Vietnam National Assembly Concludes Extraordinary Session with Broad Institutional Reforms
After 17 working days, the first Extraordinary Session of Vietnam's 16th National Assembly (NA) concluded on August 24, 2026, with lawmakers passing a significant package of legislative and policy reforms. The session resulted in the adoption of 15 laws and six legal resolutions, while seven additional draft laws received first-round consideration. Decisions taken during the session span banking and finance, energy, agriculture, taxation, local governance, and major infrastructure development.
Notable decisions include:
1) Banking and Finance: Anti-money laundering framework strengthened, crypto assets brought into regulatory scope
On August 24, the NA passed amendments to three major banking-related laws: the Law on the State Bank of Vietnam, Law on Anti-Money Laundering (AML), and Law on Credit Institutions. The amendments will take effect on December 1, 2026. The changes signal Vietnam's broader commitment to improving financial transparency and aligning with international regulatory standards.
The new law effectively institutionalizes and expands the temporary AML measures introduced under Resolution 66/2026/NQ-CP and Decree 296/2026/ND-CP. New requirements regarding beneficial ownership transparency, customer due diligence, and risk-based monitoring are now embedded in permanent legislation. A notable feature of the legislation is the introduction of explicit AML provisions covering crypto-assets and digital assets, filling an important regulatory gap as Vietnam seeks to align its financial regulatory framework with international standards.
For businesses, particularly financial institutions and companies with multi-layered ownership structures or overseas shareholders, these changes could require adjustments to customer due diligence, ownership verification, risk assessment, and record-keeping procedures to ensure compliance with the new framework.
2) Energy: Legal bottlenecks removed for nuclear and renewable projects
Energy was another major area of action during the session. The NA approved a resolution separating the long-delayed Ninh Thuan Nuclear Power Project into three independent projects: Ninh Thuan 1 (led by EVN), Ninh Thuan 2 (led by PetroVietnam), and a separate compensation, support and resettlement project.
The separation resolves a major legal obstacle that has hindered implementation since the original investment policy was approved in 2009. By establishing independent legal and investment structures, the resolution enables each project to proceed under distinct ownership, financing, and implementation arrangements.
The NA also ratified the Vietnam-Russia intergovernmental agreement on Ninh Thuan 1, which is expected to comprise two VVER-1200 reactors with a combined capacity of approximately 2,400 MW.
Separately, lawmakers approved a special resolution designed to address difficulties affecting wind and solar power projects. While details remain limited, the measure signals the government's intent to accelerate deployment of stalled renewable energy investments and unlock a sizeable pipeline of projects that have faced permitting and contractual uncertainties.
3) Agriculture and Environment: Omnibus reform to cut administrative burdens
The NA passed an omnibus law amending provisions across 10 agriculture and environmental laws, effective January 1, 2027. The amended laws cover crop production, plant protection and quarantine, animal husbandry, veterinary services, fisheries, geology and minerals, water resources, irrigation, meteorology and hydrology, and dike management.
The reforms are intended to institutionalize the government's broader administrative streamlining agenda. According to the government, the amendments will eliminate several administrative procedures, remove 40 business conditions, decentralize 24 administrative functions from the Ministry of Agriculture and Environment to provincial authorities.
4) Tax relief for small businesses and households
Resolution No. 43/2026/QH16 was approved, providing a 30% reduction in personal income tax and corporate income tax for qualifying business activities during the 2026 and 2027 tax periods.
The measure applies to resident individuals with business revenue of no more than VND 10 billion (approximately US$383,000) per year, as well as Vietnamese enterprises and organizations meeting the same revenue threshold, subject to the conditions specified in the resolution. The incentives apply to the 2026 and 2027 tax years and took effect immediately upon adoption on August 24, 2026.
The tax reduction is designed to support smaller businesses and could improve cash flow and profitability for qualifying enterprises. For U.S. companies working with Vietnamese suppliers, distributors, partners, the measure could strengthen the financial position of eligible local counterparts and support continued business expansion.
5) Administrative Reform: Bắc Ninh and Quảng Ninh elevated to centrally governed cities
The NA approved the establishment of Quảng Ninh and Bắc Ninh as centrally governed cities, with the changes taking effect on September 1 and September 20, respectively. As a result, Vietnam’s total number of provincial-level administrative units will be 34, comprising 25 provinces and 9 centrally governed cities.
Quang Ninh is expected to develop around its strengths in the maritime economy, tourism, industry, and its strategic location in northern Vietnam. Bac Ninh, meanwhile, is positioned as a high-tech industrial and innovation hub. The province has become one of Vietnam’s most important manufacturing and export centers, with a strong concentration of electronics and high-tech production.
The new administrative structure could influence infrastructure planning, investment approvals, fiscal resources, and local economic policies. Bac Ninh is particularly relevant for electronics, semiconductors, advanced manufacturing and logistics, while Quang Ninh presents opportunities in infrastructure, energy, tourism, maritime services, and logistics. For businesses, the continued decentralization of administrative authority and the creation of new centrally governed cities will increase the importance of relationships with provincial authorities.
6) APEC 2027: Special mechanisms to accelerate Phu Quoc infrastructure projects
The NA adopted a resolution introducing special mechanism to facilitate infrastructure projects supporting APEC Economic Leaders' Week 2027 in Phú Quốc. The resolution provides legal flexibility for projects that were initiated under compressed timelines before all investment, construction, land, acceptance, and disbursement procedures had been completed. It also addresses practical issues related to construction waste management and mineral extraction during project implementation.
The measures are intended to ensure timely completion of critical infrastructure while minimizing procedural delays ahead of Vietnam's hosting of APEC 2027. The resolution takes effect on September 1, 2026.
The outcomes of the National Assembly's extraordinary session reinforce the government's broader agenda of institutional reform, regulatory modernization, and investment facilitation while simultaneously bringing Vietnam’s corporate transparency and financial compliance framework closer to international standards.
