As the year of the Snake starts, the Traffic decree 168 is an example of Vietnam year ahead

Vietnam’s newly issued Decree 168, set to take effect on January 1, 2025, enforces strict traffic regulations with harsh penalties. The law introduces severe fines of up to VND 20 million—equivalent to months or even years of disposable income—sparking fear and uncertainty among drivers.

The abrupt implementation has led to widespread panic, disbelief, and frustration, with many in the transportation sector considering quitting their jobs. The fear of financial ruin has disrupted daily commutes and stirred public outrage -most have sunk in the Bermuda triangle-.

As the situation unfolds, we take a comprehensive look at the facts about Vietnam’s traffic crisis, without venturing into predictions. As you can understand, this post belongs to what we previously called the “Bermuda Triangle of Information.” The precipitated decree captures how a single push for long-awaited road safety reforms can trigger unintended consequences, exposing deep flaws in execution and enforcement. We forecast more of such decrees coming up for 2025...

Decree 168: Enforcing Traffic Safety and regulations Now! Resulting in chaos in planning, decision, execution, communication, rectifying, follow-up... january 2025: Season #1

Confusion Peaks During Tet: Traffic Police Crackdown Raises Eyebrows

Just days into the joyous Tet celebrations, a traffic policeman—adorned with gold and a luxury watch—leads a PR campaign against drunk driving. While handing out hefty fines, he also rewards good drivers… with packs of beer?!

To better understand the decision 'at street level', we Mapminded the Vietnam Traffic decree 168 and its collateral damages

10 Lessons from the traffic decree 168 for managers-to-be

1. Plan your decision from the ground to the top: nto the other way round

Any traffic policeman knows if motorbikes can not turn right due to punishing fines, it is hundreds of bike riders stuck at the red light every 45 seconds. The national registration statistics shows 87% of the 100Mio Vietnamese drive a scooter daily. Let's do a bit of Maths now, on traffic hours and vehicles to regulate: in Hochiminh City alone roughly 10,000,000 vehicles will circulate during the rush hours from 7-to-9am. A cross-road will have a flow 2 red lights x45 seconds ie.1.5 min divided by 120min (2 hours) that is 80 stop-go periods to entertain 125,000 at each stop all over the city. Obviously if we shrink the map to the 1-of-10 busiest nod of the road network, those have to maintain a flow for 1.250.000 mainly motorbikes. I let your imagination calculate the number of hours lost as the 1,250,000 motos actually stop at the red lights, no turning right allowed without signage.

2. Show authority and Decide Vs Make a decision...

More as the decree 168 collateral damages unravel... to be continued

In conclusion:

Most people replicate what they are comfortable with. Shifting your mindset to adapt the new reality is the most difficult challenge a human being can achieve over his lifetime. May the Year of the Snake inspire us to change skin gracefully.

Part 2 of the ‘Unraveling Corruption in Vietnam - Catch 22’ series

The new law and regulation on vehicle ownership and registration will be strictly enforced.

Cracking Down on Motorbike Ownership and Registration

In Vietnam, motorbikes are more than just a mode of transportation; they are an integral part of the culture. However, over the years, this has led to lax practices in motorbike registration, opening the door to corruption and illegal activities. In a bid to curb these issues, the Ministry of Transportation recently introduced a new law that is set to be strictly enforced. Starting from 15th August, motorbike owners must have the registration card in their name and the original plate on the caveat, known as the "carte verte à legacy of French colonial administration." This article delves into the implications of this new regulation, focusing on the challenges it poses, especially for expatriates and motorbike enthusiasts.

The History of Non-Compliance

For many years, the practice of motorbike ownership and registration in Vietnam has been unique. It has been common for motorbikes to stay within families, passing from one generation to the next without the need to change plates or the caveat. Consequently, the Department of Registration has been registering a massive number of new motorbikes annually, approximately 1,000,000 countrywide. This culture of keeping motorbikes within families made any "extra service" for used motorbikes unwelcome, unless a certain "coffee money" was paid. Riding a family member's or friend's motorbike was as commonplace as breathing air in Vietnam.

New Regulation to Combat Theft and Scams

While this longstanding practice has had its merits, it has also led to certain downsides. A new trend emerged involving the theft of motorbikes and scams related to "borrowed" motorbikes that did not legally belong to the riders but were pawned for quick cash before disappearing. Furthermore, there were reports of illegal trading of "lucky number plates" within the police transportation registry. These plates, often ending in numbers 8 or 9, could fetch thousands of dollars without any money reaching the state's coffers.

Ministry of Transportation's Decree

In response to these challenges, the Ministry of Transportation decided to take immediate action. Their new decree, which came into effect within 30 days of its announcement, mandates that all vehicles should be registered under the name of the owner as per the model and number plate. This regulation aims to combat corruption and illegal practices that have plagued the vehicle registration system. However, its implementation has posed significant difficulties.

Challenges for Expats

This new regulation has created substantial challenges, especially for expats living in Vietnam. Expats often face a two-fold problem - firstly, they cannot legally sell and change the ownership of a motorbike without a proper Resident Card or a long-term visa of the buyer. Secondly, finding the previous expat owners, who may have sold the motorbike due to relocation, is an arduous task. The documentation required for this process is often incomplete, adding to the complexity of the situation.

The Unintended Consequences of the Decree

Since the 15th of August, the 30-day waiting period for the new decree has lapsed, and it has already begun to have unintended consequences. Second-hand motorbike dealers are struggling to trace back the original registration card owner, and many are on the brink of bankruptcy. Expatriates have become easy targets for the police to verify ownership through the carte verte. Additionally, enthusiasts who purchased "lucky number plates" without proper invoices are now facing fines.

The Need for Caution and Reevaluation

In this situation, it becomes evident that the swift implementation of the decree without a thorough assessment of the implications has led to a clear and present danger for many. It is crucial to recognize that the lower levels of government may sometimes mistake speed for efficiency, and decisiveness for smart decision-making. While the intent behind the regulation is to curb corruption and illegal activities, it is equally vital for the authorities to consider the practical challenges that have arisen due to its hasty implementation.

As we created a section about Time and Timing, this is fairly often that the low level of the government officers lead to inadequate decisions and decree mistaking speed with efficiency, or decisiveness with smartness. In this dead end situation, it is urgent to wait and see when the authorities will ‘Undecide’.

The US Department of Commerce conducted this review of Vietnam’s status as a non market economy (NME) country in response to a request by the Government of Vietnam on September 8, 2023, within the context of a changed circumstances review (CCR) of the U.S. antidumping (AD) order on raw honey from Vietnam. As the GOVN submitted sufficient justification for a reevaluation of Vietnam’s NME status, US Commerce determined that good cause existed to initiate its review on October 30, 2023. Since 2022, Vietnam exports to the USA has been decreasing (see graphics); a Market Economy recognition would attract favorable nations taxation tarifs on imports by the USA thus boosting Vietnam exports volumes.

