From 1 January 2016, the Civil Code 2015 introduces a new set of rules regarding choice of governing law in a civil contract signed with a Vietnamese counterparty. In particular, parties to a contract in which there is at least one party is foreign individual or foreign “legal person” may agree to choose foreign governing law in the contract except in the following cases, among other things:
In general, a secured creditor will be given priority over unsecured creditors regarding certain assets of the bankrupt enterprise. However, under Vietnamese bankruptcy law, such priority comes with a cost. In particular:
A securities investment fund which is not organized as a joint stock company (Investment Fund) is an economic organisation but may not have legal person status (tư cách pháp nhân) under Vietnamese law.
In Official Letter 2719 in October 2016, the Generate Directorate of Energy (GDE) notifies the General Department of Customs that coal-fired power producers who want to directly import coal must obtain an approval by the Prime Minister. The GDE’s notification relies on two grounds: