Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Saturday, August 8, 2020
Tags: Civil Code
Shaping a legal framework for cryptoassets in Vietnam Shaping a legal framework for cryptoassets in Vietnam
For the time being, there has been no unified definition of “cryptoasset” or “digital asset” or “virtual asset” in the world. According to the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, “a virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.”[1] Canada’s model legislation regarding digital assets, the Uniform Access to Digital Assets by Fiduciaries Act, defines “a digital asset” as “a record that is created, recorded, transmitted or stored in digital or other intangible form by electronic, magnetic or optical means or by any other similar means.”[2] Cryptocurrency (or virtual currency) is a form of cryptoassets (or virtual assets). There is also no unified definition of this term in the world.
Conflicts of interest between the lessee and the chargee of an asset: a view from secured lending practice Conflicts of interest between the lessee and the chargee of an asset: a view from secured lending practice
In lending practice, leasing out a charged asset is common practice for the chargor to exploit the value of such asset. There are still loopholes and drawbacks in the legal framework governing the relationship between the lessee and the chargee of an asset. For this reason, there are many risks facing banks as chargees.
Validity of liquidated damages clause under Vietnams Law Validity of liquidated damages clause under Vietnam’s Law
Liquidated damages is one of the important remedies that are widely known in various types of contracts. However, the validity of liquidated damages clause is still an uncertain thing under Vietnam’s law, giving rise to a number of disputes over this clause when being applied in Vietnam.
COVID-19 and the issue on exemption of civil liability for breach of payment obligations under loan agreements COVID-19 and the issue on exemption of civil liability for breach of payment obligations under loan agreements
Under the scope of this article, the authors concentrate on force majeure to excuse civil liability under the laws of Vietnam, and the issues relevant to the implementation of loan agreements in the context of COVID-19.
Financing projects in industrial zones: a view from practice Financing projects in industrial zones: a view from practice
Industrial zones have become a popular investment destination for foreign businesses. It is common now in practice to finance projects carried out in industrial zones and/or to take security over real estate located in those industrial zones. However, since the legal framework on lease of land in industrial zones remains complicated and has its limitations, such financing may turn risky for credit institutions in certain circumstances and at some stages. This article tries to present some legal aspects of extension of credit secured by real estate in industrial zones and suggest how to manage legal risks for credit institutions.
Penalties for breach of construction contracts Penalties for breach of construction contracts
In the context that there are different regulations of the Civil Code, the Commercial Law and the Construction Law regarding the maximum amount of penalty for breach of construction contract, this article will discuss about two legal issues: (i) principles for resolution of the conflict of laws that regulate construction contracts between the Civil Code, the Commercial Law and the Construction Law and (ii) the maximum amount of penalty for breach of construction contracts (including both state-funded construction works and private construction works).
Intellectual property tribunal - a must in Vietnam Intellectual property tribunal - a must in Vietnam
The intellectual property tribunal is a specialized court set up, like in many countries, to deal with intellectual property disputes which currently become more and more complicated in Vietnam. The establishment of such specialized court is an objective requirement in the process of judicial reform in general and improvement of legal mechanisms in particular to protect intellectual property rights in Vietnam.
Security over deposits Security over deposits
In practice, deposits at banks are used as security a great deal. However, the legal framework applicable to that kind of property remains unclear. This article tries to give an overview of the applicable provisions regarding security over deposits and to suggest how to properly construe and improve them.
First-instance jurisdiction to try commercial legal persons in Vietnam First-instance jurisdiction to try commercial legal persons in Vietnam
First-instance jurisdiction to hear criminal cases where defendants are commercial legal persons is determined by the reason of the matter involved, the person concerned or the place. This article analyses the 2015 Criminal Procedure Code’s provisions on the penal liability examination procedures and first-instance jurisdiction to try commercial legal persons and propose revisions to Vietnam’s current criminal procedure law in this regard.
Law-based state management of e-commerce in Vietnam Law-based state management of e-commerce in Vietnam
According to Prime Minister Decision 222 of 2005 approving the overall plan on e-commerce development during 2006-10, the State plays the role of creating a favorable legal environment, while providing public services to assist e-commerce activities, and developing e-commerce in connection with the application and development of information and communication technology.

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