In response to Vietnam’s request to reconsider its 2002 classification as a non-market economy (NME) under U.S. antidumping (AD) law, the U.S. Department of Commerce has reaffirmed Vietnam’s NME status in a 2024 review. This conclusion follows a comprehensive analysis of Vietnam's economy, focusing on key structural issues that continue to hinder its full transition to a market economy. Despite significant reforms since the 1986 launch of “Doi Moi,” Vietnam’s persistent government intervention in economic decision-making still distorts pricing and resource allocation. This review considers six statutory factors, highlighting ongoing challenges despite Vietnam's impressive growth.

You can access the US Commerce dept Vietnam NME 284-page decision review. The Subscriber/Insider's resources folders are securized by Google, you may have to provide an email address or email me your request to Editor@riskinAsia.com

Background and Economic Reforms in Vietnam

Vietnam embarked on the Doi Moi reforms in 1986 to transition from a centrally planned economy to one more aligned with market principles. These efforts have been largely successful in fostering rapid economic growth. According to the International Monetary Fund (IMF), Vietnam's per capita GDP growth since 1990 ranks second only to China, and its poverty reduction has been remarkable, lifting 40 million people out of poverty between 1993 and 2014.

Despite joining the World Trade Organization (WTO) in 2007 and further integrating into the global economy, the U.S. Department of Commerce first classified Vietnam as an NME in 2002. That classification meant U.S. antidumping duties applied to Vietnamese goods are based on pricing comparisons with other countries, due to concerns that Vietnamese prices do not accurately reflect market conditions. Vietnam's government requested a review of this status in 2023, citing ongoing reforms, but Commerce's review concluded that significant challenges remain.

Key Factors in Commerce’s Analysis of Vietnam economy

1. Currency Convertibility: the Ministry of Finance allocates the rights

Since 2002, Vietnam has made progress toward currency convertibility, including assuming IMF Article VIII obligations, which promote the convertibility of goods and services. The Vietnamese dong's trading band has been expanded, and the government has reduced its intervention in the foreign exchange market. However, the State Bank of Vietnam remains under government control, and the dong was listed as a manipulated currency by the U.S. Treasury until 2022. While Vietnam has made strides, restrictions on convertibility remain, keeping the country from full currency liberalization.

2. Wage Determination: MOLISA Vietnam Ministry of Labour Invalids and Social Affairs

Vietnam has passed new labor laws, most notably the Vietnam Labor Code of 2019, which allows the formation of unions and collective bargaining. However, the state-controlled Vietnam General Confederation of Labor (VGCL) remains the only legal union, limiting workers' ability to freely organize or strike. This lack of independent labor representation continues to prevent truly free bargaining between labor and management, a key characteristic of a market economy.

3. Foreign Direct Investment (FDI) Environment: the MPI ministry of plan various 'sensitive' sectors

Vietnam has become one of Southeast Asia’s most open economies to foreign investment, a major achievement of its reform efforts. Foreign direct investment (FDI) has risen steadily, driven by Vietnam’s economic openness. However, significant barriers remain, such as restrictions on FDI in certain sectors, lack of regulatory transparency, and weak intellectual property protections. While FDI is crucial to Vietnam’s growth, these challenges prevent Vietnam from fully capitalizing on foreign investment opportunities.

4. State Ownership of Production: favorable attribution of land and capital to the happy few

Under the Doi Moi reforms, Vietnam’s state-owned enterprises (SOEs) have seen a reduction in their role in the economy, with their contribution to GDP falling from 40% in 2002 to a range between 20.6% and 30.2%. However, Commerce notes that official data likely underestimates the influence of SOEs. Many SOEs continue to receive favorable treatment, such as access to capital, leaving the private sector at a disadvantage. Additionally, the state retains control over land use, with all land being government-owned, limiting private ownership and control. As a result, SOEs still play an outsized role in key sectors of the economy, distorting market forces.

5. Government Control Over Resource Allocation: dual-pricing and randomness in license attribution

Despite improvements in reducing government control over the economy, Vietnam’s state sector still receives preferential treatment, especially in accessing capital. The government has reduced price controls over commodities since 2002, but considerable state planning remains. This means that while the private sector has grown, especially foreign firms, the government continues to influence major economic decisions. State-directed lending and planning prevent the market from fully allocating resources based on supply and demand principles.

6. Legal and Institutional Challenges: for 3 castes the State owned, locals and foreign companies

Legal reforms in Vietnam, such as the Anti-Corruption Law of 2018, have aimed to improve governance and transparency. However, the Communist Party of Vietnam's pervasive influence over the judiciary weakens law enforcement and transparency. Corruption remains a significant issue, and the inconsistent application of laws continues to deter foreign investment and undermine the rule of law. These legal shortcomings further complicate Vietnam's path toward becoming a fully functional market economy.

Vietnam Public Involvement and Data Sources

The Department of Commerce’s review involved input from various stakeholders, including public comments and a public hearing held in May 2024. Commerce also used data from credible international sources, such as the World Bank, IMF, and the Organization for Economic Cooperation and Development (OECD). This comprehensive approach ensured that the analysis was both thorough and transparent, using a blend of legal (de jure) and practical (de facto) insights into Vietnam’s economic conditions.

Conclusion: Vietnam’s Ongoing NME Status

Commerce’s determination to retain Vietnam's NME status stems from a collective analysis of the six statutory factors, revealing persistent government intervention and control in critical areas. While Vietnam has made significant progress since 1986, its economic system continues to fall short of full market economy status. Key areas such as currency convertibility, labor freedom, foreign investment, and government control over resources still show substantial government influence, distorting market conditions and making accurate pricing difficult.

As such, Commerce concluded that Vietnam remains a non-market economy for the purposes of U.S. AD law. This status will continue to affect U.S. trade policies with Vietnam, particularly in how antidumping duties are calculated on Vietnamese imports, until further market-oriented reforms are implemented. Vietnam’s journey toward full market economy status is far from complete, and deeper structural reforms are necessary to fully integrate Vietnam into the global market system.

Implications for Vietnam and the U.S. beyond 2024

The decision to maintain Vietnam’s NME status holds significant implications for trade relations between the two countries. For U.S. companies, it means that anti dumping measures on Vietnamese goods will remain stringent. For Vietnam, the decision highlights the need for continued reforms, particularly in reducing state influence over the economy and improving legal frameworks. The U.S. will likely maintain a cautious approach toward Vietnam’s economic status, despite the country’s rapid growth and increasing importance in global trade networks.

