How to Resolve Disputes in Labour in Vietnam?

  

Both employees and employers can consult labour dispute lawyers in Vietnam to understand the labour law and protect their rights.

A labour dispute is one of the most common disputes in society, in particular it means a dispute over rights, obligations and interests among the parties during the establishment, execution or termination of labor relation; a dispute between the representative organizations of employees; a dispute over a relationship that is directly relevant to the labor relation.

In fact, labour disputes happen often, but there are many situations where employees often have little understanding of their rights, leading to disadvantages if the employer does not know or does not follow the law.

Therefore, identifying employment disputes is very important. For employees, learning about labor law is to know their rights. Employers need to understand labor laws to ensure compliance. 

Labour disputes incurred during pandemic, questions needing answers?

For example, during the recent pandemic, many businesses faced difficulties in doing business in Vietnam and hence many common labour disputes arisen. For workers, a dispute could arise from not being paid on time. Other concerns are whether there is any violations that lead to the termination of the labor contract? Has the employer carried out restructuring procedures and notified state agencies according to the correct procedure before terminating the labor contract with the employee? Does the employer have an agreement with the employee before suspending the labor contract during the pandemic? When the business is not efficient, is the employer required to pay the 13th month salary to the employee?

What types of labour dispute you might be encountering?

At present, labour disputes are classified into different types based on the object who participated in the dispute: Labour disputes between the employee and the employer; labour between the employee and the organization that sends the employee to work overseas under a contract; labour dispute between the outsourced worker and the enterprise. Right-based or interest-based collective labour disputes between one or several representative organizations of employees and the employer or one or several representative organizations of employees.

How to settle labour dispute at court?

The labor dispute settlement process must follow the following principles:

Respect the parties’ autonomy through negotiation throughout the process of labor dispute settlement;

Prioritize labour dispute settlement through mediation and arbitration on the basis of respect for the rights and interests of the two disputing parties, and respect for the public interest of the society and conformity with the law;

The labour dispute shall be settled publicly, transparently, objectively, promptly, and lawfully;

Ensure the participation of the representatives of each party in the labour dispute settlement process;

Labour dispute settlement shall be initiated by a competent authority or person after it is requested by a disputing party or by another competent authority or person and is agreed by the disputing parties.

When a labour dispute arises, one party or parties may request a Labor Mediator; The Labor Arbitration Council or the People’s Court to settle the disputes.

Matter on time limit is an important matter that the parties should pay attention. The time limit to request a labor mediator to settle an individual labor dispute is 06 months from the date on which a party discovers the act of infringement of their lawful rights and interests.

For the form of dispute settlement through the Labor Arbitration Council, the time limit is 09 months from the date on which a party discovers the act of infringement of their lawful rights and interests. In case of requesting the Court to settle the labour dispute, the time limit is 01 year from the day on which a party discovers the act of infringement of their lawful rights and interests.

What labour dispute lawyers in Vietnam could help?

Many of the labour disputes could be

 resolved effectively at court hence engaging a labour dispute lawyers in Vietnam to file a lawsuit will help parties involved.

Please note, upon the expiration of the above-mentioned time limitation, the disputing parties will not have the right to request the competent authorities to resolve the dispute. In case the requester is able to prove that the aforementioned time limits cannot be complied with due to a force majeure event or unfortunate event, the duration of such event shall not be included in the time limit for requesting settlement of individual labour dispute.

ANT Lawyers, a law firm in Vietnam, always follow up the labour matters to update clients on regular basis.

Source: https://antlawyers.vn/library/how-to-resolve-disputes-in-labour-in-vietnam.html

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Unlocking the Future: The Expertise of Technology Lawyers in Vietnam

  In today’s hyper-connected world, technology is the driving force behind almost every aspect of business and daily life. From the rise of e-commerce to the advent of artificial intelligence, technology has reshaped industries and societies.

Technology laws in Vietnam encompass a range of legal regulations that govern various aspects of technology-related activities within the country. These laws are designed to ensure the safe and ethical use of technology, protect intellectual property, safeguard data privacy, and foster innovation.  Here are some key areas covered by technology laws in Vietnam and how technology lawyers in Vietnam can assist in navigating them.

