Smart contracts prompt the need to improve the legal system
In Vietnam, when it comes to blockchain, people often think of virtual currency such as Bitcoin and Ethereum. But in fact virtual currency is just the first and most popular application of blockchain technology. Blockchain technology can be applied in innumerable domains, one of which is blockchain-based smart contracts. Smart contracts have been developed and are used in a variety of fields such as finance, banking, supply chain, healthcare, education, transportation, etc. The questions now are: what is the legality of smart contracts, can Vietnam’s contract law be applied to smart contracts, and in the future do we need to revise the current legal system to regulate smart contracts? This article will focus on analyzing, evaluating and clarifying the above issues.
Immunity from measures to enforce court judgments
In the context of extensive international integration, besides diplomatic missions and consular offices as key parties to diplomatic relations, the State, state agencies, companies, state enterprises, sole proprietorships, multinational corporations, etc., will be involved more and more actively in economic, civil and commercial transactions overseas. Therefore, civil, economic and commercial disputes involving foreign elements will inevitably occur and need to be settled by competent authorities with proper jurisdiction. In principle, their rulings or awards are to be respected and executed, except cases eligible for immunity from execution under international and domestic laws. Many economic and commercial cases involving the aforesaid subjects have recently been recorded in Vietnam in the field of private international law. However, the execution of court judgments and rulings for these cases has encountered not a few difficulties and problems, especially those caused by legal institutions. This article provides an overview of Vietnamese laws as well as international regulations on immunity from measures to enforce court judgments and rulings.
Taking security over immoveable assets in renewable energy projects
Under the Amended National Power Development Plan for the Period from 2011 to 2020, with a vision toward 2030, it is expected that renewable energy will account for 10.7 percent of the total power capacity of 572 billion kWh by 2030. The Government’s outlook requires a high demand for capital, including loan capital. In this regard, the project finance should play a significant role in meeting that expectation. Generally, the lenders will expect perfected security interests over all of the property and assets of the project company. This article discusses notable issues in taking security over the immoveable assets of renewable energy projects.