vietnamese business law

8/17/2019 Vietnamese Business Law

1/91

Tran Viet Dung © 2014

INTRODUCTION TO

VIETNAMESE BUSINESS LAW

(FOR STUDYING PURPOSE ONLY)

TRAN, VIET DUNG (Dr. J)

DEAN OF INTERNATIONA A! FA"UT#

$O "$I %IN$ "IT# UNIVER&IT# OF A!

$O "$I %IN$ "IT# 2014


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Table of ContentsCHAPTER 1: VIETNAMESE LEGAL SYSTEM ........................................................................................... '

I. OVERVIEW OF VIETNAMESE LEGAL SYSTEM ..................................................................... 6 1.1. Genera .............................................................................................................................. '

1.2. "**n a+ -. "ii a+ .................................................................................................. '

1.. Vietna* a- a /ii a+ /untr ...........................................................................................

1.4. u3i/ a+ er-u- riate a+ ............................................................................................

II. CONSTITUTION OF VIETNAM ......................................................................................... 10

2.1. Genera ............................................................................................................................ 10

2.2. "n-titutin 5 Vietna* .................................................................................................. 11

III. ORGANIZATION OF THE STATE IN THE LEGAL SYSTEM .................................................... 11

3.1. Leg!"#$%e B'(): $)e N#$*'#" A!!e+,"- ................................................................... 12

3.. T)e P&e!/e'$ * $)e S$#$e ............................................................................................. 1

3.3. Ee(2$%e B'(): $)e G*%e&'+e'$ ............................................................................... 14

3.. 42/(#" B'(): $)e C*2&$! ............................................................................................. 16

3.5. T)e Pe*"e7! P&*(2(- .................................................................................................. 1'

CHAPTER : THE LAW OF OBLIGATIONS ............................................................................................ 1

I. CIVIL TRANSACTIONS ................................................................................................................. 1

1.1. De'$*' ........................................................................................................................ 1

1.. A (%" $'!#($*' ! *'"- %#"/ $ +ee$! $)e *""*8'g &e92&e+e'$!: ...................... 1

1.3. C##($- * (%" #($ * '/%/2#"! #'/ "eg#" (##($- * "eg#" e'$$e! ......................... 1

1.. C%" *,"g#$*'! .............................................................................................................. 21

II. CONTRACT FORMATION ................................................................................................ 1

.1. De'$*' * (*'$($ ..................................................................................................... 21

.. Oe& #'/ #((e$#'(e ..................................................................................................... 22

.3. T-e! #'/ (*'$e'$! * (*'$($! .................................................................................... 24.. I'$e&&e$#$*' * (*'$($! ............................................................................................ 26

.5. P&'("e! *& e&*&+#'(e * (%" (*'$($!................................................................. 2'

.6. Te&+'#$*' * (*'$($! ................................................................................................ 2'

III. SECURING OBLIGATIONS ...............................................................................................

3.1. Ge'e" ........................................................................................................................... 27

3.. Me#'! * !e(2&$- ........................................................................................................... 2

IV. BREACH OF CONTRACT .................................................................................................. 33

.1. Ge'e" ...........................................................................................................................

.. Ee+$e/ &*+ "#,"$- .................................................................................................. 6


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CHAPTER 3: OVERVIEW OF CORPORATE LAW ...................................................................................

I. BASIC CONCEPTS ........................................................................................................... 3;

1.1. Se#$e Pe&!*'#"$- < L+$e/ L#,"$- .......................................................................

1.. C*&*$e &e&e!e'$#$*' Leg#" Re&e!e'$#$%e ........................................................... 40

1.3. Rg)$! < *,"g#$*'! * e'$e&&!e! &e"#$e/ $* /*'g ,2!'e!! ..................................... 41

II. CORPORATE CONSTITUTION ..........................................................................................

III. COMPANY FORMATION ................................................................................................ 3

3.1. Rg)$ $* e!$#,"!) e'$e&&!e! ........................................................................................ 4

3.. B2!'e!! "'e! * e'$e&&!e! .......................................................................................... 4

3.3. D*!!e&! *& &eg!$$*' * e'$e&&!e! ......................................................................... 44

3.. I!!2#'(e * ,2!'e!! &eg!$$*' (e&$(#$e ................................................................. 44

3.5. P&e='(*&*$*' (*'$($! ........................................................................................... 46

IV. CAPITAL CONTRIBUTION ............................................................................................... 6

.1. L*#' (#$#" %!. !)#&e (#$#" ......................................................................................... 4'

.. V#"2#$*' * #!!e$! (*'$&,2$e/ #! (#$#" .................................................................... 4'

V. PROHIBITED PRACTICES.................................................................................................

VI. FOREIGN INVESTMENT UNDER INVESTMENT LAW ......................................................... >

CHAPTER : CORPORATE LAW = PARTNERSHIP ................................................................................. 4

I. GENERAL ...................................................................................................................... ;

1.1. De'$*' ........................................................................................................................ 4

1.. T-e! * P#&$'e&!) ...................................................................................................... 41.3. F*&+#$*' ....................................................................................................................... 4

1.. Te&+'#$*' * P#&$'e&!) ............................................................................................ 60

II. MANAGEMENT OF PARTNERSHIP .................................................................................. 50

.1. P#&$'e&!7 C*2'(" ............................................................................................................ 60

.. P#&$'e&! .......................................................................................................................... 60

.3. C)#&+#'? Ge'e" D&e($*& @*& D&e($*& * P#&$'e&!) ............................................. 62

