What main contents must a debt purchase and sale contract in Vietnam include?

 What main contents must a debt purchase and sale contract in Vietnam include? (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What main contents must a debt purchase and sale contract in Vietnam include?

According to Clauses 2, 3 and 4, Article 13 of Circular 09/2015/TT-NHNN, a debt purchase and sale contract must have the following principal contents:

- Time of signing the contract;

- Names and addresses of the parties to the contract;

- Names and titles of representatives of the parties to the contract;

- Names and addresses of the debtor and parties (if any) related to the purchased and sold debt;

- Details of the purchased and sold debt: loan amount and term, borrowing purpose, book value of the debt by the time of purchase and sale;

- Measures (if any) to secure the fulfillment of the payment obligation of the debtor regarding the purchased and sold debt;

- Price of debt sale, payment mode and time;

- Time, modes and procedures for the transfer of documents on debts, including dossier and documents on security assets for the debt (if any); the time when the debt purchaser takes up the debt seller’s rights and obligations to the debt;

- Rights and obligations of the debt seller and debt purchaser;

- Liability of the parties for breaching the contract;

- Settlement of arising disputes.

In addition to the contents specified in Clause 2 of Article 13 of Circular 09/2015/TT-NHNN, the parties may reach other agreements in the debt purchase and sale contract that are not contrary to this Circular and relevant regulations.

The modification, supplementation or cancellation of the contents of the debt purchase and sale contract shall be agreed and decided by related parties in accordance with law.

2. Rights and obligations of debt purchasers in Vietnam

Rights and obligations of debt purchasers according to Article 16 of Circular 09/2015/TT-NHNN are as follows:

- A debt purchaser has the following rights:

+ To request the debt seller to provide information on the purchased and sold debt (including information related to the arising and management of the debt);

+ To fully take up the debt seller’s rights to the debt as agreed upon in accordance with the law;

+ To request the debt seller to transfer all documents and complete procedures for the transfer of the debt seller’s rights and obligations as agreed upon by the parties in the debt purchase and sale contract in accordance with law;

+ To request the debt seller to properly and fully fulfill the committed obligations under the agreement;

+ Other rights as agreed and provided by law.

- A debt purchaser has the following obligations:

+ To make full and timely payment to the debt seller under the debt purchase and sale contract;

+ To pay expenses (including brokerage commission, if any) arising in the course of debt purchase and sale as agreed;

+ To take up all obligations of the debt seller to the debt as agreed in accordance with law;

+ To properly and fully fulfill other obligations as agreed and prescribed by law.

3. Rights and obligations of debt sellers in Vietnam

Rights and obligations of debt sellers according to Article 17 of Circular 09/2015/TT-NHNN are as follows:

- A debt seller has the following rights:

+ To request the debt purchaser to make payment as agreed;

+ To request the debt purchaser to properly fulfill the committed obligations;

+ Other rights as agreed and provided by law.

- A debt seller has the following obligations:

+ To notify in writing to the debtor and related parties the contents of the debt sale within 5 working days after they sign or modify and supplement the debt purchase and sale contract.

In case the law otherwise provides or the debt purchaser and debt seller agree or in the case of necessity, the debt seller shall notify in writing the debt sale to the debtor before the debt purchase and sale contract is signed;

+ To provide information related to the sold debt at the request of the debt purchaser in accordance with law and not in contravention of the agreements in the credit extension contract and security contract;

+ To promptly transfer to the debt purchaser the intact debt dossier as agreed;

+ To transfer to the debt purchaser all rights and obligations to the sold debt, including rights and obligations to security measures and insurance of the debt (if any) under the debt purchase and sale contract and in accordance with law.

+ To pay expenses (including brokerage commission, if any) arising in the course of debt purchase and sale as agreed;

+ To properly and fully fulfill other obligations as agreed and prescribed by law;

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