Some legal loopholes with respect to the provisions on guarantee of the 2015 Civil Code
In addition to the commonly used security devices like charge and pledge, guarantee is often considered by parties an alternative, especially in the event that the securing party does not have adequate assets. The 2015 Civil Code, which officially took effect on January 1, 2017, introduces a number of changes in the provisions on guarantee. However, there exist problems around the provisions on guarantee which require further research and improvement. This article identifies the incompleteness and proposes recommendations in order to improve the Code’s provisions on guarantee.
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.