On 11 December 2025, the National Assembly of Vietnam passed Law No. 142/2025/QH15 onRecovery and Bankruptcy (the Law on Bankruptcy 2025), marking a significant overhaulof the country's insolvency framework. The new legislation, which will take effect from1 March 2026, repeals and replaces Law No. 51/2014/QH13 on Bankruptcy (the Law onBankruptcy 2014).The Law on Bankruptcy 2025 introduces comprehensive reforms aimed at addressinglongstanding criticisms of the 2014 regime, which was widely viewed as procedurallycumbersome and slow to resolve distressed businesses.

Contemporary Issues: Insolvency and Arbitration in Vietnam A bankruptcy proceeding often brings with it questions as to how creditors might be able to make their claims. For example, tension may arise between the unified dispute resolution procedures under a contract (such as an arbitration agreement) and bankruptcy regulations. By way of the parties’ arbitration agreement, the parties have ostensibly intended, at the outset, for all disputes arising from the underlying contract to be resolved through arbitration.