Ultimately, while Vietnam has made great strides in reforming its economy, the path to achieving full market economy recognition by the U.S. remains challenging, requiring more substantial changes to how the government interacts with and controls its economic institutions.

The 2024 trial starts for the largest embezzlement case in history of Vietnam involving Mrs Truong My Lan, CEO of Van Thinh Phat real estate company, the control of Saigon Commercial Bank and the corruption of State Bank of Vietnam officials.

Starting tomorrow, the long awaited trial of Mrs Truong My Lan, CEO of Van Thinh Phat group, will start from 5-mar-2024 to 29-apr-2024. Mrs Lan, used the Saigon Commercial Bank SCB, she secretly controlled and she bribed 24 inspectors of the State Bank of Vietnam to turn a blind eye on the SCB, thus building the VTP group real estate empire, through a cascade of fake companies borrowing money. A wipe out equivalent of 6% of Vietnam GDP or the assets of 9 largest listed companies of Vietnam.

For whoever follows the economy in Vietnam, the post Covid 2022 was heavy on arrests of prominent real estate developers. After Mr Quyet of FLC real estate manipulating the share prices on the HCMC stock market, Mr Hoang of Tan Hoang Minh real estate manipulating the land price bidding for $100,000 per sqm in Thu Thiem future financial center and the Novaland bond issuance frenzy, one could feel the worse was behind us. Vingroup was not far away…

Probably the trial of the year 2024 will surely unveil the quadruple ‘hold-up’ by Mrs Truong My Lan, CEO owner of Van Thinh Phat real estate developer company.

The case involves prime and huge land attribution since 1991. The financing is still murky as Mrs Lan ‘hi-jacked’ the SCBank voting rights, the stock market and the banking system regulators by organized corruption with cash. The justice will tell if the 42,000 bond holders will lose their money depending if they hold a guaranteed bank deposit or VTP group dream real estate dream venture debt in disguise, what professional bankers call a junk bond?

Van Thinh Phat group, holds-up prime real estate and huge pieces of land all over HCMC… since 1991.

Once upon a time in 1991, Vạn Thịnh Phát (VTP Group) was founded by Mrs Truong My Lan and her husband Mr Chu Nap Kee. 

Over the years, Ms Lan started to gather prime location in District 1 in the iconic walking street in front of the city hall, becoming the queen of Nguyen Hue.

Over the years, the huge real estate portfolio extended to prime locations in various districts of the city. Unnoticeably accumulating a fortune of $12.5Bn, more than the total wealth of the 5 largest billionaires of Vietnam in aggregate -that includes famous Vingroup-Vinfast, Pham Nhat Vuong CEO-.

The empire grew until recently in 2016, the attribution of 118ha of land of stalled Saigon Peninsula project in District 7 for a US$6 Bn investment.

Just one figure says it all, the Van Thinh Phat case, investigated since Mrs Lan arrest in oct-2022 is equivalent to 6% Vietnam GDP value wiped out. To relate easier to a developed country like Germany, a comparative calculation is 6% of US$4.5 trillions (+20% population factor) it is a US$216Bn loss. 

Van Thinh Phat group issuing ‘guaranteed’ bonds/debts to the public via SCBank at 12%/year interest’

From bank guaranteed deposit to junk bonds sold by SCB, 42,000 bond buyers from the public will discover what the court decides they can get back depending on the underlying debt guarantees promised by whom, if any valid asset is left.

The court will also define who at Saigon Commercial bank sold what type of financial product to the poor investors, gullible depositor for higher rate dont know:

• No control on the financial product (corporate debt/bond) sold by the banker
• No control the borrower and the amounts
• No control the VTP group assets backing the bond issued to the public

Now it is known Mrs Trung My Lan. What did the bank teller sell to their client coming for a deposit of their hard earned savings?

It can range from the best case to the worst: a State bank deposit, a SCB bank guarantee, a VTP group asset-backed loan to  a ‘junk’ bond to finance future real estate projects by a VTP affiliate company.

In short, the SCB clients scammed? Were they financially educated to understand what they purchased? Were they clearly informed by the bank employees on the risk reward their investment paper exposed them, if the paper is an investment product at all?

Mrs Truong My Lan, CEO of VTP group, holds-up the SCBank, by secretly controlling the voting rights and using the bank for her own business needs.

On paper Mrs Truong My Lan owns 5% of SCB bank shares, in reality, she manages to hold-up the Saigon Commercial Bank and secretly control 91.5% of the voting rights bribing hundreds of shareholders votes, so that the bank would work to her private business interest.

The economic police investigating on SCB and VTP group wrongdoing mechanism counted 1,300 loans by a cascade of 40 companies created to borrow money thanks to 42 bank accounts, 1,400 property ownership ‘pink books’, 996 Mio SCB shares control and 22 valuable assets ranging from yachts to Rolls Royce cars.

Some new companies were created, with temporary assets, for the purpose of contracting loans to the sole purpose of extending loan facilities. The bank manager's due diligence on company assets and revenues was eased or simply waived by bribes in kind or cash.

As shown above, Mrs Truong My Lan wiped out VND304 trillion  -via the SCB heist- that is equivalent to the total registered capital of the 6 largest Vietnamese banks.

Mrs Truong My Lan, holds-up the regulators of the HCMC Stock Exchange and  24 inspectors of the State Bank of Vietnam

Over the years, the State bank of Vietnam auditors uncovered bad debts and unsecured loans. Starting 2017, Mrs Do Thi Nhan, head of the State bank of Vietnam’s inspection and banks supervision department II, uncovered:

• Mrs Truong My Lan was secretly owner of 91.5% of the bank voting rights and decisions,
• the bad debt ratio was a whopping 36% of assets
• 71 SCB companies had doubtful assets and income sources

Mrs Lan, controlling of SCB, organized the bribery of the 24 staff of State Bank supervisory team, from 5000$ to US$ 5.2 Mio to Mrs Do Thi Nhan head of the supervision team to falsify the bad debts ratio to an acceptable 6.8% and turn a blind eye on controlling the 71 SCB dubious borrowers clients.

CONCLUSION on Mrs Truong My Lan, VTP group trial is already decided. To be delivered on 30-april national reunification day, labor day.

Will there be anything new under the sun? The biggest hold-up is land in Vietnam, Mrs Lan and her husband Mr (Chu Nap Kee) HK-CH  had thousands property ownership red books.. Will the prince and the princess trial disclose any new names? Who are the kings who made the princes? Where are they from? VN, HK, China? Are Mrs Lan & Mr Chu the real owners of huge pieces of land? 

