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Tiếng Việt
Regulatory

Vietnam Regulatory Register

Rules affecting each asset class, with implications for the fund. 'Needs review' items must be confirmed with legal/tax counsel before acting.

5 needs review · 8 verifiedRegulatory information is compiled for internal use and may be out of date. It does not replace professional legal or tax advice.
Vietnam equitiesPrivate equityGoldDigital assets

Amended PIT Law — changes to investment taxation

Needs reviewLast reviewed: 11 Sept 2026

The National Assembly passed an amended PIT Law in late 2025 (expected effective 1 July 2026). Drafts proposed a 20% tax on net securities gains instead of 0.1% of proceeds, and a tax on gold-bar transfers. The final enacted text must be checked against the official gazette.

Implication for the fund

Could materially change after-tax returns of the trading books and the Precious Metals desk. The Tax desk must confirm the official text and update every strategy's tax note before it takes effect.

References
  • Luật Thuế thu nhập cá nhân (sửa đổi) — Quốc hội khóa XV, kỳ họp thứ 10
  • Nghị định và Thông tư hướng dẫn (chờ ban hành)
Digital assets

Crypto taxation: no dedicated guidance yet

Needs reviewLast reviewed: 11 Sept 2026

As of the review date there is no dedicated PIT circular for crypto assets. Proposals suggest a securities-like approach (tax on transfer value) for trades on licensed exchanges. Update when the Ministry of Finance issues guidance.

Implication for the fund

Log every trade (date, quantity, VND price) from now to be ready for retroactive filing. Reserve 0.1–1% of transaction value for tax in return models.

References
  • Dự thảo hướng dẫn thuế tài sản mã hóa — Bộ Tài chính
Silver

Silver: ordinary goods, outside Decree 24

Needs reviewLast reviewed: 11 Sept 2026

Physical silver is not regulated like gold bars; it trades as ordinary goods through jewellery businesses and is subject to VAT. Liquidity and bid–ask spreads depend on the dealer.

Implication for the fund

Buy only from dealers with a clear buy-back policy; check the spread before entry (8% limit).

References
  • Luật Thuế GTGT 48/2024/QH15
Vietnam equities

Market infrastructure: KRX, T+2 and the upgrade path

Needs reviewLast reviewed: 11 Sept 2026

The KRX trading system went live on 5 May 2025. Settlement is T+2 (cash/securities arrive on the afternoon of T+2). FTSE Russell announced Vietnam's upgrade to Secondary Emerging Market, expected effective September 2026; MSCI still classifies it as frontier.

Implication for the fund

Trading books must account for T+2 in liquidity management. The upgrade may bring foreign flows into VN30, supporting the Quality Compounders thesis; confirm the official effective date.

References
  • Thông báo HOSE về KRX
  • FTSE Russell Country Classification Review (Sep/Oct 2025)
Vietnam equitiesPrivate equityVenture capitalGoldDigital assets

Legal wrapper: an LLC holding company rather than a member fund

VerifiedLast reviewed: 11 Sept 2026

Under the Securities Law 2019 (amended 2024) a member fund must be managed by a licensed fund management company, meet minimum capital and have institutional members, unsuitable for a family at the outset. The practical structure is an LLC funded by family members, investing under the Enterprise Law 2020.

Implication for the fund

Phase 1 runs as an internal 'fund' across personal accounts plus one LLC holding for PE/VC and equities. Never accept capital from outside the family to avoid being treated as unlicensed fundraising.

References
  • Luật Chứng khoán 54/2019/QH14
  • Luật sửa đổi 56/2024/QH15
  • Luật Doanh nghiệp 59/2020/QH14
Vietnam equities

PIT on securities: 0.1% of sale proceeds, 5% on dividends

VerifiedLast reviewed: 11 Sept 2026

Resident individuals pay 0.1% of securities sale proceeds (withheld by the broker) regardless of gain/loss, and 5% on cash dividends. Stock dividends are taxed on sale.

Implication for the fund

Short-term trading pays 0.1% per sale, which must be built into expectancy. Long-term holding carries almost no capital-gains tax at the individual level.

