Designing and operating a regulatory sandbox in South Korea: implications for Vietnam

Abstract

In the context of the Fourth Industrial Revolution, reforming regulations to meet the needs of technological innovation is a common challenge for all countries. Each country, depending on its goals, can build a suitable regulatory sandbox. Since its appearance in 2016, regulatory sanboxes have been applied in more than 73 countries, with South Korea promulgating sandbox policies for various sectors. With the current experience and management level in Vietnam, the sandbox mechanism can be an option worthy of consideration. By introducing and analysing South Korea’s experience in establishing regulatory sandboxes, the article comments and  proposes the building of a regulatory sandbox for experimental application in Vietnam.