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Vietnam passes cyber law that could hurt Facebook, Google

Published 06/12/2018, 07:51 AM
© Reuters.  Vietnam passes cyber law that could hurt Facebook, Google
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  • Vietnam approves a cybersecurity law to tighten control on tech companies operating in the region.
  • The law takes effect at the start of next year and requires the likes of Facebook (NASDAQ:FB) and Google (GOOG, GOOGL) to store “important” personal data on Vietnamese users locally and to open offices there.
  • Social media companies will have to remove offending content within a day of receiving a request from authorities.
  • Critics warn the law could cause financial harm and quash online dissent.
  • About 55M Vietnamese are regular users of social media, according to We Are Social and Hootsuite data. Vietnam ranked seventh in the list of most active Facebook-using countries.
  • Facebook shares are up 0.2% premarket to $191.87.
  • Alphabet shares are down $0.49 to $1,129.50.
  • Now read: Time To Load Up On Facebook?


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