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Official Gazette

Friday, June 5, 2020
Tags: debtor
Regulations on exit of judgment debtors clarified Regulations on exit of judgment debtors clarified
Vietnamese citizens who have not yet fulfilled their civil judgment execution obligations would not be allowed to leave the country. It is proposed by the Ministry of Justice in a draft decree revising Decree 62 of 2015, detailing the Law on Execution of Civil Judgments.
Collateral foreclosure under resolution on pilot settlement of non-performing loans Collateral foreclosure under resolution on pilot settlement of non-performing loans
Since the National Assembly’s Resolution 42/2017/QH14 on the pilot settlement of bad debts of credit institutions was adopted on June 21, 2017, the bad debt settlement, particularly collateral foreclosure[1], by credit institutions and foreign bank branches in the country has seen some improvements. Aimed at addressing inadequacies of the precedent regulations on disposal of collaterals of bad debts, this Resolution itself contains some ambiguous points that need to be clarified.
Guarantees under the 2015 Civil Code: a view from practice Guarantees under the 2015 Civil Code: a view from practice
Guarantees are the most common type of personal security recognized by the general law of security. Security is notably used in the context of corporate financing. Civil Code No. 91/2015/QH13 dated November 24, 2015 contains various new rules on this security interest. This article is confined to an overview of guarantees from practice, dealing with suretyship guarantee which denotes a guarantee triggered by default on the part of the principal debtor, by way of contrast to (first) demand guarantee which denotes an independent undertaking to pay as widely used in international commerce.
Procedures for filing foreign arbitral award recognition and enforcement requests in Vietnam Procedures for filing foreign arbitral award recognition and enforcement requests in Vietnam
The article analyzes the provisions of the 2015 Civil Procedure Code on the procedures for accepting and processing dossiers of request for recognition and enforcement of foreign arbitral awards in Vietnam.
New rules on registration of security interests New rules on registration of security interests
Registration is the most common method of perfecting security interests. On September 1, 2017, the Government issued Decree102/2017/ND-CP on registration of security interests with effect from October 15, 2017. This long-awaited legal text implementing the 2015 Civil Code contains various new provisions on registration of security this article will try to analyze.
Recognition and enforcement of foreign arbitral awards in Vietnam: law and practice Recognition and enforcement of foreign arbitral awards in Vietnam: law and practice
Settlement of commercial disputes through arbitration is an international practice that is applied by many countries worldwide thanks to its flexibility and efficiency. The recognition and enforcement of foreign arbitral awards help enforce arbitral awards and avoid double trial of the same case.
New rules on guarantees for housing projects New rules on guarantees for housing projects
On September 29, 2017, the State Bank of Vietnam enacted Circular 13/2017/TT-NHNN (effective as of November 15, 2017) amending a number of articles of Circular 07/2015/TT-NHNN on bank guarantees (Circular 07). The main changes brought about by the new text relate to guarantees for housing projects and are embedded in Article 12 of Circular 07.
Remedies for breach of contract under the Civil Code: a comparative analysis Remedies for breach of contract under the Civil Code: a comparative analysis
The 2015 Civil Code recognizes unilateral termination and cancellation of contract as new remedies for breach of contract. It states that penalty for breach of contract and compensation for damage will still be enforced after the contract is cancelled or unilaterally terminated.
Enforcement of security under the new resolution on dealing with bad debts Enforcement of security under the new resolution on dealing with bad debts
Resolution No. 42/2017/QH14 on trial dealing with non-performing loans of credit institutions was passed on June 21, 2017, by the National Assembly. It took effect on August 15, 2017, and remains in force for five years from that date. The resolution is a long-awaited text and expected to help credit institutions to better deal with their non-performing loans. A significant number of provisions of this text are about secured transactions which are at the heart of the process of recovery of bank loans for the time being. This article tries to give an overview of the text.
Some conditions for debt collection service to be abolished Some conditions for debt collection service to be abolished
The Ministry of Finance is considering proposing the Government to annul Decree 104 dated June 14, 2007, on debt collection service provision instead of issuance of a new decree to replace it.

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