Question:
Our company is a foreign-invested enterprise established in Vietnam, and we are planning to operate a social media platform in the financial sector. Do we need to apply for any licenses for this activity?
Answer:
According to Clause 6, Article 24 of Decree 147/2024/ND-CP: “Agencies, organizations, and enterprises in Vietnam are only allowed to provide social media services when they have a Social Media Service License (for social media platforms with a large number of regular users) or a Social Media Service Notification Certificate (for social media platforms with a low number of regular users).” Therefore, since your company is established in Vietnam, it must comply with the regulations regarding the application for a Social Media Service License or a Social Media Service Notification Certificate, depending on the scale of the social media platform.
The scale of the social media platform is divided into two categories as specified in Clause 6, Article 24 of Decree 147/2024/ND-CP as follows:
Social media platforms with a large number of regular users: These are platforms with a total number of regular visits (total visits) within one month (based on the average statistics of the last 6 continuous months) of 10,000 visits or more, or more than 1,000 regular users per month.
Social media platforms with a low number of regular users: These are platforms with a total number of regular visits (total visits) within one month (based on the average statistics of the last 6 continuous months) of fewer than 10,000 visits, or fewer than 1,000 regular users per month.
Your company should refer to the classification criteria mentioned above and compare them with the scale of the social media platform you plan to operate to carry out the appropriate procedures accordingly.
Additionally, the company should note that in order to provide social media services in Vietnam, the law requires enterprises to meet specific conditions regarding legal status; domain names, social media platform names; human resources structure; technical infrastructure; and content management, as specified in Decree 147/2024/ND-CP.
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