Why technology lawyers in Vietnam matter?

Intellectual Property (IP) Laws:

Intellectual property protection is crucial in the technology sector. Vietnam has IP laws in place to safeguard inventions, trademarks, copyrights, and trade secrets. Technology lawyers can help foreign clients register and protect their IP assets in Vietnam. In case of IP disputes, they can provide legal representation and help enforce IP rights.

Data Privacy and Security:

Vietnam has laws and regulations governing data privacy and security, such as the Law on Cybersecurity and the Personal Data Protection Law. Technology lawyers in Vietnam can assist businesses in understanding and complying with these regulations, including data breach reporting requirements, ensuring that their data practices align with the law, and developing robust data protection policies.

E-Commerce and Online Transactions:

Vietnam has specific laws related to e-commerce and online transactions. Technology lawyers in Vietnam can help businesses set up and operate e-commerce platforms, draft terms and conditions, and ensure that online transactions are conducted legally and securely.

Cybersecurity Laws:

The Law on Cybersecurity in Vietnam regulates activities related to network security, information security, and the protection of critical information infrastructure. Technology lawyers in Vietnam can advise clients on compliance with these laws, develop cybersecurity policies, and handle legal matters related to cybersecurity breaches.

Telecommunications Laws:

Vietnam’s telecommunications sector is strongly regulated by various laws and government agencies. Technology lawyers in Vietnam can assist telecom companies and businesses operating in this sector with researching, licensing, compliance, and regulatory matters.

Regulation of Technology Companies:

Technology companies often face regulatory challenges in areas like software licensing, import/export controls, and foreign investment. Technology lawyers in Vietnam can guide companies through these regulations and help them navigate licensing and compliance issues.

Investment and M&A in the Tech Sector:

For foreign investors looking to enter the Vietnamese tech market or engage in mergers and acquisitions (M&A) within the sector, technology lawyers in Vietnam can conduct due diligence, assess regulatory risks, and facilitate the transaction process.

Emerging Technologies:

As new technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) continue to advance, technology lawyers can provide legal counsel on the unique legal and regulatory challenges these technologies pose and help businesses stay compliant.

Startups and Innovation:

Vietnam’s startup ecosystem is growing rapidly. Technology lawyers in Vietnam can provide legal support to startups, including advising on company formation, intellectual property protection, fundraising, and regulatory compliance.

Dispute Resolution:

In cases of technology-related disputes, such as software licensing disputes, IP infringement, or contractual disagreements, technology lawyers in Vietnam can represent clients in negotiations, mediation, arbitration, or litigation.

Compliance and Regulatory Updates:

Given the rapidly evolving nature of technology and the associated laws, technology lawyers in Vietnam stay updated on regulatory changes and help clients adapt their business practices accordingly.

In summary, technology lawyers in Vietnam play a critical role in helping businesses navigate the complex and evolving landscape of technology laws and regulations. They provide legal guidance, ensure compliance, protect intellectual property, and help resolve disputes, ultimately facilitating the growth and success of technology-related ventures in Vietnam.

In a world where technology touches every aspect of our lives, technology lawyers in Vietnam serve as the legal guardians of the digital realm. Their expertise ensures that businesses can innovate and grow while staying on the right side of the law.

As the digital landscape evolves, the importance of technology lawyers will only continue to grow, making them indispensable allies in the age of digital disruption and defense. Whether you’re a tech startup, an established company, or an individual navigating the digital world, having a technology lawyer in Vietnam by your side can make all the difference in a complex and ever-changing digital landscape.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/technology-lawyers-in-vietnam.html

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Vietnam Business Expansion: Why You Need Solicitors in Vietnam by Your Side

  At a time that marks the beginning of the global pandemic, Vietnam is one of the only countries to report GDP growth in 2020. Specifically, Vietnam’s GDP will increase by 5.2% in 2021 and growth of 5.2%. 7.7% by 2022. This positive economic position has made Vietnam a potential market for international investors.

