With the aim of improving the regulatory framework of corporate insolvency and address shortcomings of the 2014 Law on Bankruptcy (the “LOB 2014”), the National Assembly, at its morning session on 11 December 2025, passed the Law on Rehabilitation and Bankruptcy (the “New LORB”), which takes effect from 1 March 2026 and replaces the LOB 2014. In this article, we will discuss several remarkable changes introduced under the New LORB.
Applicable Legislation and Fundamental Principles
2026년 1월에는 파산, 탄소거래, 실업보험 등 다양한 분야의 중요한 법령 업데이트가 있었으며, 그 주요 내용은 아래와 같습니다.
I. 회생 및 파산에 관한 법률 (Law on Rehabilitation and Bankruptcy)
국회는 2025년 12월 11일, 기존의 Law on Bankruptcy (No. 51/2014/QH13, 이하 "2014 파산법")를 대체하는 새로운 Law on Rehabilitation and Bankruptcy (No. 142/2025/QH15, 이하 "2025 파산법")를 공포하였습니다. 2025 파산법은 2026년 3월 1일부터 시행되었고, 과세관청의 파산절차 개시 신청 의무 관련 조항(아래 참조)은 2026년 7월 1일부터 적용됩니다.
2025 파산법은 다음과 같은 주목할 만한 변경 사항을 포함하고 있습니다.
A. 독립된 회생절차의 도입
As of 1 March 2026, the Law on Rehabilitation and Bankruptcy No. 142/2025/QH15, adopted by the National Assembly of the 15th Legislature at its 10th Session (“Law on Rehabilitation and Bankruptcy 2025”), has officially come into effect.
Kể từ ngày 01/03/2026, Luật Phục hồi, Phá sản số 142/2025/QH15 do Quốc hội khoá XV thông qua tại Kỳ họp thứ 10 (“Luật Phục hồi, Phá sản 2025”) đã chính thức có hiệu lực. Luật Phục hồi, Phá sản 2025 được ra đời trong bối cảnh thực tiễn áp dụng của Luật Phá sản 2014 bộc lộ nhiều hạn chế, thiên về xử lý hậu quả là phá sản hơn là phòng ngừa và tái cấu trúc.
Die Umstrukturierung der vietnamesischen Schiffbauindustrie gemäß Politbüro-Beschluss 220 stellt sowohl eine strategische Chance als auch einen zeitkritischen Wendepunkt dar. Angesichts der geografischen Lage Vietnams, seiner maritimen Entwicklungsambitionen und der zunehmenden Integration in globale Lieferketten birgt der Sektor erhebliches langfristiges Potenzial. Dieses Potenzial kann jedoch nur durch entschlossene, koordinierte und rechtzeitige Reformen realisiert werden. Eine erfolgreiche Modernisierungsstrategie sollte auf fünf zentralen Säulen beruhen:
The restructuring of Vietnam’s shipbuilding sector under Politburo Decision 220 represents both a strategic opportunity and a time-critical turning point. Given Vietnam’s geographic position, its maritime development ambitions, and its deepening integration into global supply chains, the sector holds substantial long-term potential. However, this potential can only be realized through decisive, coordinated, and timely reform.
A successful modernization strategy should be built on five key pillars:
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.
Overview. The first Bankruptcy Law was introduced in 1993 (“1993 Law”). It remained in place for 10 years and was replaced in 2003 (“2003 Law”). Subsequently, the National Assembly adopted an entirely new bankruptcy law in 2014 (“2014 Law”[1]).
On 11 December 2025, the National Assembly adopted the Law on Rehabilitation and Bankruptcy ("New Rehabilitation and Bankruptcy Law"), which will supersede the current Law on Bankruptcy enacted in 2014 ("Bankruptcy Law 2014"). The New Rehabilitation and Bankruptcy Law will take effect on 1 March 2026, except for Article 38.3, which addresses the obligations of the tax authority in filing a bankruptcy petition; this provision will take effect on 1 July 2026.
Developing the support scheme for banks that take over weaker banks (“Acquiring Banks”) has become a cornerstone of Vietnam’s restructuring agenda under Decision No. 689/QD-TTg on “Restructuring credit institutions in conjunction with non-performing loan resolution for 2021 – 2025” dated 8 June 2022. In this context, lawmakers have gradually equipped Acquiring Banks with stronger tools, from asset seizure rights under the Amended CsI 2025 (as discussed in Topic 7.1) to new regulation designed to mobilize foreign capital. Specifically, Decree No.