[KOTRA global market report] [column] The impact new decree regarding cybersecurity could have on the foreign companies with IT business in Vietnam Woongryol Baek (Lee & Ko)

The column contributed by Woongryol Baek, a partner of the Lee & Ko Southeast Asia practice team, has been posted in the Kotra global market report on 14 November 2022. He mentioned in the column that since the law on cybersecurity was released in 2019, it took almost 3 years for a new decree on cybersecurity to be promulgated, which provides the law with detailed guidelines. He also pointed out the article stipulates the obligation for local data storage and establishment of a representative office in Vietnam, which will have an impact on the foreign companies who are operating IT business in Vietnam, and emphasized continuous and careful monitoring is required for the next legitimate step taken by competent authorities.