VIETNAM Trends and Developments Contributed by: Tung Ngo, Ngan Nguyen, Hien Tran and Quynh Chi Nguyen, VILAF
increasing sophistication of transactions continues to underscore the importance of comprehensive legal due diligence and proactive regulatory engagement. Cross-Border Documentation Reform Through the Adoption of the Apostille Convention A further notable development supporting cross-bor - der investment is Vietnam’s accession to the Hague Apostille Convention, which abolishes the require - ment for legalisation of foreign public documents and is expected to take effect in September 2026. The reform introduces a fundamental change in how foreign public documents are authenticated for use in Vietnam and abroad. Under the current regime, docu - ments are typically subject to a multi-step consular legalisation process involving certification in both the issuing country and Vietnam. The new framework replaces this process with a single Apostille certificate issued by the competent authority of the originating jurisdiction. This shift is expected to significantly reduce adminis - trative burdens for investors, particularly in transac - tions requiring cross-border documentation, such as M&A, financing arrangements and dispute resolution proceedings. Key trends arising from this reform include: • simplification of authentication procedures through the replacement of multi-step legalisation with a single Apostille certification; • reduction in processing time and transaction costs for cross-border investments and corporate docu - mentation; • increased predictability in project timelines, par - ticularly for licensing, financing and workforce mobilisation; • greater alignment of Vietnam’s legal framework with international practices in document recogni - tion and legal cooperation. The reform also has direct practical implications for transactional and dispute-related documentation, including powers of attorney, corporate records and litigation documents, which are expected to be pro - cessed more efficiently.
For foreign investors, the adoption of the Apostille sys - tem represents a significant administrative improve - ment and supports a more seamless execution of cross-border transactions, consistent with Vietnam’s broader efforts to enhance its investment environment and legal integration. Financial Innovation by Vietnam International Financial Centre A significant development in Vietnam’s financial sec - tor is the establishment of the Vietnam International Financial Centre, structured as a single financial plat - form operating across Ho Chi Minh City and Da Nang City. The framework introduces a specialised regulatory regime designed to attract international capital, finan - cial institutions and fintech participants, while facilitat - ing cross-border financial activity within a more flex - ible and commercially oriented environment. The dual-location structure reflects distinct policy ori - entations. Ho Chi Minh City is positioned as a com - prehensive financial hub focused on capital markets and traditional financial services, whereas Da Nang City is designed as an innovation-driven centre with an emphasis on fintech, digital assets and regulatory sandbox models. Entry into the financial centre is available through registration, recognition or sector-specific licensing, depending on the nature of the business. While the regime simplifies market entry and reduces adminis - trative procedures for many investors, regulated sec - tors such as banking, securities and insurance remain subject to separate licensing and supervision. Recent developments indicate a shift toward spe - cialised financial ecosystems aligned with Vietnam’s comparative advantages and strategic industries. In particular, Ho Chi Minh City is advancing sector- specific financial clusters, including the development of an aviation financial hub (the Asia-Pacific Avia - tion Financial Hub, an initiative under VIFC-HCMC), supporting aircraft financing, leasing, insurance and logistics-related financial services, with initial capital mobilisation already reaching approximately USD6.1 billion.
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