The Law on Enterprise and Law on Investment that took effect in 2015 introduced refreshing changes to Vietnam’s investment and business landscape. Designed to stimulate and better facilitate foreign investments in the country, the two new laws have since given rise to several implementing regulations that expound on important subjects such as foreign ownership up to 100% in listed companies, private public partnerships, trade, and representative offices.
1.1. If you are a creditor
Creditors often file normal lawsuits to collect the debts instead of using bankruptcy proceedings, because:
On 18 March 2014, the State Bank of Vietnam (SBV) issued Circular No. 09/2014/TT-NHNN (Circular 09) to amend and supplement a number of articles in Circular No. 02/2013/TT-NHNN regulating the classification of debt, the establishment and levels of risk reserves, and the use of reserves for dealing with risks during the operation of credit institutions and foreign bank branches.
Investment
Direct statements
In brief: Vietnam's new Law on Bankruptcy will take effect from 1 January 2015, bringing in a number of changes, including a new definition of 'bankruptcy'. Partner Robert Fish (view CV)and Junior Associates Giang Quang Nguyen and Linh Nguyen look at the most significant features of the new law and note what will differ from the current regime.
Vinalines will analyse the efficiency of the method for reducing state investment capital and increase contributions of private partners, including foreign ones in the ports
Financially troubled state-owned Vinalines is weighing up divesting from three port projects as a part of its comprehensive restructuring plan.
The government, in a report sent to the National Assembly last week, said Vinalines would review and restructure its capital contributed to joint ventures with foreign partners at Cai Mep-Thi Vai area in southern Ba Ria-Vung Tau province.
The Law on Bankruptcy 2014 (“New Law”) was officially approved at the 7th session of the XIII National Assembly.
The New Law expands its scope by clearly providing provisions on orders, application procedures and handling and opening of bankruptcy procedures; determination of property obligations and measures to preserve property in bankruptcy procedures; conditions and procedures for restoration of business operation, procedures for property liquidation and bankruptcy declaration and execution of judges’ decisions on bankruptcy.
Investment
Direct statements
The Law on Enterprise and Law on Investment that took effect in 2015 introduced refreshing changes to Vietnam’s investment and business landscape. Designed to stimulate and better facilitate foreign investments in the country, the two new laws have since given rise to several implementing regulations that expound on important subjects such as foreign ownership up to 100% in listed companies, private public partnerships, trade, and representative offices.