The new year will tell us more of the wrongdoings of the princes, and perhaps unveil and punish the rainmakers, the kings behind the land attributions? 

Mrs Lan 2024 trial may mark a new era of compliance for the stock market and banking sector. If some old Phoenix are uncovered and sacrificed, then some new dragons may rise to elevate the real estate sector in Vietnam.

As the Investigation is already complete, the start and closing date of the trial being defined already, as Julius Caesar ‘Alea jacta es’ ie the die is cast. 

Let’s see if the Dragon or the same old Phoenix will rise this year?

You can read more on our INSIDER VIEW, the elements we believe favorise the Phoenixes rise again. 

In the dynamic landscape of Vietnam's financial sphere, the dance between credit opportunities and risks creates a narrative that impacts both citizens and expats alike. Imagine the bustling streets of Ho Chi Minh City, where economic aspirations converge with the stark reality of bad debt risks. As banks grapple with mounting pressures, the story unfolds through secured assets, presenting a canvas of risk and opportunity. A recent article on Vietnam.Net exposed the problem of banks selling secured properties at discounts to recover debts. What is the situation as we unlock Vietnam's potential?

Exploring Credit Opportunities in Vietnam

Discounted Secured Properties

Amid the intricate dance of financial intricacies, Vietnamese banks find themselves grappling with the challenge of recovering outstanding debts. In their pursuit of debt resolution, these financial institutions are strategically navigating the market, employing a notable strategy — the sale of secured properties, predominantly centered around real estate, at substantial discounts. This approach is a testament to the dynamic nature of Vietnam's economic landscape, where the quest for debt recovery meets the diverse tapestry of real estate offerings.

One prominent example illustrating this trend is Sacombank, a key player in the Vietnamese banking sector. In their bid to address outstanding debts, Sacombank has taken the bold step of offering a prime land plot in Ho Chi Minh City at a remarkable discount, a staggering 50% below its initial asking price. This move serves as a distinctive marker in the financial landscape, signaling the bank's commitment to resolving debts through innovative means.

The trend, however, is not exclusive to Sacombank. Other banking entities across Vietnam are following suit, with a plethora of secured properties entering the auction arena. Cities like Đà Nẵng and Hanoi witness the unfolding of this strategy, as banks strategically place various properties on the auction block, each with its unique story and valuation intricacies.

The decision to leverage secured assets, particularly those tethered to real estate, underscores the multifaceted nature of the debt recovery process. While the market eagerly observes these auctions, potential buyers are presented with a unique opportunity — a chance to acquire valuable assets at significant discounts. This, in turn, contributes to the broader narrative of the Vietnamese banking sector adapting to economic challenges with resilience and innovation.

As the gavel falls at these property auctions, the echoes resonate far beyond the transaction itself. They signify a strategic response by banks to the evolving financial landscape, providing a glimpse into the intricate web of credit management, risk mitigation, and the pursuit of a stable economic equilibrium. The discounted sale of secured properties becomes not only a financial maneuver but also a symbol of adaptability in the face of economic complexities.

Diversified Asset Offerings

In a bid to diversify the spectrum of recoverable assets, Vietnamese banks are extending their reach beyond the realm of real estate. The auction arena is witnessing a distinctive array of assets, showcasing the financial tapestry woven by these institutions. Luxury cars, once symbols of affluence, now find themselves on the auction block, alongside machinery, fishing vessels, and even entire factories.

The inclusion of such varied assets in debt recovery efforts reflects the pragmatic approach adopted by banks. While real estate remains a substantial part of the offerings, the expansion into other tangible assets underscores the banks' agility in navigating the nuances of the contemporary economic landscape.

Luxury cars, known for their aesthetic appeal and premium features, stand as testament to the diverse nature of these auctions. Machinery, a cornerstone of industrial operations, now takes center stage in the financial marketplace. Fishing vessels, once symbols of maritime livelihoods, and factories, the epicenters of production, are also part of this eclectic mix.

However, the challenge lies not in the diversity of offerings but in finding willing buyers for these assets. The intricacies of the current economic landscape contribute to the complexity of this task. Potential buyers are discerning, navigating through market uncertainties, economic conditions, and the legal intricacies surrounding such transactions.

The difficulty in finding buyers for these assets unveils a layer of complexity in the market dynamics. While real estate may hold a certain allure for investors, other assets, especially those with specialized purposes like machinery and fishing vessels, pose unique challenges in terms of valuation and liquidity.

This multifaceted approach by banks, though laden with challenges, reflects a strategic response to the dynamic economic conditions. The diverse array of assets on the auction block not only mirrors the evolving financial strategies of banks but also serves as a barometer of the broader economic landscape in Vietnam. As these assets await new ownership, the intricacies of their transactions become emblematic of the adaptability required in navigating the ever-changing currents of the Vietnamese financial ecosystem.

What is the Picture of Risk in Vietnam

Real Estate Dominance

The dominance of real estate as collateral in Vietnam's secured loans is a prevailing trend, comprising a staggering 70% of mortgages for these financial arrangements, as revealed by the Việt Nam Association of Realtors. When borrowers encounter insolvency, their real estate assets become the primary collateral thrust into the auction sphere.

This high prevalence of real estate as the go-to collateral underscores its pivotal role in the financial landscape. However, the implications of this trend extend beyond mere statistics. The association's data sheds light on the challenges that arise when these mortgaged properties transition from financial assets to auctioned items.

While real estate may seem like an attractive option for buyers, the nuances of the auction process, coupled with market conditions, economic uncertainties, and legal intricacies, present hurdles. The sheer volume of real estate assets hitting the auction block creates a competitive environment, where potential buyers must navigate various factors before committing to a purchase.

The challenges associated with finding suitable buyers for these real estate assets underscore the complexities inherent in the Vietnamese financial ecosystem. As these properties change hands through the auction process, they become emblematic of the intricate dynamics shaping the country's economic landscape. The Việt Nam Association of Realtors' revelation serves as a window into the intricacies of the auction market, where real estate takes center stage, representing both opportunity and challenge in equal measure.

Valuation Dilemmas

Đinh Trọng Thịnh, an economic expert, highlights a crucial aspect of the auction process involving secured assets. He observes that the valuation of these assets typically encompasses both the principal debts and accumulated interests. This inclusion of both financial components poses a significant challenge when attempting to attract potential buyers.

The intricacy arises from the difficulty of aligning valuations with the genuine market value of the secured assets. This misalignment can create a disparity between the perceived worth of the assets by financial institutions and their actual market value. As a result, the challenge becomes twofold: not only must banks contend with the economic conditions and the market's complexities, but they must also navigate the intricacies of valuation to make these assets appealing to potential buyers.

