Vietnam Debates Legal Framework to Protect Risk-Taking Entrepreneurs

Major General Tao Duc Thang, Chairman and CEO of Viettel Group, emphasized the necessity of a robust legal framework to protect entrepreneurs and businesses that undertake bold initiatives, acknowledging that research and innovation inherently involve objective risks such as natural disasters or economic fluctuations. Mr. Thang expressed concern over provisions in the draft resolution, specifically Article 5, which require investment and technology projects to be "fully completed and yield socio-economic efficiency" before receiving special policy support. He argued that this condition is overly narrow and disconnected from practical business realities where risks are inevitable. He proposed broadening regulations to cover projects that fail to meet initial targets due to objective factors, provided that timely mitigation steps are taken or losses are absorbed through overall business profitability. This approach aligns with broader state economic development guidelines that evaluate outcomes across entire stages rather than isolated components. Professor Nguyen Vu Trung, Director of the Pasteur Institute in Ho Chi Minh City, supported the draft's core philosophy of protecting "reasonable risks" while rejecting intentional violations. However, he recommended clarifying several concepts. Specifically, he noted that defining "the common interest" to include corporate interests could inadvertently justify almost any business decision. He argued that public interest must be assessed based on the information, conditions, and context at the time of the decision, rather than hindsight. To handle complex technology cases, Professor Trung proposed establishing an independent advisory council comprising economic, financial, technological, and legal experts. While this council’s conclusions would not replace judicial decisions, they would serve as mandatory expert references to protect innovators, investigators, prosecutors, and judges alike. Le Minh Tri, Head of the Central Internal Affairs Commission, emphasized that the resolution's primary goal is to reduce criminal penalties to give creators peace of mind and drive development. Because technology evolves faster than the law, the draft includes provisions for "risk-sharing" and "tolerance of failure" to encourage innovation without corruption. Intended as a 2-3 year transitional measure, this special resolution addresses immediate practical hurdles. Afterward, the government plans to comprehensively refine criminal, anti-corruption, and investigative laws to provide long-term security for professionals executing new policies.