Expanding your business into a foreign market is an exciting endeavor, and Vietnam has been steadily emerging as a prime destination for entrepreneurs seeking growth opportunities. With its dynamic economy, vibrant culture, and a population of over 97 million, Vietnam presents a wealth of possibilities for businesses. However, to navigate the complex legal and regulatory landscape in this Southeast Asian nation, you need more than just a map; you need Solicitors in Vietnam by your side.

Why Vietnam?

Before we delve into the role of solicitors in Vietnam, let’s briefly explore why Vietnam is a compelling choice for business expansion. The country’s economic transformation over the past few decades has been nothing short of remarkable. Its strategic location, robust infrastructure, and a young, skilled workforce make it an attractive destination for various industries, from manufacturing to technology and services.

Vietnam’s government is actively promoting foreign investment, with initiatives such as tax incentives and preferential treatment for certain industries. The growing middle class is fueling consumption, and the country’s proximity to other major Asian markets makes it an ideal base for regional operations.

The Complex Legal Landscape

While the potential rewards are substantial, entering the Vietnamese market comes with a unique set of challenges. The legal and regulatory framework in Vietnam can be intricate and sometimes ambiguous. Navigating the system without local expertise can lead to costly mistakes and setbacks.

This is where Solicitors in Vietnam come into play. Here’s why having legal experts by your side is essential for a successful business expansion:

Understanding Local Laws and Regulations

Vietnam has its own legal system, which is often vastly different from Western legal systems. Without a deep understanding of Vietnamese law, you could unknowingly violate regulations, which can result in fines, legal disputes, or even the termination of your business operations. Solicitors in Vietnam can help you interpret and adhere to local laws, ensuring compliance at every step.

Navigating Licensing and Permits

Obtaining the necessary licenses and permits to operate in Vietnam can be a daunting task. Solicitors in Vietnam can streamline this process, guiding you through the bureaucratic maze to secure the required approvals efficiently.

Contractual Agreements

Drafting and negotiating contracts with local partners, suppliers, and employees is a crucial part of business expansion. Having solicitors in Vietnam who are well-versed in the local business environment can help you create contracts that protect your interests and align with Vietnamese legal standards.

Intellectual Property Protection

Protecting your intellectual property (IP) is essential when expanding into a new market. Solicitors in Vietnam can advise you on registering trademarks, patents, and copyrights, ensuring that your IP rights are safeguarded.

Dispute Resolution

Should any legal disputes arise during your business expansion, solicitors in Vietnam can represent your interests in negotiations and, if necessary, in Vietnamese courts. They understand the intricacies of local dispute resolution procedures and can help you achieve a fair and favorable outcome.

Tax Compliance

Vietnam’s tax system can be complex, with various regulations and tax incentives available to different types of businesses. Solicitors in Vietnam can assist in optimizing your tax strategy, helping you minimize tax liabilities while remaining fully compliant with local tax laws.

Cultural and Language Barrier

The cultural and language differences in Vietnam can pose significant challenges for foreign businesses. Solicitors in Vietnam can bridge these gaps, facilitating effective communication with local authorities, partners, and stakeholders. Their local expertise ensures that you navigate cultural nuances with sensitivity.

Adapting to Market Changes

Vietnam’s regulatory environment is not static; it evolves with market dynamics and government policies. Solicitors in Vietnam can keep you informed about changes that may impact your business and help you adapt to new requirements seamlessly.

The Persuasive Case for Solicitors in Vietnam

In a market as promising and complex as Vietnam, the value of having Solicitors in Vietnam by your side cannot be overstated. They serve as your legal guides, helping you not only avoid pitfalls but also leverage opportunities effectively.

Consider this: while venturing into a new market is a bold move, it’s also a significant investment. To protect your investment and ensure a smooth entry into Vietnam, you need the expertise and guidance of solicitors who understand the local landscape intimately.

In a place where business customs, legal practices, and even negotiation styles may differ from what you’re accustomed to, solicitors can be your invaluable allies. They offer not just legal acumen but also a deep cultural understanding that can make or break your success in Vietnam.