Thịnh's insight into the valuation process sheds light on the nuanced factors influencing the auction dynamics in Vietnam. It emphasizes the importance of a precise and realistic valuation methodology to foster a more transparent and efficient auction environment. The recognition of this challenge adds depth to the understanding of the hurdles faced by banks in their efforts to recover debts through the sale of secured assets.

Low Liquidity of High-Value Assets

Numerous assets slated for auction command substantial values, often ranging from dozens to hundreds of billions đồng. Despite their significant financial worth, these assets encounter challenges rooted in low liquidity, casting a shadow over the auction process. This liquidity constraint is particularly pronounced in the case of assets like machinery and equipment, which are susceptible to degradation over time.

The presence of high monetary value alone does not guarantee a smooth auction process. The fundamental issue lies in the inherent nature of certain assets, such as machinery, which may experience wear and tear, diminishing their attractiveness to potential buyers. The diminished appeal arises from concerns about the long-term viability and functionality of these assets, making buyers hesitant to invest.

This observation underscores a critical facet of the auction dynamics in Vietnam — the tension between substantial asset values and the practical challenges associated with their liquidity and durability. The struggle to find buyers for these high-value assets highlights the complexities that financial institutions navigate as they seek to recover debts through the auctioning of diverse assets.

Legal Hurdles and Complex Procedures

The reluctance to acquire secured assets is intensified by legal risks and intricate handling procedures. Recognizing the challenges inherent in this complex landscape, the National Assembly's Economic Committee has urged the government to institute specific regulations governing the handling of secured assets. This call for regulatory clarity emphasizes the need to navigate the intricate web of legal considerations and procedural complexities associated with the auctioning of secured assets.

Legal uncertainties pose a substantial barrier to potential buyers, adding an additional layer of complexity to an already challenging process. The absence of clear guidelines on handling secured assets creates an environment of hesitation, with parties involved navigating murky legal waters. Addressing these concerns through well-defined regulations is pivotal to fostering transparency and instilling confidence in the auction process.

The intricate handling procedures further contribute to the reluctance observed in the acquisition of secured assets. Potential buyers face a labyrinth of bureaucratic steps, making the process cumbersome and time-consuming. Establishing comprehensive regulations that streamline these procedures is crucial to simplifying the acquisition process, making it more accessible and attractive to prospective buyers.

In essence, the call for specific regulations is a recognition of the multifaceted challenges present in the auctioning of secured assets. By providing clear guidelines and simplifying procedures, these regulations aim to create a more conducive environment for successful debt recovery while addressing the concerns and hesitations of potential buyers.

How Will Vietnam's Financial Narrative Unfold?

The intertwining threads of credit opportunities and bad debt risks paint a nuanced picture. Expats and citizens contemplating credit in this dynamic market must tread carefully, understanding the complexities of secured assets, valuation challenges, and legal intricacies. The question that echoes through this financial tapestry is: How can individuals leverage credit opportunities while navigating the risks to secure a stable and prosperous financial future in Vietnam?

What is the current state of counterfeit goods being produced in Vietnam and what are the measures taken by authorities and organizations to combat this illicit trade.

Does Vietnam Produce Counterfeit Goods? Or distribute it?

Counterfeit goods have become a pervasive issue globally, and Vietnam is no exception to the challenges posed by this illicit trade. In recent years, the rise of counterfeit products has taken a digital turn, with influencers and salespeople leveraging popular social networks to peddle fake items. 

The Digital Marketplace has Become a Breeding Ground for Counterfeits

In the digital era, the ease with which individuals can set up shop on platforms like Facebook, TikTok, or Instagram has given rise to a flourishing trade in counterfeit goods. Influencers and salespeople capitalize on the vast reach of these platforms, using paid ads, videos, and livestreams to showcase and sell fake products. This process is not only simple but also low-risk for those involved, creating a concerning environment for consumers seeking genuine items.

We recently uncovered fake or rogue medical insurers whereby clients complain about large claims being denied systematically at Regency for Expats health insurer or WRLife medical insurance, both targeting expatriates -senior retirees- and being 'officially registered and regulated' in Nevis island of the Carribean.

The Most Counterfeited Items in Vietnam

In the intricate web of counterfeit goods in Vietnam, the replication of various consumer products poses significant challenges and risks. Among the frequently duplicated items, branded clothes, wallets, watches, and glasses stand out as prime targets for counterfeiting. While the impact of counterfeit fashion and accessories is primarily financial and involves the frustration of consumers who receive substandard products, the consequences extend beyond mere monetary losses.

Beyond the realm of fashion, the more alarming facet of counterfeiting involves products that can jeopardize human health and safety. Understanding the most hazardous counterfeits is crucial for both consumers and authorities in their efforts to combat this illicit trade. Here's an exploration of the potential dangers posed by counterfeit products concerning human health and life:

Counterfeit Medicines

Counterfeit pharmaceuticals are a grave concern as they may lack the essential ingredients or contain harmful substances. Consuming counterfeit medicines can lead to ineffective treatment, exacerbation of health conditions, and, in severe cases, life-threatening consequences.

Fake Industrial Parts

Counterfeit industrial parts, whether for machinery, vehicles, or other equipment, can compromise safety and performance. Inferior quality materials and substandard manufacturing processes may result in malfunctions, accidents, and injuries.

Counterfeit Vehicle Spare Parts

The use of counterfeit spare parts in vehicles, such as brakes, airbags, or tires, can significantly increase the risk of accidents. Poor quality and inadequate safety standards in these components pose a direct threat to the lives of both drivers and passengers.

Counterfeit Aircraft Spare Parts

In the aviation industry, the use of counterfeit parts can have catastrophic consequences. From engine components to critical systems, the integrity of aircraft is compromised, posing severe risks to passengers, crew, and bystanders.

Software Piracy

Counterfeit software not only undermines intellectual property rights but can also expose users to cybersecurity threats. Malicious software and vulnerabilities in pirated programs can lead to data breaches, identity theft, and financial losses.

Identifying Harmful Counterfeit Products

The spectrum of counterfeit products extends beyond fashion items to include more concerning categories. Software piracy, counterfeit medicines, fake industrial parts, and even counterfeit vehicle or aircraft spare parts pose significant risks. The repercussions of these harmful counterfeits can range from compromised safety to severe health issues. Understanding the gravity of these threats is crucial in addressing the multifaceted challenges posed by counterfeit goods.

