Vietnam Business Law is a website managed by lawyers of Venture North Law Limited (VNLaw). Venture North Law Limited (VNLaw) is a Vietnamese commercial law firm. We won the Rising Law Firm of the Year Award at the Southeast Asia Law Awards for the years 2020 and 2021 held by The Legal 500. Very few Vietnamese law firms have achieved a similar regional recognition.
Posted in: Banking & Finance
In general, a secured creditor will be given priority over unsecured creditors regarding certain assets of the bankrupt enterprise. However, under Vietnamese bankruptcy law, such priority comes with a cost. In particular:
Most banks in Vietnam provide internet banking services to its customers via a web-based platform (the E-platform) which enables bank customers to create, authorise and dispatch instructions (E-Documents) to the bank electronically. Usually, an E-platform provides users with authentication tools including customer ID, user IDs, passwords and one-time password (the OTP) to get access to the E-platform.
Under Decree 135/2015 effective from 15 February 2016, a local company can invest in shares, bonds and other securities issued offshore of Vietnam (Offshore Indirect Investment) via an entrustment agreement (hợp đồng ủy thác đầu tư) with a licensed fund management company, securities company or commercial bank (Local Managers) if:
In June 2015, the first instance court decides that a contract in the territory of Vietnam that is denominated in US$ but settled in VND is not invalid. In December 2015, according to newspaper report, the appeal court has revoked a decision of the first instance court and held such a contract invalid in its entirety. This is a surprise development and may cause concern to many business transactions in Vietnam which have relied on a more relax view of the court earlier.