Application of the Civil Code 2015 of Vietnam to credit contracts established before January 01, 2017

15:55, 19/07/2017

This is a content guided in Official Dispatch No. 152/TANDTC-PC of the Supreme People’s Court of Vietnam regarding settlement of disputes in credit contract, settlement of bad debts.

According to the Official Dispatch No. 152/TANDTC-PC of the Supreme People’s Court of Vietnam, the application of the Civil Code 2015 of Vietnam to credit contracts in particular and civil transactions in general established before the effective date of this Code (January 01, 2017) is as follows:

- With regard to civil transactions established before January 01, 2017, the parties of non-performed civil transactions whose contents and forms are different from the Civil Code 2015 shall keep complying with regulations of the Civil Code 2005, unless the parties agree to amend the contents or forms of the transactions in accordance with the Civil Code 2015.

- The parties of being-performed civil transactions whose contents and forms are different from the Civil Code 2015 shall keep complying with regulations of the Civil Code 2005.

- The parties of non-performed or being-performed civil transactions whose contents and forms are conformable to the Civil Code 2015 shall comply with regulations of the Civil Code 2015.

- The parties of civil transactions that are completely performed before January 01, 2017 but any dispute arises shall keep complying with regulations of the Civil Code 2005.

View other guidance at Official Dispatch No. 152/TANDTC-PC dated July 19, 2017 by the Supreme People’s Court of Vietnam.

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