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In the unique financial landscape of Vietnam, where the establishment of debt collection agencies is not permissible by law, navigating debt recovery poses a significant challenge. The absence of debt collection agencies in Vietnam has led businesses and financial institutions to seek alternative methods for managing and recovering debts. Understanding these alternatives is crucial in a country where traditional debt collection agencies in Vietnam are not an option. The Regulatory Context of Debt Collection Agencies in Vietnam Vietnam’s legal framework does not accommodate the operation of debt collection agencies in Vietnam in the way many other countries do. This regulatory stance necessitates exploring different avenues for debt recovery, as traditional debt collection agencies in Vietnam are not a feasible solution. This unique situation calls for innovative and legal approaches to debt recovery, making the understanding of the alternatives to debt collection agencies in Vietnam v...

  When it comes to Vietnam debt collection services, one must not underestimate the significance of cultural sensitivities in Vietnam. In this article, we explore the intricacies of debt collection in Vietnam and emphasize the importance of working with local law firms that not only understand the legal landscape but also conduct their actions ethically. Understanding the Landscape Vietnam’s economic landscape has witnessed remarkable growth over the past few decades, attracting businesses from all over the world  doing business in Vietnam . However, this economic boom has also resulted in an increase in debt-related issues. For businesses operating in Vietnam or dealing with Vietnamese clients, debt collection can be a complex and challenging process. The Cultural Factor Vietnamese culture places a strong emphasis on interpersonal relationships, respect for authority, and saving face. These cultural values influence how debt collection should be approached in Vietnam. Heavy-h...

On March 13, 2020, the State Bank issued Circular No. 01/2020/TT-NHNN providing guidance for the credit institutions, foreign bank branches to restructure the debt payment, exemption and reduction periods, charge, keep the debt group in support of customers affected by Covid-19 epidemic, which is an important legal grounds to support the economy. Accordingly, the debt group restructuring is carried out as follows: Debts which are restructured repayment term are the principal amount and/or interest (including the debt balance of debts within the scope of regulation of Decree No. 55/2015/ ND-CP of June 9, 2015 of the Government on the credit policy for agricultural and rural development (amended and supplemented)), which fully meets the following conditions: arising from lending activities, financial leasing; Arising the obligation to repay the principal and/or interest within the period from January 23, 2020 to the next day after 03 months from the date the Prime Minister announces the ...

Do you know debt recovery service is banned in Vietnam? The collection of bad debt and late payment after sales or services are difficult and sensitive tasks in Vietnam. How debt recovery lawyers in Vietnam follow the law and help client? Before 2021, there are companies that can register and provide the debt recovery service in Vietnam. From Jan 1st, 2021, the law bans the debt recovery service in Vietnam. How to resolve this puzzle for the client? Can lawyers in Vietnam help? The reason the debt recover service in Vietnam is banned is because of the negative social reactions created in the past by company that provide debt recovery service. There are incidents the debt recovery service providers utilize methods to put pressure on debtors through threats to physically harm or defame the debtors on social media. How debt recovery lawyers in Vietnam help? Therefore, when there are disputes on payment or debt, the client could engage law firms in Vietnam whom is aware of law and the...

Lawyers at debt recovery law firms in Vietnam could provide solutions In the operation of the enterprises, the arising of bad debts could be unavoidable. However, in order to be able to file lawsuit and collect debts and minimize bad debts in practice, there are still many difficulties. Currently, the process of debt recovery according to the provisions of the law still encounter many problems and shortcomings, while enterprises need more effective solutions to recover debts fully and quickly in order to ensure revenue and financial balance for enterprise. Hence, why not mind your business and let lawyers at debt recovery law firms in Vietnam help with effective strategies and solutions. Filing a lawsuit with the help of litigation lawyers in Vietnam In order to be able to recover debts according to the provisions of the law, enterprises could hire dispute lawyers to go through two stages with relatively complicated procedures. Accordingly, the lawsuit need to be filed and after the ...