Building a Strong Partnership

Selecting the right solicitors is crucial. Look for law firms with a strong track record in assisting businesses with their Vietnam expansion. They should have a team of lawyers who are not only skilled in Vietnamese law but also committed to your success and speak English for better communication.

When partnering with solicitors in Vietnam, establish a collaborative relationship. Share your business goals, objectives, and concerns openly. The more they understand your business, the better equipped they are to provide tailored legal solutions.

Expanding your business into Vietnam is a remarkable opportunity, but it’s not without its challenges. To overcome these challenges and thrive in the Vietnamese market, you need the support of Solicitors in Vietnam who can guide you through the legal intricacies, ensure compliance, and protect your interests.

Remember, in a foreign market, legal missteps can be costly and time-consuming. Investing in solicitors is an investment in your business’s long-term success and sustainability in Vietnam. With their expertise by your side, you can confidently navigate the complexities of the Vietnamese business landscape and seize the abundant opportunities it offers.

About ANT Lawyers, your solicitors in Vietnam

Our Vietnamese lawyers all hold high standards of legal expertise and professional ethics. We use English to communicate with foreign customers.

Our lawyers are members of Vietnam Bar Federation, Hanoi Bar Association.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/solicitors-in-vietnam/solicitors-in-vietnam.html

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How to Start a Business in Vietnam as a Foreigner?

 Why to start a business in Vietnam?

In recent years, Vietnam has become an attractive destination for foreign investment thanks to its advantages of security, political stability, and favorable geographical position to trade with the world. This is both the connection center of the region and the gateway to penetrate the economies in the western region of the Indochina Peninsula. In addition, the Vietnam government has increasingly been offering more preferential policies to create favorable conditions for foreign investors to start doing business in Vietnam.

How to Start a business in Vietnam?

What to consider to start a business in Vietnam?

To start a business in Vietnam, investors first need to choose for themselves an appropriate type of business based on the number of capital contributors, the amount of capital contributed, and the business’s purse.

According to the provisions of Vietnam law, foreign individuals and organizations can establish a limited liability company or a joint stock company or a partnership or a private enterprise.

The next issue that needs to be considered is the business line.

In order for the company to be able to operate, the company must register the appropriate business lines, related to business activities.

If the selected line of business does not require conditions, the enterprise can go into operation after the establishment of the company. This is considered non-conditional business area which most of company would do.

However, if the investor chooses a conditional business line to do business, the enterprise must meet the necessary requirements, apply for a business license as prescribed, and then go into operation. This is considered conditional investment area where there are some restrictions being required license, minimum charter capital, foreign ownership ratio…

Investors also need to choose a location for their business, which is legally allowed to conduct business activities. The company address must be located in the territory of Vietnam, and comply with requirement corresponding to purpose of business i.e. company address can not be in an apartment building or a dormitory for living purposes only; factory location has to be at proper zone for industrial purpose…

In order to serve the management of the State and facilitate business activities, newly established businesses need to have their own name and this proper name must be unique, not be the same or similar to previously registered businesses.

Enterprises are not allowed to use the names of functional agencies, state management agencies to name the company. The name of the business must include the type of company and proper name.

To avoid duplication with other companies, businesses can use abbreviations or English names, but must ensure that the company name will not cause confusion, without adding prefixes, suffixes or cultural symbols in the name of the business.

The investors need to apply for an Investment Registration Certificate at a competent authority in Vietnam. This is a mandatory procedure for all projects that want to establish a new legal entity in Vietnam.

The processing time for an investment certificate application is around 30 days depending on the specific project. After being granted an Investment Registration Certificate, foreign individuals and organizations need to prepare an application for an Enterprise Registration Certificate at the Department of Planning and Investment which would take around 7 days. Completing this procedure, the enterprise has the legal status according to the provisions of the Law on Enterprises of Vietnam.

From day one since commencing its operation, the company could by itself or hire professional to assist with monthly compliance service i.e., submit foreign labour reports, submit investment report, submit tax report, submit health and insurance reports to authorities to avoid encountering penalties.

