We would like to urgently bring to your attention a critical regulatory update under Decree 69/2024 on Electronic Identification and Authentication issued by the Vietnamese Government. This regulation mandates that all organizations operating in Vietnam—including companies, representative offices, and branches of foreign traders—must complete electronic authentication (eID) by 30 June 2025.

⚠️ Key Compliance Requirements:

• Mandatory authentication applies to both the organization and its Legal Representative (i.e., the Head of the Organization).
• After this date, organizations that have not completed authentication will face significant difficulties accessing and processing online administrative procedures such as:
  • Enterprise Registration Certificate (ERC) updates
  • License renewals
  • Tax filings and declarations
  • Social insurance submissions
  • Labor and foreign loan reporting

Import/export registration
… may be delayed, restricted, or require alternative manual processing.

🏦 Banking Implications:

For corporate bank transfers to be processed, they must be approved by designated authorized persons—individuals registered with the bank to authorize transactions on behalf of the organization. These are often the Legal Representatives or other authorized signatories.

As part of their compliance procedures and to be consistent with Decree 69/2024, banks in Vietnam now require these authorized individuals to complete electronic authentication. Without bank authentication:

• Registered individuals may not be able to authorize transactions via bank apps.
• Online transactions could be delayed or blocked.

Please note:

• Each bank follows its own authentication process—there is no standardized procedure or central guidance available at this time.

➡️ Organizations should contact their respective banks directly to obtain detailed instructions and ensure all required authentication steps are completed in a timely manner.

🔄 Current Limitations & Pending Updates:

At present, the electronic authentication process is only available to Vietnamese nationals with VNeID Level 2. This presents a challenge for organizations whose Legal Representative or Head is a foreign national, as technical limitations currently prevent them from completing the eID process.Official guidance from the authorities is expected shortly, particularly addressing the process for foreign individuals and legal representatives of enterprises.

✅ Recommended Actions:

• If your Legal Representative is a Vietnamese national with VNeID Level 2, we strongly advise you to complete the authentication process as soon as possible.
• If your organization is headed by a foreign individual, you should:
  • Monitor for official updates and technical resolutions
  • Consider appointing a Vietnamese Representative if urgent compliance is needed
  • Prepare for potential delays or alternative procedures for administrative tasks after 30 June 2025

Please be advised that failure to complete eID on time will likely result in significant administrative delays, restricted access to public services, and disruptions to banking transactions.

We will continue to monitor developments and share updated guidance as soon as it becomes available.

For questions or support, please do not hesitate to contact us.