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Data Protection and Privacy in Finance in Vietnam: A New Era of Regulation Looms

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Strengthening Data Protection and Privacy Practices in Vietnam’s Finance Sector

Hanoi, March 4, 2024 - The Vietnamese government has taken a significant step towards enacting a new Personal Data Protection Law to strengthen data protection and privacy practices in the country’s finance sector. This move aims to address critical shortcomings in the existing legal framework and align domestic legislation with international standards.

According to reports released by the Ministry of Public Security, Vietnam’s current legal framework comprises 69 disparate documents that lack consistency and comprehensive coverage of personal data issues. The proposed measures aim to harmonize domestic law with international standards, enhance socio-economic development through secure data use, combat widespread personal data misuse, and improve public awareness and compliance.

Consultation Process: Stakeholder Engagement

The drafting process has involved extensive consultation with stakeholders, including the public, government agencies, and businesses, to ensure effective personal data protection while fostering socio-economic growth and aligning with global practices. However, rapid technological advancements and extensive personal data collection by both state and non-state entities have led to significant privacy concerns and data breaches, highlighting the need for robust legislative measures.

Proposed Personal Data Protection Law: A More Comprehensive Framework

The proposed Personal Data Protection Law is expected to provide a more comprehensive and advanced framework compared to the currently effective PDP Decree issued in April 2023. It aims to address critical gaps in the existing legal landscape, promote responsible data handling practices, and safeguard individuals’ privacy rights in the digital age.

Stakeholder Engagement: Encouraging Constructive Dialogue

As the government invites agencies, organizations, and individuals to study the reports and contribute their opinions to the formulation process, stakeholders are encouraged to engage in a constructive dialogue to ensure that the proposed legislation effectively addresses the complexities of personal data protection while promoting socio-economic development in Vietnam.

Key Benefits

  • A more comprehensive and advanced framework for personal data protection
  • Harmonization with international standards
  • Enhanced socio-economic development through secure data use
  • Improved public awareness and compliance
  • Robust legislative measures to combat widespread personal data misuse