Government Initiatives and Private Organizations

Addressing the issue of counterfeit goods requires a multifaceted approach involving both governmental and private entities. In Vietnam, the authorities have been grappling with the complexities of combating counterfeits. The seminar on "Combating contraband, counterfeit goods, goods that infringe intellectual property - Protecting corporate brands," sheds light on the intricate nature of the issue (as relayed in interview last month with Ms Vu Thi Anh Hong, head of the customs dept internal magazine, admitting to being overwhelmed by the daunting task as 100 counterfeit cases are uncovered and no prosecution was obtained). However, the legal framework and enforcement mechanisms face challenges, especially in prosecuting cases related to intellectual property infringement.

Private organizations, such as the Business Software Alliance (BSA) and intellectual property rights law firms, play a vital role in the fight against counterfeiting. These entities contribute to raising awareness, conducting investigations, and advocating for stronger legal measures. For instance, private investigators like EmerAsia and law firms like Rouse actively engage in combating counterfeit activities.

Political Infringements Over Brand Protection

One of the challenges faced in Vietnam is the apparent prioritization of tracking 'political infringements' over combating counterfeit goods. The focus on defending the low purchasing power of Vietnamese consumers, regardless of brand authenticity, poses a significant hurdle. Influential individuals may benefit from the use or sale of counterfeits, either within government agencies or as part of private side businesses.

Microsoft and Adobe, providers of expensive software, are well aware that many government administrations cannot afford to purchase licenses. The prioritization of government officials in acting decisively on counterfeit issues is a delicate balance between financial incentives, personal interests, nationalist considerations, and external pressures.

Striking the Balance in the Fight Against Counterfeits

The issue of counterfeit goods in Vietnam is multifaceted, involving a dynamic interplay of digital platforms, consumer awareness, and governmental initiatives. As the country grapples with the challenges posed by counterfeit products, finding a delicate balance between competing interests remains a crucial endeavor. The ongoing efforts of both public and private entities, coupled with an informed consumer base, will be instrumental in navigating the complexities of counterfeit goods in Vietnam.

Embracing Global Trade Opportunities for Vietnam

Until 2017, Vietnam proudly stood as the only country worldwide to secure free trade agreements (FTAs) with major global powers, including the United States, the European Union, Russia, India, Japan, and China. Despite the United States withdrawing from the Trans-Pacific Partnership (#TPP) in 2017, Vietnam continued to thrive in international trade, ascending from the 50th position in 2006 to an impressive 20th spot among the world's largest exporters by 2022.

Heading Towards Economic Radiance

1. Vietnam's Astounding Growth Trajectory

Despite potential headwinds, Vietnam finds itself strategically positioned to capitalize on the escalating Sino-American competition. Recent forecasts by the International Monetary Fund and the World Bank underscore Vietnam's economic prowess. The IMF revised Vietnam's economic growth projection for 2022 upward from 6 to 7 percent, the only significant upward revision among Asia's economies. Similarly, the World Bank adjusted its projection, predicting a remarkable 7.2 percent growth for Vietnam, the highest figure in East and Southeast Asia.

2. The Doi Moi Reforms: A Transformative Journey

Vietnam's remarkable economic journey can be traced back to the transformative Doi Moi reforms of 1986. Emerging from a centrally planned economy, Vietnam embraced market forces, encouraging private industry, recognizing land rights, and abolishing collective farming. This marked the beginning of a period of rapid economic development, elevating Vietnam from one of the poorest economies in the region to one of the fastest-growing.

3. Socioeconomic Progress and Global Integration

The socioeconomic progress achieved through the Doi Moi reforms is evident. By 2020, the poverty rate had plummeted from over 70 percent in the 1980s to a mere 5 percent, with over 10 million people lifted out of poverty in the 2010s alone. Vietnam's GDP per capita experienced a tenfold increase, surging from under $300 in the 1980s to $2,800 in 2020.

4. FDI Surge and Global Supply Chain Integration

Vietnam's economic ascent is intertwined with its attractiveness for investment. The nation has become a crucial player in the global supply chain, particularly in textiles, footwear, and electronic manufacturing. Major corporations like Adidas, Nike, and Samsung have established manufacturing presences, driving foreign direct investment (FDI) to grow over 200 times since 1986, reaching around $15.8 billion in 2018. Notably, Vietnam's exports witnessed a 19 percent increase from 2020 to 2021.

5. Beneficiary of Global Power Dynamics

Amidst the escalating tensions between the United States and China, Vietnam emerges as a beneficiary. The Chinese Communist Party's less business-friendly approach, coupled with China's stringent COVID-19 policies, prompted businesses to diversify their supply chains. In 2021, over 11,000 foreign firms canceled their registrations in China. Major companies such as Apple, Samsung, and Hasbro redirected manufacturing operations to Vietnam. The country's FDI surged by 8.9 percent between January and June compared to the previous year.

Challenges on the Vietnamese Horizon

While Vietnam revels in its economic triumphs, challenges loom on the horizon that could impact future growth.

1. Population Size and Workforce Limitations

Vietnam's population size remains a limiting factor compared to its regional counterpart, China. The workforce, although abundant, is relatively low-skilled, posing challenges for certain industries.

2. Energy Supply and Infrastructure Development

Meeting the energy demands of a burgeoning economy proves challenging. Despite significant strides in infrastructure development, Vietnam ranks 47th out of 160 countries, signaling a need for continuous improvement.

A Glimpse into the Future

Vietnam's economic journey has been nothing short of extraordinary. While challenges persist, the nation's resilience, strategic positioning in global trade, and adaptability to changing dynamics make it a beacon of growth. As the world witnesses the evolving landscape of Sino-American relations, Vietnam's role as a favorable investment destination is expected to strengthen further, painting a bright and promising future for its economic landscape.

In a dynamic landscape where technology is reshaping the way economies operate, Vietnam is emerging as a frontrunner in the digital realm. A recent industry report has forecasted that the country's digital economy is set to reach an impressive $45 billion by the year 2025. This projection underscores the transformative journey that Vietnam is undertaking, propelled by various factors that contribute to the robust expansion of its digital landscape.

Driving Forces of Growth

Government Support

A pivotal driver behind Vietnam's burgeoning digital economy is the unwavering support from the government. Recognizing the transformative potential of digital technologies, authorities in Vietnam have implemented policies and initiatives to foster a conducive environment for digital innovation. This support extends to various sectors, including digital payments, creating a foundation for sustainable growth.

Commercial Bank Investments

Commercial banks in Vietnam have played a strategic role in fueling the momentum of the digital economy. Their investments in digital infrastructure, payment gateways, and innovative financial technologies have not only facilitated a seamless transition to digital transactions but have also catalyzed the widespread adoption of digital payment methods among the populace.