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or doing business  in Vietnam.

Source: https://antlawyers.vn/library/how-to-start-a-business-in-vietnam.html

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What do Corporate Restructuring Lawyers do?

  The Vital Role of Restructuring Lawyers in Vietnam

In the intricate environment of business and finance in Vietnam, especially when Vietnam is negatively impacted by the health of the global economy resulted from the tension of geopolitical situation, and the aftermath of pandemic era, challenges and uncertainties can arise unexpectedly, causing once-thriving enterprises to face financial distress.

In such trying times, the expertise of restructuring lawyers in Vietnam emerges as a guiding light, helping businesses in Vietnam navigate complex terrains and could emerge stronger. Whether representing debtors or creditors, these professionals play a crucial role in facilitating non-controversial negotiations and crafting strategic solutions to pave the way for sustainable financial revival.

The Diverse Role of Restructuring Lawyers in Vietnam

As restructuring attorneys in Vietnam, their roles extend beyond mere legal representation. They are architects of financial transformation, equipped with the knowledge and skills to orchestrate the revitalization of struggling businesses. These professionals can be engaged by debtors seeking a way out of financial turmoil or creditors aiming to safeguard their interests while assisting the debtor to repay debts.

Collaborative Solutions for Financial Distress

One of the primary responsibilities of restructuring lawyers in Vietnam is to devise collaborative solutions that prevent the escalation of financial challenges into insurmountable crises. They act as intermediaries, facilitating negotiations between debtors and creditors to establish repayment agreements and schedules that avert defaults. Through open dialogues and negotiations, restructuring lawyers in Vietnam help parties find common ground, enabling the smooth repayment of debts without resorting to adversarial proceedings.

Empowering Debtors on the Path to Recovery

For businesses facing financial distress, the services of restructuring lawyers in Vietnam can be a lifeline. These legal experts work closely with debtors to evaluate their financial situation comprehensively. By conducting in-depth analyses of assets, liabilities, cash flows, and operational intricacies, restructuring lawyers in Vietnam craft bespoke strategies to restructure debts, streamline operations, and improve financial viability. This proactive approach not only provides debtors with a lifeline but also preserves jobs and contributes to the stability of the business ecosystem.

Protecting Creditor Interests

Engaging a lawyer at restructuring law firm in Vietnam can be a strategic move for creditors as well. These professionals safeguard creditor interests by advocating for the development of repayment plans that are fair and practical. Instead of pursuing aggressive measures that might lead to liquidation, creditors can collaborate with restructuring lawyers in Vietnam to structure repayment schedules that maximize the chances of recovering owed funds while allowing the debtor a chance to recover.

A Non-Adversarial Approach

One of the distinguishing features of restructuring lawyers in Vietnam is their commitment to non-controversial, solution-oriented approaches. In contrast to adversarial legal battles that can exacerbate financial distress, these professionals focus on consensus-building. By working collaboratively, they foster an environment where both debtors and creditors have a stake in the successful resolution of financial challenges.

Crafters of Financial Transformation

Restructuring lawyers in Vietnam are, in essence, crafters of financial transformation. Their role transcends traditional legal representation, encompassing financial acumen, negotiation prowess, and strategic thinking. These professionals leverage their legal expertise to navigate the intricate legal landscape, ensuring that negotiated agreements comply with regulatory requirements and protect the interests of all parties involved.

The Ripple Effect of Financial Resurgence

Engaging restructuring lawyers in Vietnam isn’t just about addressing immediate financial challenges; it’s about setting the stage for long-term success. By designing repayment structures that enable debtors to regain their financial footing, these professionals contribute to the stability of the local business ecosystem. Preserved jobs, sustained business operations, and the potential for growth send ripples throughout the economy, reinforcing the interconnected nature of financial health.

