Vietnam approves securities regulatory sandbox from March 2027

Résumé détaillé

The amended Law on Securities will introduce a regulatory sandbox for financial innovation while reinforcing investor protection, operational safety, and transparency across the securities market.

On November 13, the National Assembly voted to pass the Law Amending and Supplementing a Number of Articles of the Law on Securities.

Before the vote, Minister of Finance Ngo Van Tuan presented the government's report on the review, explanation, revision, and finalisation of the draft amended Law on Securities.

“The government has carefully studied, incorporated feedback, provided explanations, and revised the draft law to ensure its consistency with actual market operations, the relevant legal framework and the requirements for developing a safe, transparent, and sustainable securities market in the coming period,” Minister Tuan said.

One of the key provisions incorporated and revised in the draft law concerns the regulatory sandbox mechanism for the securities sector.

The draft law clarifies the requirements for interim and final assessments, enabling competent authorities to consider whether testing should continue or the legal framework should be further developed before official implementation.

This will facilitate the testing of new models, products and services while safeguarding market stability and investors' rights.

The law establishes the fundamental principles and limits of the mechanism, while authorising the government to provide detailed regulations on procedures, risk-control measures, and the handling of testing results. The mechanism must ensure market safety, the protection of assets and data, and the safeguarding of investors' rights.

The government's report on the review and revision of the draft law also clarifies that the amendments are intended to specify the sector-specific regulatory requirements of the securities industry within the broader legal framework governing science, technology, and innovation, with particular emphasis on market safety, investor protection, segregation of assets, and the management of customer data.

Regarding market organisation, the government has maintained its position of assigning the prime minister the authority to…

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