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During the course and development of any enterprise, encountering bad debts is an inevitable challenge. However, the reality of debt collection practices in Vietnam reveals various difficulties and inefficiencies. While businesses seek more efficient strategies, the current debt collection practices in Vietnam are riddled with legal complications and inadequacies. It’s crucial for businesses to find effective solutions for rapid and complete debt recovery to maintain financial stability and revenue. In Vietnam, navigating through the legal maze of debt collection practices involves two key stages. First Stage of Debt Collection Practices in Vietnam The first stage, as dictated by debt collection practices in Vietnam, is the lawsuit phase in Court. When a debtor exhibits non-cooperation or infringes upon a business’s interests, the affected enterprise can initiate a lawsuit in a competent court. This traditional legal route compels businesses to adhere to stringent court procedures and...