WHAT HAPPENED
The Vietnamese government has officially adopted a new action plan to combat money laundering (AML) and terrorist financing (CFT). This initiative, unveiled on June 28, 2026, marks a critically important step for the country as it seeks to strengthen its international financial standing and improve its investment climate. The plan's primary goal is to ensure Vietnam's removal from the so-called 'grey list' of the Financial Action Task Force (FATF), the global watchdog in this area, which subjects several countries to enhanced monitoring.
Inclusion on the FATF 'grey list' indicates that a country does not fully comply with international standards for combating financial crimes. This can lead to a range of negative consequences, from reduced foreign direct investment to more complex access to international financial markets and increased transactional costs. The adoption of this new plan demonstrates Vietnam's firm commitment to actively address these challenges, harmonizing its financial system with global best practices and enhancing operational transparency.
The plan outlines a comprehensive set of measures aimed at improving the effectiveness of law enforcement agencies, strengthening oversight of financial institutions, and enhancing information exchange at both national and international levels. This translates to stricter requirements for customer identification (KYC), transaction monitoring, and reporting of suspicious activities, which should significantly raise barriers to the illicit movement of capital through the Vietnamese financial system.
WHAT THIS MEANS FOR RUSSIAN E-COMMERCE
For Russian e-commerce entrepreneurs actively engaged with Vietnam or planning to enter this market, the new AML/CFT measures signal significant changes in the operating environment. This enhanced financial oversight will inevitably impact cross-border payment procedures, banking compliance, and, broadly, the demands for business transparency. In the short term, this may lead to some temporary inconveniences and delays, but in the long term, it promises a more stable and predictable financial environment.
Firstly, stricter requirements are anticipated for identifying and verifying beneficiaries and sources of funds. Vietnamese banks and payment systems will request more detailed information on each transaction, its purpose, participants, and potentially supporting documents. Russian companies must be prepared to provide comprehensive data confirming the legal origin of funds and the intended use of payments. This will affect not only large investments but also routine operations for paying for goods, services, or processing refunds.
Secondly, the role of compliance departments will grow. Vietnamese financial institutions will implement more advanced transaction monitoring systems to detect suspicious activity. This means that Russian entrepreneurs will need to ensure maximum transparency in their financial flows, avoiding complex and opaque schemes that could be interpreted as attempts to circumvent the new rules. Companies that already adhere to high standards of corporate ethics and financial transparency will experience fewer difficulties.
Thirdly, these changes will influence the overall perception of Vietnam as an investment destination. Despite potential initial complexities, exiting the FATF 'grey list' will enhance the country's reputation, attracting more reliable and long-term investors. This creates a healthier and safer business environment, reducing risks associated with financial crimes. For Russian e-commerce businesses aiming for long-term partnerships, this is a positive signal, albeit one that requires adaptation to the new realities.
VIETSMART EXPERT COMMENTARY
At VietSmart, we view these changes not as an obstacle, but as an inevitable step for Vietnam towards integrating into the global economy at a new, higher level. For Russian entrepreneurs focused on scaling and stability, these measures establish a more reliable foundation. The key to success under these evolving conditions is proactive adaptation and a commitment to maximum transparency in all financial operations.
We strongly recommend reviewing current operational schemes with Vietnamese counterparties and banks now, and conducting an internal audit of your compliance procedures. Special attention should be given to preparing documentation that confirms the legality of each transaction and its alignment with the stated purpose. This is not merely a regulatory requirement; it's a strategic advantage that will enable you to build more trusting and resilient relationships with financial partners in Vietnam.
CONCLUSIONS AND NEXT STEPS
To ensure seamless operations and minimize risks in light of Vietnam's new AML/CFT requirements, Russian e-commerce entrepreneurs need to take a series of concrete steps:
- Audit Current Payment Channels: Evaluate your current cross-border payment partners and banks utilized in Vietnam. Ensure they are prepared for enhanced compliance controls and can provide the necessary transparency and reporting. It may be necessary to review or strengthen relationships with existing partners or seek new ones better equipped to operate under the new conditions.
- Prepare Comprehensive Documentation: Proactively gather and systematize all necessary documents confirming the legal origin of funds, the purpose of payments, contract details, and beneficiaries. This includes agreements, invoices, statements of work, company registration documents, and identification of ultimate beneficial owners.
- Strengthen Internal Compliance Procedures: Implement or update internal policies and procedures that align with international AML/CFT standards. Train personnel responsible for financial operations on the new requirements and best practices for preventing money laundering and terrorist financing.
- Consult with Local Experts: Seek professional legal and financial advice within Vietnam. Local specialists can help you navigate the nuances of legislation and regulatory requirements, as well as develop optimal strategies for adapting to the new conditions.
- Utilize Transparent Payment Solutions: Consider using modern FinTech solutions and platforms that are inherently designed with high compliance standards in mind and offer advanced features for tracking and documenting transactions.
Source: VnEconomy EN — Business, June 28, 2026