Can the secured party in a secured transaction be different from the obligee under Vietnamese law?

Under Vietnamese law, it is a common understanding that the obligee (e.g, the lender) must be the secured party (e.g., the mortgagee) in a secured transaction although the securing party (e.g., the mortgagor) could be different from the obligor (e.g., the borrower). In fact, this has been the position under Decree 163/2006 for several years. However, the new Decree 21/2021 replacing Decree 163/2006 from 15 May 2021 removes the express description that the oblige is the secured party in a secured obligation. It is not clear if this change provides for the possibility that the secured party needs not to be the obligee in a secured transaction.

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Written by Nguyen Quang Vu On In

Key issues under the model power purchase agreement (PPA) for Rooftop Solar System

In this post, we discuss some key issues under the model PPA used for roof top solar system (RTS) under Circular 18/2020. This post is written by Le Thanh Nhat and edited by Nguyen Quang Vu.

Limited ability to amend the RTS PPA

1.1. Under the laws of Vietnam, the use of the RTS PPA for sale and purchase of power with EVN is mandatory, and the parties are only allowed to supplement the RTS PPA to clarify the parties’ rights and obligations and may not change the main contents of the RTS PPA. The supplementary content injected by the parties must also be consistent with, and must therefore not contradict, the RTS PPA. Under the RTS PPA, the parties can agree on the following additional information:

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Written by Nguyen Quang Vu On In

Sample charter of a private joint stock company (Enterprise Law 2020 version)

The team at Venture North Law has prepared a sample draft charter of a private joint stock company in Vietnam under the new Enterprise Law 2020. There are a few points to note:

  • The draft is prepared with the interest of the controlling shareholder and company’s managers in mind;

  • The draft is prepared for a private joint stock company which has been set up and which has paid up its initial charter capital;

  • The draft needs to be read in parallel with the Enterprise Law 2020 since we do not simply cut and paste various articles of the Enterprise Law 2020 in the sample charter;

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Written by Nguyen Quang Vu On In ,