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Identifying beneficial owners under Decree No. 296/2026/ND-CP

In the trend toward greater transparency in corporate governance and identifying the individuals ultimately behind investment activities, regulations on beneficial owners (“ BOs ”) play an important role in enterprise registration law. On July 23 rd , 2026, the Government issued Decree No. 296/2026/ND-CP amending and supplementing Decree No. 168/2025/ND-CP on enterprise registration (“ Decree 296 ”), further refining the mechanism for identifying BOs by looking not only at ownership percentages but also at actual control.   These provisions are particularly relevant to foreign direct investment (“ FDI ”) enterprises with multi-tier ownership structures, as identifying BOs requires looking through the ownership chain and governance rights.   1. The 25% threshold is an important identification criterion:   Under Article 3 of Decree 296 , a BO is an individual who ultimately, directly or indirectly, owns or exercises actual control over an enterprise with legal entity status, except...

Apolat Legal’s Company Trip celebrating our 10th Anniversary

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A decade is built not only on milestones, but also on the people who have walked alongside one another, shared meaningful moments, and grown together throughout the journey. As part of Apolat Legal’s Company Trip celebrating our 10th Anniversary, our members stepped away from their daily routines to connect, explore, and create unforgettable memories together. The 10th Anniversary Team Challenge brought teams through a series of unexpected challenges — from moments of intense problem-solving and seamless collaboration to laughter, encouragement, and true team spirit. Each challenge became a meaningful piece of a journey that has shaped Apolat over the past decade. And then, during the 10th Anniversary Gala, we took a moment to slow down and look back on the journey we have shared — the milestones, the efforts, the people, and the values that have shaped Apolat into who we are today. Ten years is a journey worth celebrating, but it is also the beginning of many new journeys ahead. ...

Winning the case but not yet recovering the money: Notes on judgment enforcement in commercial disputes

In commercial disputes, obtaining a favorable judgment or award is only one part of the process of protecting one’s interests. In practice, the ultimate value of a lawsuit does not lie in how much money the winning party is declared entitled to receive, but in whether that amount is actually recovered.   This is why the civil judgment enforcement stage plays a particularly important role. Without an appropriate judgment enforcement strategy, an enterprise may end up in a situation of “winning the case on paper” while still being unable to recover the money because the judgment debtor no longer has assets, deliberately disperses its assets or prolongs the judgment enforcement process.     Judgment enforcement is the stage that determines the actual value of a judgment or award   Under current regulations, within 05 years from the date on which a judgment or decision takes legal effect, the judgment creditor has the right to request the competent civil judgment enforc...

Pharmaceutical business models for foreign traders in the Vietnamese market

As of 2026, Vietnam’s pharmaceutical market has reached an estimated value of approximately USD 7 billion and is projected to grow by around 10–15% annually. This data indicates that Vietnam’s pharmaceutical market still has significant room for further development. 1 Alongside the growing demand, Vietnam is also pursuing policies to attract resources, technology, and international cooperation to further develop its pharmaceutical industry. In this regard, the country encourages research, technology transfer, and the production of original brand-name drugs, vaccines, biological products, and other high-tech pharmaceutical products. 2 In practice, many international pharmaceutical groups continue to demonstrate their interest in and expand their operations in Vietnam. For example, AstraZeneca has identified Vietnam as a strategic market and has undertaken various investment and cooperation activities in the pharmaceutical sector. 3 Given the development potential of the market and th...