In a world where financial uncertainties can cast shadows even over the most robust enterprises, the significance of lawyers at restructuring law firm in Vietnam cannot be overstated. Their role in fostering collaboration, crafting innovative solutions, and steering businesses away from the brink of insolvency is invaluable. As guardians of financial transformation, these professionals play a pivotal role in restoring hope, stability, and growth to businesses facing adversity. By understanding the multifaceted expertise they bring to the table, businesses in Vietnam can confidently engage restructuring lawyers in Vietnam to pave the way for a brighter financial future.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/estructuring-lawyers-in-vietnam/what-do-restructuring-lawyers-in-vietnam-do.html

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Insolvency Situation and Bankruptcy Matters: How Insolvency Lawyers in Vietnam Could Help?

  In order to understand the concept of bankruptcy in Vietnam, it is necessary to understand the nature of the process and “insolvency” is a situation that occurs to an enterprise. When the business falls into this situation, bankruptcy proceedings may be conducted. Insolvency lawyers in Vietnam could be engaged to help provide advice, participate in the procedures and help supervise the process for the legal compliance.  

Insolvency Situation and Bankruptcy Matters: How Insolvency Lawyers in Vietnam Could Help?

 

What is bankruptcy under Vietnam laws?

Bankruptcy is a legal proceeding aimed at resolving insolvency. If the settlement results cannot bring the enterprise out of insolvency, the competent state agency (court) will issue a decision to declare bankruptcy.

In order to determine the insolvency, the enterprise must satisfy all the signs mentioned by the law, that the enterprise fails to fulfill the payment obligation; and that duration of failure to fulfill payment obligations is three months. 

What is the purpose of bankruptcy laws in Vietnam? 

In the course of conducting business activities, enterprises conducting activities of exchanging, buying and selling goods and providing services have appeared to allow the delayed payment, or payment in installments. 

There are time that the payments can not be fulfilled as agreed due to various factors, leading to overdue debts.  Each creditor could hire litigation lawyers in Vietnam or debt collection law firms in Vietnam to request the debtor for the debt payment but this could be ineffective therefore bankruptcy laws can play a role as a collective debt collection procedure organized by authority.  

Through the bankruptcy procedures in Vietnam, negotiations between creditors and debtors could take place to maximize the economic usage of the assets of the debtors including the possibilities to organize the insolvent enterprise or sell the assets of the insolvent enterprise to the highest bidders. 

In many foreign countries, there are many successful cases that the enterprises could get out of insolvency situation after filing for bankruptcy and Vietnamese enterprises could also learn from that.  

How insolvency lawyers in Vietnam could help?

Here’s a more detailed analysis of how insolvency lawyers in Vietnam could help insolvent enterprises navigate the bankruptcy process:

Legal Expertise and Advice: Insolvency lawyers play a crucial role in providing legal expertise and advice to insolvent enterprises. They can guide the enterprise through the complexities of bankruptcy laws, ensuring that all legal requirements and procedures are followed accurately.

Assessment of Insolvency: Insolvency lawyers in Vietnam help enterprises determine whether they meet the criteria for insolvency as defined by Vietnamese law. They analyze financial records, payment obligations, and the duration of payment failures to establish whether the enterprise qualifies for bankruptcy proceedings.

Bankruptcy Filing: If an enterprise is indeed insolvent, insolvency lawyers assist in preparing and filing the necessary bankruptcy petition with the relevant court. This involves submitting documentation that demonstrates the enterprise’s financial situation and inability to meet its payment obligations.

Legal Compliance: Insolvency lawyers in Vietnam ensure that the bankruptcy proceedings adhere to the legal requirements set forth in Vietnamese bankruptcy laws. They help manage deadlines, submit required documents, and handle communication with the court and other involved parties.

Negotiations with Creditors: Insolvency lawyers in Vietnam facilitate negotiations between the insolvent enterprise and its creditors. They aim to reach agreements that are mutually beneficial, potentially allowing for repayment plans or alternative arrangements that can help the enterprise recover.

Debt Repayment Plans: Insolvency lawyers in Vietnam assist in formulating and presenting debt repayment plans to the court. These plans outline how the enterprise intends to repay its debts over a defined period, while considering the financial capacity of the enterprise and the interests of creditors.

