#27 Anti-money laundering in Vietnam: 03 important notes for foreign investors

Hello and welcome back to The Lawyers Talk, a podcast from BLawyers Vietnam. I’m Huynh Kim Thanh, and I’m delighted to be with you again for today’s episode. The topic today is a matter that has been receiving a great deal of attention: anti-money laundering and the key points that foreign investors should pay attention to when investing in Vietnam, as well as the connection to the Resolution No. 05/2025/NQ-CP, under which Vietnam is taking a major step into the era of digital currencies and cryptocurrencies.

Dear foreign investors and our valued listeners, money laundering has become a global issue that negatively impacts every aspect of a nation — from its economy and society to its security.

In Vietnam, the Law on Anti-Money Laundering 2012 was first promulgated on 18 June 2012 and took effect on 01 January 2013.

Later, on 15 November 2022, Vietnam enacted the Law on Anti-Money Laundering 2022 to make the rules clearer and more effective than the 2012 law, and this new law has been in effect since 01 March 2023.

Most recently, on 9 September 2025, the Vietnamese Government issued Resolution No. 05/2025/NQ-CP (“Resolution 05”), which provides for the pilot implementation of the digital asset market in Vietnam. Through this, Resolution 05 not only opens up opportunities for digital financial innovation but also sets out requirements closely linked to anti-money laundering efforts that foreign investors should pay particular attention to.

1. What is money laundering?

Money laundering is the act of converting or conducting transactions with criminal proceeds to turn illegal money or assets into “clean” or legal ones. It is an act in which individuals or organizations attempt to make money or assets obtained from criminal activities appear legitimate.

Money laundering not only conceals the illegal origin of these funds but also creates a basis for criminals to continue using the laundered money to engage in other unlawful activities.

With its cash-based economy, rapid technological development, and a legal system that is still catching up with the fast growth of the economy and society, Vietnam has become a potential hotspot for money laundering activities.

Vietnam is currently considered a high-risk market for money laundering activities. The main reasons stem from several factors:

1. The proportion of cash transactions remains high, making it difficult to monitor the flow of money;
2. The rapid development of financial technology, digital assets, and cryptocurrencies while the legal framework is still in progress to be completed, which creates loopholes that criminals can exploit;
3. The characteristics of Vietnam’s economy, which is attracting large inflows of foreign investment and cross-border transactions, thereby increasing the risk of being exploited for money laundering activities.

2. What should foreign investors be aware of when investing in Vietnam?

Because the regulations on money laundering are complex and fall under criminal law, foreign investors should pay close attention to the provisions that Vietnamese law considers as signs of money laundering in order to minimize potential legal risks when investing in Vietnam.

2.1. Cases where foreign investors must report to the competent authorities in Vietnam regarding anti-money laundering

First, to comply with Vietnamese regulations on anti-money laundering, foreign investors need to determine whether their business falls within the group of entities that are required to submit reports when they suspect their customers may be involved in money laundering.

Under the law, foreign investors operating in the following sectors are considered reporting entities:

1. First, financial-related sectors such as: lending; financial leasing; life insurance business; intermediary payment services; bank guarantees; currency exchange; securities brokerage; and others.
2. Second, certain non-financial sectors, including: prize-winning game businesses; real estate business (except for real estate leasing, sub-leasing, and real estate consulting services); trading in precious metals and gemstones; legal practice, and others.

2.2. Basic suspicious signs that foreign investors should be aware of

Foreign investors should note that when there are reasonable grounds to suspect that assets involved in a transaction may be related to money laundering, they must report the case to the State Bank of Vietnam.

These suspicions should be based on reviewing, collecting, and analyzing information when a customer or transaction shows one or more of the following suspicious signs:

1. The customer refuses to provide information or provides inaccurate, incomplete, or inconsistent identification information.
2. The customer tries to persuade the reporting entity not to submit the transaction report to the competent authority.
3. The customer cannot be identified based on the information they provide, or the transaction involves a party whose identity cannot be verified.
4. The phone number provided by the customer cannot be reached or does not exist after opening an account or conducting a transaction.
5. The transaction is carried out under the order or authorization of an organization or individual listed on the Watchlist.
6. Based on customer identification or consideration of the economic and legal grounds of the transaction, it is possible to identify a connection between the parties involved and criminal activities or with organizations/individuals on the Watchlist.
7. The organization or individual engages in a large-value transaction that is inconsistent with their business activities or income.
8. The customer requests the reporting entity to conduct the transaction in a manner that does not comply with legal procedures and regulations.

If one or more of these signs appear, foreign investors should exercise caution and consider reporting them to avoid potential legal risks in the future.

2.3. Responsibilities of foreign investors

For foreign investors who fall under the group of reporting obligations, it is important to understand the rules I just mentioned, so they can promptly identify customers with signs of money laundering and take appropriate action.

For those who operate in sectors not subject to reporting requirements, they should still equip themselves with knowledge of anti-money laundering regulations to avoid being suspected of involvement in money laundering when conducting transactions with reporting entities, as mentioned earlier.

Once a transaction shows signs of money laundering, foreign investors, who have the obligation to submit a report, also have the right to take temporary measures, such as delaying the transaction, or if they have a decision from the competent authority, they have the right to freeze accounts, seal, or temporarily seize assets.

If foreign investors violate the reporting requirements, they may be penalized as follows:

1. For individuals: a fine from VND 80,000,000 to VND250,000,000;
2. For organizations: a fine from VND 160,000,000 to VND500,000,000.

In conclusion, the Law on Anti-Money Laundering 2022 has introduced clearer, more specific, and stricter regulations on money laundering. Therefore, to minimize potential risks to their investments in Vietnam, foreign investors should pay close attention to the suspicious signs I mentioned and strictly comply with the legal requirements.

3. Further updates on Resolution 05 and its content related to anti-money laundering

On 09 September 2025, the Government of Vietnam issued Resolution 05, marking an important milestone in building a legal framework for the crypto-asset market. This is the first time Vietnam has piloted a controlled, transparent and internationally integrated digital asset market, and Resolution 05 is a strategic step by the Government of Vietnam to build a transparent, safe and integrated crypto-asset market. With a clear legal framework, foreign investors can confidently participate, while contributing to promoting digital financial innovation in Vietnam.

Regarding the content of anti-money laundering that investors need to pay attention to from Resolution 05, it is stipulated as follows:

1. Organizations and individuals participating in the crypto-asset market must comply with relevant legal provisions on anti-money laundering, terrorism financing, financing of proliferation of weapons of mass destruction, electronic transactions, network information security, network security, and data protection to ensure security and safety in the crypto-asset market and other relevant specialized laws;
2. One of the conditions for granting a license to provide services to organize crypto-asset trading markets is that the organization applying for the license must have a process for anti-money laundering, terrorism financing, and financing of proliferation of weapons of mass destruction. Then, when trading with crypto-asset trading markets, investors must comply with this process.

I hope the information I’ve shared today has been useful for both foreign investors and our valued listeners. At BLawyers Vietnam, we provide comprehensive legal advisory services for foreign investors, including compliance with anti-money laundering regulations, risk assessment, and licensing support.

If you have any questions or concerns, please leave a comment below. Or for more information about BLawyers Vietnam, please visit our website below the podcast screen of The Lawyers Talk.

Thank you for listening, and see you in the next episode!

The above is not official advice from BLawyers Vietnam. If you have any questions or suggestions about the above, please contact us at info@blawyersvn.com. We would love to hear from you.

Date: 25 September 2025