Status Of Partially Secured Creditors Under Law On Bankruptcy 2014
Vietnam Business Law
by Nguyen Quang Vu
2w ago
Under the Law on Bankruptcy 2014, creditors (chủ nợ) of a bankrupt enterprise include unsecured creditors, partially secured creditors (chủ nợ có bảo đảm một phần) and secured creditors (chủ nợ có bảo đảm). While it is not entirely clear, it appears that partially secured creditors are considered as a separate class of creditors and have their own rights during a bankruptcy proceeding. Under the Law on Bankruptcy 2014, a secured creditor is defined as a creditor having the right to require the relevant bankrupt enterprise to perform an obligation to repay a secured debt with the assets of th ..read more
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Validity of Board Resignations in Vietnamese Joint Stock Companies
Vietnam Business Law
by Nguyen Quang Vu
2w ago
From January 2021, under the Enterprise Law 2020, if a member of the board of directors (the Board) hands in his/her letter of resignation to resign as a Board member in a joint stock company (JSC), he/she may not cease to be a Board Member until approved so by the General Meeting of Shareholders (GMS) of the relevant JSC. To mitigate the potential issues arising from this provision, a JSC may consider providing that the GMS must dismiss a Board member when he/she tenders his/her resignation. In addition, the resigning Board Member should give authorisation to another appropriate person until ..read more
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Shareholder Rights During The First 90 Days Of Incorporation Of A Joint Stock Company
Vietnam Business Law
by Nguyen Quang Vu
2w ago
After incorporating a joint stock company (JSC), the founding shareholders of the JSC will typically have 90 days from the issuance of the enterprise registration certificate (Capital Contribution Period) to pay for the shares they have subscribed as at the incorporation of the JSC (Subscription Shares). Under the Enterprise Law 2020, it is reasonable to consider that during the Capital Contribution Period, the founding shareholders who have not paid for the Subscription Shares in full would have all the shareholders rights including rights to transfer the Shares which have not been paid up. H ..read more
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Consequences Of Breaches Of Representations And Warranties Under Vietnamese Law
Vietnam Business Law
by Nguyen Quang Vu
2w ago
Introduction As detailed in a prior post, in our opinion, representations and warranties (warranties) should constitute obligations of the person giving it under Vietnamese law. They could imply an obligation on the part of the person providing them (Warrantor) to guarantee that the stated facts and matters are true. In this post, we will try to examine the consequences of breaches of representations and warranties under Vietnamese law. As discussed further below, depending on the context, a breach of warranties might give rise to: ·        liabilities for br ..read more
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Comments on New Law on Real Estate Business – Part 1
Vietnam Business Law
by Nguyen Quang Vu
1M ago
Please download the pdf version here. After a quite lengthy debate and discussion, on 28 November 2023, the National Assembly officially adopted a new law on real estate business (Real Estate Business Law 2023). The Real Estate Business Law 2023 is expected to enhance the real estate business environment and resolve some long-standing legal issues. However, the new Real Estate Business Law 2023 will have to wait until 1 January 2025 to take effect. The deferred effectiveness of the Real Estate Business Law 2023 is probably intended to give the National Assembly more time to promulgate the new ..read more
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Are representations and warranties considered as obligations under Vietnamese law?
Vietnam Business Law
by Nguyen Quang Vu
1M ago
Representations and warranties constitute an important building block in a contract. Unfortunately, Vietnamese contract law does not have a separate regime on representations and warranties. Accordingly, this gives rise to various questions concerning representations and warranties under Vietnamese law. The first question would be whether representations and warranties are considered as obligations of the person giving it. In a book on Vietnam contract law, the author, a well-known business lawyer, considers that representations and warranties are statements of facts and are not undertaking to ..read more
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Some issues relating to management of apartment buildings in Vietnam
Vietnam Business Law
by Nguyen Quang Vu
2M ago
Owners of apartments in an apartment building in Vietnam must set aside 2% of the purchase price for contribution into the apartment building’s maintenance fund (Quỹ bảo trì) and pay monthly contribution into the apartment building’s operation fund (Quỹ vận hành). The management of an apartment buildings including the maintenance fund and the operation fund will be handled by (1) “the meeting of [owners of] the apartment building”(hội nghị nhà chung cư) (building owner meeting) (2) a building management board selected by the building owner meeting, and (3) a management company selected by the ..read more
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Significant Amendments to Regulations on Management of Foreign Employees in Vietnam
Vietnam Business Law
by Nguyen Quang Vu
2M ago
On 18 September 2023, the Government issued Decree 70 (Decree 70/2023) to amend various regulations on management of foreign employees under current Decree 152/2020. Decree 70/2023 took effect immediately upon its issuance. Below is our discussion on notable changes introduced under Decree 70/2023. 1)         Easing requirements for engagement of foreign employees Under Decree 70/2023, a foreign employee is no longer required to have educational background to be relevant to his/her work experience and proposed job in Vietnam. Instead, the law now only ..read more
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The Supreme Court’s clarification on various legal issues in Vietnam
Vietnam Business Law
by Nguyen Quang Vu
2M ago
On 24 April 2023, the Justices of the Supreme Court of Vietnam (the Supreme Court) hosted an online seminar to tackle some issues that arise in the courts’ trial practice. Official Letter no. 196/TANDTC-PC issued by the Supreme Court on 3 October 2023 (the Official Letter) documents the results from the online seminar in April. The Official Letter contains mainly the clarification and interpretation of the Supreme Court of the existing legal provisions across various areas of law, including penal, civil, commercial, and administrative. Although these clarification and interpretation are non-bi ..read more
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State Bank of Vietnam’s further clarifications on lending regulations
Vietnam Business Law
by Lawyers VNLaw
2M ago
On 8 November 2023, the State Bank of Vietnam (SBV) issued Official Letter 8631 to publish answers to certain questions on lending regulations under Circular 6/2023 of the SBV dated 28 June 2023 (Circular 6/2023) amending Circular 39/2016 of the SBV dated 30 December 2016 on lending activities of credit institutions (CIs) and/or foreign bank branches with customers (Circular 39/2016). The table below will highlight some notable answers of the SBV. This post is written by Pham Thi Thu Trang and Nguyen Hoang Duy, and edited by Hoang Thi Thanh Thuy. Questions Responses of the SBV Our comm ..read more
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