Asset Management and Sale: In cases where the enterprise’s assets need to be managed or sold to repay debts, insolvency lawyers guide the process. They ensure that the assets are managed efficiently and, if necessary, sold in a way that maximizes their value and benefits all stakeholders.

Legal Representation: Insolvency lawyers represent the insolvent enterprise’s interests throughout the bankruptcy proceedings. This includes advocating for the enterprise’s rights, negotiating with creditors, and addressing any legal challenges that may arise.

Restructuring Possibilities: Insolvency lawyers explore options for restructuring the enterprise to make it financially viable again. This could involve renegotiating contracts, reducing operational costs, or making other strategic changes to improve the enterprise’s financial health.

Learning from International Practices: Insolvency lawyers can draw insights from successful bankruptcy cases in other countries and adapt relevant strategies to the Vietnamese context. This cross-border knowledge can provide valuable perspectives on how insolvent enterprises can overcome their challenges.

In conclusion, insolvency lawyers in Vietnam play a multifaceted role in helping insolvent enterprises navigate the complex process of bankruptcy. Their expertise spans from assessing insolvency criteria to guiding negotiations, formulating repayment plans, managing assets, and ensuring legal compliance. By leveraging their legal knowledge and experience, insolvency lawyers in Vietnam can contribute significantly to the resolution of financial difficulties faced by enterprises and support their potential recovery.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/insolvency-lawyers-in-vietnam/how-insolvency-lawyers-in-vietnam-could-help-in-bankruptcy-procedures.html

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When Foreign Currency Usage not Forbidden in Vietnam?

  Foreign currency is a form of foreign exchange, the currency of another country or the common currency currently used in international and regional payments are collectively referred to as foreign currency. Cash foreign currency includes banknotes and coins. Banking and finance lawyers are always asked if an organization could use foreign currency on contract or for conducting certain business transactions, in Vietnam or abroad.

In order to ensure convenience in conducting transactions in Vietnam, ensure the rights of the State Bank and limit smuggling crimes, Foreign Exchange Ordinance provided: “within the territory of Vietnam, usage of foreign currency is not allowed in most cases for example foreign currency are not allowed in agreements, in making payments.  Further, foreign currency even is not allowed in listings, advertisements, quotation, pricing. These apply for both residents and non- residents except for cases permitted in accordance with regulation of the State bank of Vietnam.”

However, there are some special cases where the Government allows individuals and organizations to use foreign currency when conducting transactions in the Vietnamese territory. Vietnam State Bank issued instructions that stipulate that residents are allowed to contribute capital in foreign currency by transfer in order to perform foreign investment projects in Vietnam. Residents being entities with legal person status are allowed to conduct internal transfer of capital in foreign currency between their accounts with accounts of their dependent units that have no legal person status and vice versa.

Non-residents are allowed to transfer in foreign currency for other non-residents; are allowed to denote prices in contracts in foreign currency and payment of export goods and services in foreign currency by transfer for residents. For foreign investors in Vietnam, foreign investors may deposit or escrow deposit in foreign currency by transfer when participating in auctions in the following cases:

(i) Purchase of shares in equitized state-owned enterprises approved by the Prime Minister;

(ii) Purchase of shares or contributed capital by the State in state-owned enterprises or divestment state-owned enterprises approved by the Prime Minister;

(iii) Purchase of shares or contributed capital of a State-owned enterprise to invest in another enterprise for divestment approved by the Prime Minister.

In case of winning the auction, the foreign investor shall transfer investment capital in accordance with the provisions of law on foreign exchange management to pay for the value of buying shares or contributed capital. In case of unsuccessful auction, foreign investors are allowed to transfer overseas the deposit or deposit in foreign currency after deducting related expenses, if any.

Except for the cases prescribed by the State Bank, acts of using foreign currency while performing transactions in the territory of Vietnam will be sanctioned depending on the seriousness of the violation. Therefore, individuals and organizations should pay attention to avoid unfortunate risks that may occur.

Source: https://antlawyers.vn/library/when-foreign-currency-usage-not-forbidden-in-vietnam.html

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