Vietnam’s new regulations on ownership
After 10 years’ enforcement, the 2005 Civil Code (the 2005 Code) of Vietnam has become impractical in many aspects, especially when the country enters the period of intensive and extensive integration into the world economy. Particularly, the Code’s provisions on ownership have revealed many inadequacies, such as providing the protection of rights of owners only but not rights of other subjects in the exploitation of property and establishment of rights over property, or stipulating forms of ownership without specific criteria, causing inconsistencies in their implementation. The new Civil Code of 2015 (the 2015 Code) has made many new provisions to overcome these inadequacies.
Formal requirements for contracts under the new Civil Code: an overview
Recently, large numbers of commercial and financial contracts were declared null and void for non-compliance with legal requirements in terms of form. The new Civil Code enacted by the National Assembly of Vietnam on November 24, 2015, with effect from January 1, 2017 (the 2015 Civil Code) was supposed to simplify formal requirements for contracts. However, there remain some lacunas and gaps that this article will try to point out.