References
  • Luật Thuế TNCN 04/2007/QH12 và các sửa đổi
  • Thông tư 111/2013/TT-BTC
Private equityVenture capital

Capital-transfer tax: 20% on gain (individual), 20% CIT (company)

VerifiedLast reviewed: 11 Sept 2026

Transfers of LLC capital contributions are taxed at 20% of net gain (price less cost and expenses). Individual transfers of JSC shares count as securities (0.1% of proceeds). Companies pay 20% CIT on gains; dividends received from other companies are CIT-exempt.

Implication for the fund

For PE/VC, the choice between individual vs. holding ownership and LLC vs. JSC at the target strongly affects exit tax. Model it before signing.

References
  • Luật Thuế TNDN 67/2025/QH15
  • Thông tư 111/2013/TT-BTC, Điều 11
Gold

Decree 232/2025: gold-bar monopoly ended, bank-transfer payments

VerifiedLast reviewed: 11 Sept 2026

Decree 232/2025/ND-CP (amending Decree 24/2012, effective 10 Oct 2025) ends the state monopoly on gold-bar production; qualified banks and firms may be licensed to produce bars and import raw gold. Gold purchases of VND 20m/day or more must be paid by bank transfer.

Implication for the fund

More supply may narrow the domestic premium, helping the accumulation ladder. All desk purchases go through bank transfer with invoices kept, which also helps provenance and succession.

References
  • Nghị định 232/2025/NĐ-CP
  • Nghị định 24/2012/NĐ-CP
Global equitiesDigital assets

Individuals may not invest portfolio capital abroad (except ESOP)

VerifiedLast reviewed: 11 Sept 2026

Under the Foreign Exchange Ordinance and Decree 135/2015/ND-CP, Vietnamese individuals may only invest abroad indirectly through foreign-company ESOPs. Transferring money abroad to buy foreign stocks/funds is not permitted; institutions need State Bank approval.

Implication for the fund

Foreign expansion of the Equities desk is only viable via (a) funds/ETFs with foreign assets distributed in Vietnam, or (b) a lawful foreign entity/residency in Phase 3. Never use informal remittance channels.

References
  • Pháp lệnh Ngoại hối 28/2005/PL-UBTVQH11 (sửa đổi 2013)
  • Nghị định 135/2015/NĐ-CP
Private equityVenture capital

Outward direct investment needs a registration certificate

VerifiedLast reviewed: 11 Sept 2026

A company (including the family holding) investing in foreign equity must obtain an Outward Investment Registration Certificate (Ministry of Finance) and register the FX transaction with the State Bank before transferring capital.

Implication for the fund

This is the formal legal path to invest in Singapore-parented startups or set up a foreign subsidiary. Scheduled for Phase 3 once the holding has scale.

References
  • Luật Đầu tư 61/2020/QH14, Chương V
  • Nghị định 31/2021/NĐ-CP
  • Thông tư 12/2016/TT-NHNN
Venture capital

Innovative startup investment funds (Decree 38/2018)

VerifiedLast reviewed: 11 Sept 2026

Decree 38/2018/ND-CP allows innovative startup investment funds without legal personality, up to 30 investors, investing only in innovative startups and at most 50% of a startup's charter capital. Direct individual/holding investments in startups still follow the Enterprise Law.

Implication for the fund

Phases 1–2 invest directly via the holding. When pooling with other families/friends, consider a Decree 38 fund for a clear legal framework.

References
  • Nghị định 38/2018/NĐ-CP
  • Luật Hỗ trợ DNNVV 04/2017/QH14
PensionInsurance

Voluntary social insurance and tax-advantaged supplementary pension

VerifiedLast reviewed: 11 Sept 2026

Social Insurance Law 41/2024/QH15 (effective 1 Jul 2025) expands voluntary social insurance with state top-ups and cuts the minimum contribution period to 15 years. Voluntary supplementary pension funds (Decree 88/2016/ND-CP) allow a PIT deduction of up to VND 1m/month; savings-type life insurance premiums are not deductible.

Implication for the fund

Every member without a labour contract should pay voluntary social insurance; members with taxable income should use the supplementary-pension deduction before investing the rest.

References
  • Luật BHXH 41/2024/QH15
  • Nghị định 88/2016/NĐ-CP
  • Thông tư 111/2013/TT-BTC, Điều 9