a nasty surprise when it comes to legal stuff, right?