Vietnam’s legal landscape for information disclosure and advertising is undergoing significant changes, as recent regulations aim to bolster transparency and protect both investors and consumers. On August 8 and 9, 2025, two pivotal analyses—one focusing on the responsibilities of advertising product transferors, and the other on information disclosure in the Vietnamese stock market—shed light on the country’s evolving legal framework and its real-world impact.
According to a report published on August 9, 2025, in Tạp chí Công Thương, information is considered the “lifeblood and energy source” of the stock market. This metaphor isn’t just poetic; it captures how essential timely, accurate, and transparent information is for the market’s health. Investors rely on such information to craft strategies, assess risks, and ultimately decide where to put their money. When information is lacking, incomplete, or delayed, the entire market feels the strain—fraud and manipulation become more likely, and confidence among participants erodes.
Vietnam’s Securities Law 2019, alongside Circular 96/2020/TT-BTC, establishes strict principles, content requirements, and means for information disclosure. As Tạp chí Công Thương explains, public companies and other market participants are obligated to provide periodic updates (like financial statements and annual reports), irregular disclosures (such as major events impacting company operations), and information upon request from the State Securities Commission or Stock Exchanges. These rules are designed to ensure that investors have a fair shot at making informed decisions, and to limit the space for manipulation or concealment.
But the reality isn’t always so neat. Despite these comprehensive regulations, the article notes, “current practices on the Vietnamese stock market still lack completeness and timeliness, posing risks to investors and reducing market confidence.” The statistics bear this out: as of late May 2025, the number of securities trading accounts in Vietnam had surpassed 10.07 million, about 10% of the population—a record high, according to Tuổi Trẻ. Yet, violations related to information disclosure remain a major concern. The State Securities Commission’s data shows that such breaches account for a large proportion of all regulatory violations in recent years.
To address these issues, the legal framework includes not just rules but also penalties. Under Decree 156/2020/NĐ-CP, administrative fines for violations have been increased—up to 200 million VND for certain infractions, double the previous maximum. In severe cases, criminal liability can even apply, such as for intentionally providing false or concealed information. These tougher penalties are meant to deter bad actors and encourage compliance.
Still, the gap between regulation and reality persists. The article highlights several high-profile cases where companies manipulated share prices, falsified financial reports, or delayed disclosures—naming FLC, ROS, and the “Louis ecosystem” as examples. Such scandals have shaken investor trust and underscored the need for greater transparency and stricter enforcement.
On the brighter side, there are signs of progress. The IR Awards 2025, announced on July 1, recognized 460 out of 691 listed companies as meeting the “Information Disclosure Standard,” a 67% success rate that’s up from 60% the previous year. This improvement suggests that, at least among listed firms, awareness and compliance are on the rise. The market’s major indices have also performed well: by the end of May 2025, the VN-Index stood at 1,332.60 points, up 106 points in just one month. Average daily trading volume exceeded 924 million shares, with a daily value topping 21.6 trillion VND. These figures reflect improved investor sentiment, which many attribute to better information and greater transparency.
Vietnam is also aligning itself with international best practices. The country participates in global initiatives like the Green Finance Initiative (supported by GIZ), the OECD’s Corporate Governance Improvement Program, and the Sustainable Stock Exchange Initiative. Such efforts help bring Vietnam’s market closer to international standards, making it more attractive to foreign investors and enhancing its long-term sustainability.
However, the journey isn’t over. The article recommends several reforms: refining disclosure principles to emphasize accessibility (“easy to access” information), adopting international accounting standards (IFRS) for financial reporting, and requiring more detailed content in annual reports, especially regarding environmental and social impact. There’s also a call for a standardized transparency index—modeled after systems in Singapore and by S&P—to rate and publicly rank listed companies on their disclosure practices. These steps, the analysis suggests, could further strengthen investor protection and market integrity.
Meanwhile, another major legal development took effect on August 8, 2025, with the introduction of Law 75/2025/QH15. This law specifically targets advertising product transferors—those who directly promote, recommend, or confirm products, goods, or services, whether online or in person. The new regulations are especially relevant for influencers, who play an increasingly prominent role in shaping consumer behavior.
Under Law 75/2025/QH15, the rights and obligations of advertising product transferors are clearly spelled out. They’re entitled to receive truthful, full, and accurate information from advertisers about the products or services they promote. But with these rights come substantial responsibilities. Transferors must comply with consumer protection laws, provide relevant documents to authorities upon request, and fulfill tax obligations on any advertising revenue. Critically, they bear legal responsibility if their advertisements fail to meet the requirements set out in the revised 2012 Advertising Law.
For influencers, the bar is even higher. They must verify the credibility of advertisers and review all related documents before agreeing to promote a product. If they haven’t used or don’t fully understand a product, they’re expressly prohibited from endorsing it. Furthermore, influencers are required to notify their audience about advertising activities both immediately before and during the promotion. These rules are designed to prevent misleading endorsements and protect consumers from deceptive or uninformed recommendations.
As Vietnam’s digital economy grows and social media becomes a dominant force in marketing, these new rules reflect a broader trend: regulators are determined to keep pace with technological change and ensure that both markets and consumers are protected. The dual focus—on transparent information in the stock market and responsible advertising—shows a commitment to fairness and integrity across the economic landscape.
While challenges remain, the direction is clear. Stronger laws, better enforcement, and a push toward international standards are helping Vietnam build a more transparent, trustworthy, and competitive marketplace for all participants.