QR Code Popularity

The widespread popularity of QR codes has become a hallmark of Vietnam's digital payment landscape. QR codes offer a secure, efficient, and contactless method of conducting transactions, aligning with the modern consumer's preferences. As businesses and consumers embrace the convenience of QR code-based payments, this trend has become a significant catalyst for the growth of the digital economy.

Cashless Payments Trending in Rural Areas

In the ever-evolving landscape of Vietnam's digital economy, a significant paradigm shift is underway, reaching far beyond the bustling urban centers. The accelerating trend of cashless payments is transcending geographical boundaries, propelled by a visionary approach spearheaded by Vietnam's central bank. This transformative initiative is set to bridge the gap between urban and rural areas, ensuring that the benefits of digital financial inclusion are not confined to metropolitan regions but extend to even the most remote corners of the country.

Urban Leadership, Rural Empowerment

Historically, urban centers have often been the epicenter of technological adoption, leading the charge in embracing digital payment methods. However, recognizing the need for equitable development, Vietnam's central bank is taking bold strides to shift this paradigm. The focus now extends beyond city limits, aiming to empower rural and remote communities with the advantages and convenience of cashless transactions.

Visionary Approach to Digital Financial Inclusion

The central bank's approach is undeniably visionary, rooted in the understanding that true progress is inclusive. Rural areas, often marginalized in technological advancements, are now becoming the focal point of initiatives that aim to provide digital financial inclusion. The vision extends beyond mere access to digital payment methods; it encompasses the empowerment of individuals and communities, fostering economic growth and resilience.

Unlocking the Potential of Remote Communities

The potential embedded in remote communities is vast, and the central bank's initiatives recognize this untapped wellspring. By introducing and promoting cashless payment methods, even in areas traditionally considered hard-to-reach, the initiative is unlocking new opportunities for economic participation. Residents in rural Vietnam can now seamlessly engage in financial transactions, access banking services, and contribute to the digital economy without the constraints of geographical distance.

Advantages of Digital Transactions for Rural Areas

The advantages of digital transactions are manifold, particularly for rural areas. The convenience of cashless payments eliminates the need for physical currency, reducing the risks associated with handling cash. Additionally, digital financial inclusion opens avenues for access to credit, savings, and other financial services that were previously out of reach for many in remote communities. This not only streamlines daily transactions but also empowers individuals to plan for the future and participate more actively in economic activities.

Anticipated Permeation Across the Country

As these visionary initiatives gain traction, the anticipated outcome is the permeation of the cashless payment trend throughout the entirety of Vietnam. What began as a movement in urban centers is evolving into a nationwide phenomenon. Rural areas, once considered on the periphery of technological advancements, are now integral participants in the digital financial landscape, contributing to the overarching growth of the country's digital economy.

Empowering the Nation

The acceleration of the cashless payment trend in rural areas is not merely a technological shift; it is a transformative force that empowers the nation as a whole. By ensuring that the benefits of digital financial inclusion are accessible to everyone, regardless of their geographical location, Vietnam is cultivating a more resilient, connected, and economically vibrant society.

Digital Transformation Beyond Payments

Beyond the surge in digital payments, Vietnam is experiencing a profound metamorphosis that transcends the financial landscape. The trajectory of the country's digital economy extends far beyond the realm of transactions, ushering in a holistic digital transformation that permeates various industries. From vibrant e-commerce platforms and dynamic online marketplaces to cutting-edge digital services and the infusion of intelligence into infrastructure, the digital wave is reshaping the economic landscape of Vietnam.

E-Commerce Evolution

One of the pivotal aspects of Vietnam's digital transformation is the evolution of e-commerce. Online shopping platforms have become bustling marketplaces, connecting consumers with a diverse array of products and services. This digital shift has not only enhanced convenience for consumers but has also opened new avenues for businesses, fostering entrepreneurship and economic growth.

Dynamic Online Marketplaces

The digital landscape in Vietnam is adorned with dynamic online marketplaces that serve as hubs for diverse goods and services. These platforms act as catalysts for small and medium enterprises, providing them with a digital storefront and access to a broader customer base. The result is a vibrant and interconnected market ecosystem that thrives on digital innovation.

Rise of Digital Services

Digital transformation is evident in the proliferation of innovative digital services that cater to the evolving needs of consumers. From on-demand services to digital entertainment platforms, Vietnam is witnessing a surge in offerings that leverage technology to enhance convenience and accessibility. This not only enriches the consumer experience but also contributes to the digitization of traditional service sectors.

Smart Infrastructure Integration

The infusion of intelligence into infrastructure is a cornerstone of Vietnam's digital revolution. Smart cities are emerging as testaments to the integration of technology to enhance urban living. From intelligent traffic management systems to data-driven governance, the smart infrastructure landscape is laying the foundation for a more connected and efficient nation.

Technological Empowerment

The overarching theme of Vietnam's digital transformation is technological empowerment. As businesses and individuals embrace digital tools and platforms, there is a democratization of opportunities. Technology becomes an enabler, providing avenues for skill development, economic participation, and societal advancement.

Fostering Innovation Ecosystems

Digital transformation is not a solitary journey but a collaborative endeavor that involves the creation of innovation ecosystems. Start-ups, incubators, and tech hubs are flourishing, fostering a culture of creativity and entrepreneurship. This vibrant ecosystem becomes a catalyst for breakthrough innovations that contribute to the nation's economic resilience.

Inclusive Digitalization

Crucially, Vietnam's digital transformation is marked by an ethos of inclusivity. Efforts are made to ensure that the benefits of digitalization reach every segment of society. From urban centers to rural communities, there is a concerted push to bridge the digital divide and create an inclusive digital landscape.

Future Digital Ecosystem

As Vietnam's digital transformation unfolds, the future landscape envisions a nation propelled by innovation, connectivity, and economic dynamism. The digital wave is not just a technological shift but a societal transformation that redefines how individuals live, work, and engage with the world around them.

Challenges and Opportunities Ahead

As Vietnam sets its sights on a monumental $45 billion digital economy by 2025, the journey is rife with challenges that necessitate astute navigation. Simultaneously, this ambitious pursuit is teeming with opportunities that can propel innovation, foster collaboration, and sustain robust growth. Understanding the delicate balance between challenges and opportunities is crucial as Vietnam charts a course towards this digital frontier.

Cybersecurity Imperatives

Ensuring the integrity and security of digital infrastructure is a paramount challenge in Vietnam's digital ascent. With the escalating sophistication of cyber threats, safeguarding sensitive data, financial transactions, and critical systems demands rigorous cybersecurity measures. The imperative is not only to fortify defenses against cyber attacks but also to cultivate a cybersecurity culture that permeates all facets of the digital landscape.

Bridging Digital Literacy Gaps

The democratization of the digital economy requires an empowered populace. Addressing digital literacy gaps becomes a pivotal challenge, especially in ensuring that individuals across diverse demographics possess the skills and knowledge to navigate the digital landscape effectively. Comprehensive digital literacy initiatives are imperative to empower citizens to harness the benefits of the digital economy fully.

Navigating Regulatory Frameworks

In the dynamic realm of technology, regulatory frameworks must strike a delicate balance. Navigating the evolving regulatory landscape is a challenge that demands agility and foresight. Balancing innovation with regulatory compliance is a delicate dance, and a transparent, adaptive regulatory environment is crucial to foster a conducive ecosystem for digital growth.

Opportunities for Innovation

Within the challenges lie vast opportunities for innovation. The quest for cybersecurity opens avenues for the development of cutting-edge technologies and solutions. Bridging digital literacy gaps provides opportunities for educational innovation and the creation of user-friendly digital interfaces. Navigating regulatory frameworks fosters a landscape where regulatory technology (RegTech) and compliance innovations can thrive.

Collaborative Synergies

Collaboration emerges as a linchpin in the face of challenges. The complexity of the digital landscape necessitates collaborative synergies among government bodies, businesses, educational institutions, and technological innovators. Partnerships can lead to shared insights, collective problem-solving, and the pooling of resources to address challenges and seize opportunities collectively.

Sustainable Growth Paradigms

Sustainable growth is not merely an outcome but a guiding principle in Vietnam's digital journey. Opportunities for sustainable innovation, whether in green technologies or inclusive digital initiatives, can pave the way for a digital economy that is not only prosperous but environmentally conscious and socially equitable.

Adapting to Technological Shifts

Technological shifts are intrinsic to the digital landscape. Adapting to these shifts becomes an ongoing challenge and an opportunity. Whether it's the integration of artificial intelligence, the proliferation of the Internet of Things, or advancements in blockchain, Vietnam's ability to adapt to and harness these technologies will determine its standing in the global digital arena.

Striking a Delicate Balance

The essence of Vietnam's digital journey lies in striking a delicate balance between addressing challenges and leveraging opportunities. While challenges necessitate focused attention and strategic interventions, opportunities beckon as catalysts for transformative growth. It is in this delicate equilibrium that the blueprint for Vietnam's $45 billion digital economy unfolds.

Future Outlook

The future outlook for Vietnam's digital economy is marked by optimism and resilience. The collaborative efforts of the government, commercial banks, and technological innovators are poised to propel the nation into a digital frontier where possibilities are limitless. The $45 billion projection is not merely a numerical estimate but a testament to Vietnam's commitment to harnessing the power of digitalization for the benefit of its citizens and the broader economy.

What is illegal under Vietnamese laws concerning porn, prostitution, sex, and the watching or distributing of 'depraved content'? Note that prostitution is prohibited in Vietnam as a criminal activity under laws decree 178/2004. Despite the general understanding among most expats and visitors about the illegality of such activities, the reality shows a lack of understanding regarding the Vietnamese police's 'legal and practical interpretation' of a foreign person booking a room with a Vietnamese citizen, as complaints on social networks about not being able to stay in the same room as a Vietnamese citizen are common.

Infringement of the law of the Ministry of Culture and Information, closely connected to the Ministry of Interior Police in most communist countries, can have serious consequences. Punishments range from negotiable withdrawal, fines, to long prison terms. Understanding two aspects of the informative content you hold or spread is key: the fundamentals, including the impact of depraved content and the boundaries of its viral perimeter, and the interpretation of the rules to keep it within boundaries.

According to the provisions of Clause 4, Article 3 of Decree 178/2004/ND-CP, "debauchery" is defined as the expression through actions, images, sounds, a vile, evil, and corrupt lifestyle of play and entertainment that is contrary to the nation's fine customs and traditions.

Spreading depraved cultural products includes making, copying, transporting, circulating, buying, selling, and storing items like books, newspapers, paintings, photos, films, music, or other items with pornographic content that are unhealthy and contrary to lifestyle, morality, and good customs.

Depraved cultural products extend beyond porn, sex, and prostitution to include political content, fake news, libel, and defamation. Recent cases involving lawyer Mrs. Nguyen Phuong Hang jailed for 3 years for defamation and fake news, and top model Ngoc Trinh arrested for fake news and depraved content posting on social networks, highlight the serious consequences of spreading such content.

According to the provisions of Clause 4, Article 3 of Decree 178/2004/ND-CP, "debauchery" is defined as the expression through actions, images, sounds, a vile, evil, and corrupt lifestyle of play and entertainment that is contrary to the nation's fine customs and traditions.

Spreading depraved cultural products includes making, copying, transporting, circulating, buying, selling, and storing items like books, newspapers, paintings, photos, films, music, or other items with pornographic content that are unhealthy and contrary to lifestyle, morality, and good customs.

Depraved cultural products extend beyond porn, sex, and prostitution to include political content, fake news, libel, and defamation. Recent cases involving lawyer Mrs. Nguyen Phuong Hang jailed for 3 years for defamation and fake news, and top model Ngoc Trinh arrested for fake news and depraved content posting on social networks, highlight the serious consequences of spreading such content.

How much is the fine for spreading depraved cultural products? In what cases will spreading depraved cultural products lead to imprisonment? What is the prison sentence?

The act of spreading depraved cultural products seriously affects public and social order, causes moral deviation in part of the population, and violates the fine customs and traditions of Vietnamese culture. This is strictly prohibited by law, leading to strict punishments for those who commit such acts.

What are the real risks about sex, porn and subversive content in Vietnam?

The risks associated with sex, porn, and subversive content in Vietnam are significant, with potential legal consequences ranging from fines to imprisonment.

It is all about Interpretation, volume control, and the possible consequences to public unrest.

SENSITIVE TOPICS: Any topic can be interpreted as sensitive and subject to incentive bribe against making amends and withdrawal. Your relationship up above can tame the person and the amount of the ‘penalty’

VOLUME CONTROL: As you read the penalty is commensurate with the number of people reached therefore controlling the frequency and language (avoid Vietnamese)of diffusion of fake or questionable content limits the damage perimeter.

PUBLIC UNREST: As you noticed the highest penalty is when Social Media combined with Vietnamese language content, are used as the Pandora box is completely out of control by the Vietnamese authorities. 

As you live in Asia, you must have had the experience of ‘big problems’ shrinking to ‘no big deal’ with an opportunistic ‘sorry and withdraw’ so nobody loses face and your life gets back to normal. Like in marriage interpretation and volume control is the key to happiness.