“Fundamental” (or basic) principles of Vietnamese law are an important concept. For example, while certain contracts with Vietnamese counterparties could be governed by foreign law, the choice of foreign law must not be contrary to fundamental principles of Vietnamese law. Vietnamese courts may refuse recognition of foreign arbitration awards if such awards are contrary to fundamental principles of Vietnamese law. Until recently, there is no clear guidance about what fundamental principles of Vietnamese law are. In March 2014, under Resolution 1/2014 implementing the Law on Commercial Arbitration, the Supreme Court seems to be for the first time has given some limited guidance on fundamental principles of Vietnamese law. In particular,

• The court considers a fundamental principle of Vietnamese law to be a fundamental principle of conduct which applies broadly (hiệu lực bao trùm) to the drafting and implementing of Vietnamese law; and

•  The courts refer to certain principles contained in the Civil Code, the Commercial Law and the Law on Commercial Arbitration as example of fundamental principles of Vietnamese law.