Vietnam Business Law is a website managed by lawyers of Venture North Law Limited (VNLaw). Venture North Law Limited (VNLaw) is a Vietnamese commercial law firm. We won the Rising Law Firm of the Year Award at the Southeast Asia Law Awards for the years 2020 and 2021 held by The Legal 500. Very few Vietnamese law firms have achieved a similar regional recognition.
A new Law on Laws (Law on Laws 2015) is just issued by the National Assembly in June 2015 and will take effect from July 2016. Hopefully, a few new points of the Law on Laws 2015 (discussed below) will help to improve the quality of Vietnamese law which is notoriously vague and inconsistent. In particular,
Under the Law on Real Estate 2014, a real estate developer must provide a bank guarantee to secure for the developer’s obligations to refund to a house buyer the advance payment that the developer has received from the buyer if the developer fails to deliver the house to the buyer on time (a developer refund guarantee). In June 2015, the State Bank of Vietnam issued Circular 7/2015 on bank guarantees which provides further guidance on a developer refund guarantee as follows:
One day before the Investment Law 2014 become effective (1 July 2015), the Ministry of Planning and Investment (MPI) issued Official Letter 4326 providing temporary guidance for the implementation of the Investment Law 2014. Under OL 4326,
On 26 June 2015, the Ministry of Planning and Investment (MPI) issued Official Letter 4211 providing temporary guidance for the implementation of the Enterprise Law 2014. Under OL 4211,