ESG Global Vision

Use our interactive global guide for a country-by-country breakdown of the regulations, laws, and voluntary standards that impact ESG-related issues in each jurisdiction. For more detailed information and advice, please contact practice leader Adrian Walker.

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Vietnam

Subject matter (E/S/G):

Environmental

Type:

Environmental law

Legal status:

In force

Applicable to:

Businesses generally in Vietnam

Summary and recent developments:

The Environmental Protection Law sets out requirements on climate change adaptation and mitigation, and environmental protection.

It also sets out requirements for companies operating in specific high-risk sectors to prepare environmental impact assessments and report periodically to the to the Ministry of Natural Resources and Environment.

A replacement Environmental Protection Law was passed in 2020 which will, in particular, align relevant provisions more closely with the Paris Agreement taking into account national policies set out above, and is to come into effect as of January 2022.

Subject matter (E/S/G):

Environmental

Type:

Environmental decree

Legal status:

Planned

Applicable to:

Producers/importers/local government

Summary and recent developments:

The Vietnamese Government has released a draft decree mandating that producers and importers of products do one of the following:

Recycle or arrange for the recycling of products according to the mandatory recycling rate and specifications
Make a financial contribution to the Vietnam Environmental Fund

The following categories are affected:

Electronics
Batteries
Oils and greases
Inner Tubes and tires
Vehicles, Motorbikes and Heavy Equipment.

Subject matter (E/S/G):

Social

Type:

Social law

Legal status:

In force

Applicable to:

Employers and employees generally in Vietnam

Summary and recent developments:

The Labour Code contains generally applicable provisions of employment law in Vietnam, which include principles of non-discrimination, as well as protection of vulnerable persons, and restrictions on employing minors.

Subject matter (E/S/G):

Governance

Type:

Financial and non-financial reporting

Legal status:

In force

Applicable to:

Public companies in Vietnam

Summary and recent developments:

Circular 96/2020 requires public companies to provide annual ESG disclosures in a statutory form. The requirements are brief relative to the EU Non-Financial Reporting Directive.

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