III. AUTHORITY AND LIABILITY OF PARTNERS ...................................................................... 5

3.1. Rg)$! #'/ *,"g#$*'! * ge'e" #&$'e&! ................................................................... 62

3.2. Rights and obligations of limited liability partners ....................................................... 6

CHAPTER 5: CORPORATE LAW = SHAREHOLDING COMPANIES ........................................................ 66

I. GENERAL ...................................................................................................................... 55

1.1. De'$*' ........................................................................................................................ 66

1.. C"#!!e! * !)#&e! O&/'#&- !)#&e! .................................................................................. 66

1.3. Oe& *& !#"e * !)#&e! ................................................................................................... 6'

1.. S)#&e=&e"#$e/ /*(2+e'$! S)#&e (e&$(#$e! ................................................................. 6'

1.5. Re/e+$*' * !)#&e! .................................................................................................... 67

1.6. P#-+e'$ * /%/e'$! ..................................................................................................... 6


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1.. Re(*%e&- * #-+e'$! *& &e/ee+e/ !)#&e! *& /%/e'/! ........................................... 6

1.>. M#'#ge+e'$ .................................................................................................................. 6

II. SHAREHOLDERS ............................................................................................................ 5;

.1. Rg)$! * *&/'#&- !)#&e)*"/e&! ..................................................................................... 6

2.2. Genera %eeting 5 &8are89er- ................................................................................... 6

III. BOARD OF MANAGEMENT ............................................................................................ 65

3.1. A2$)*&$- < (*+*!$*' ............................................................................................... '6

.2 %eeting an9 re-utin- ................................................................................................. '7

IV. GENERAL DIRECTOR ...................................................................................................... 6>

V. INSPECTION COMMITTEE .............................................................................................. 6;

VI. DUTIES OF MANAGERS AND RELATED PARTY TRANSACTIONS ........................................ 0

6.1. D2$e! .............................................................................................................................. 70

6.. Re"#$e/ #&$- $'!#($*'! ............................................................................................. 71

CHAPTER 6: CORPORATE LAW = LIMITED LIABILITY COMPANIES ..................................................... 72

I. GENERAL ......................................................................................................................

1.1. De'$*' ........................................................................................................................ 72

1.. Rg)$! #'/ *,"g#$*'! * +e+,e&! ............................................................................... 72

1.3. C#$#" (*'$&,2$*' ....................................................................................................... 7

1.. C#$#" &e/e+$*'? $'!e& #'/ ()#'ge! .................................................................... 74

1.5. M#'#ge+e'$ S$&2($2&e .................................................................................................. 76

II. MEMBERS7 COUNCIL ..................................................................................................... 5 .1. A2$)*&$- ......................................................................................................................... 76

.. Me+,e&!7 +ee$'g! ....................................................................................................... 77

III. GENERAL DIRECTOR ......................................................................................................

IV. RELATED PARTY TRANSACTIONS.................................................................................... >

V. ONE=MEMBER LLC ......................................................................................................... >

CHAPTER : THE LAW ON BANRUPTCY ........................................................................................... 0

I. GENERAL ...................................................................................................................... >0

1.1 In-en/ 9e5initin ....................................................................................................... 0

1.. Pe$$*' *& (*++e'(e+e'$ * ,#'&2$(- &*(e/2&e! .............................................. 0

1.3. De(!*' *' (*++e'(e+e'$ * ,#'&2$(- &*(e/2&e! .............................................. 1

II. BANRUPTCY PROCEDURES .......................................................................................... >

.1. C*++$$ee *& +#'#ge+e'$ #'/ "92/#$*' * #!!e$! ................................................ 2

.. B2!'e!! #($%$e! #$e& (*++e'(e+e'$ * ,#'&2$(- &*(e/2&e! ..........................

.3. Mee$'g! * (&e/$*&! ..................................................................................................... 4

III. RECOVERY OF BUSINESS OPERATIONS ........................................................................... >5

IV. LIUIDATION ................................................................................................................ >5

.1. L92/#$*' (#!e! ............................................................................................................ 6


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.. A!!e$ /!$&,2$*' ........................................................................................................... '

.3. B#'&2$(- /e("#$*' .................................................................................................. '

V. ASSET PROTECTION MEASURES ..................................................................................... >

5.1. I'%#"/ $'!#($*'! ........................................................................................................ 7

5.. S2!e'!*' * (*'$($ ................................................................................................... 7

5.3. Te+*&- e+e&ge'(- +e#!2&e! ..................................................................................

CHAPTER >: CORPORATE GOVERNANCE ...........................................................................................

1. E'!2&'g $)e ,#!! *& #' ee($%e (*&*$e g*%e&'#'(e +e8*&: ...........................

. T)e &g)$! * !)#&e)*"/e&! #'/ e- *8'e&!) 2'($*'! ................................................ 0

3. T)e e92$#,"e $&e#$+e'$ * !)#&e)*"/e&! ........................................................................ 0

. T)e &*"e * !$#e)*"/e&! .................................................................................................... 0

5. D!("*!2&e #'/ $'!#&e'(- .............................................................................................. 1

6. T)e &e!*'!,"$e! * $)e ,*#&/ ....................................................................................... 1


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"$ATER 1: VIETNA%E&E EGA &TE% ' ; a g e

CHAPTER 1: VIETNAMESE LEGAL SYSTEM

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"$ATER : OVERVIE! OF "ORORATE A! ; a g e

CHAPTER 3: OVERVIEW OF CORPORATE LAW

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BASIC CONCEPTS

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CHAPTER 6: CORPORATE LAW = LIMITED LIABILITY COMPANIES49

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CHAPTER >: CORPORATE GOVERNANCE

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vietnamese business law

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