Laws in Vietnam

Sale and purchase of real property is defined as a high-value transaction that poses a number of potential risks, especially to the buyer. This, however, does not mean that the seller is free from risks. Let’s remember the previous case in which a house was sold at the price of VND 58 billion to the seller who then resold it at the price of VND 28 billion and earned the profit of more than VND 10 billion.    Since the buyer is usually exposed to a lot of risks, this article will focus on provide necessary things of a real property sale contract that the buyer needs to know: The real property sale contract is a written document on transaction that is of legal importance to establish the buyer's right of ownership of residential real property, and may vary in terms of its representation of contractual terms and conditions, depending on the type of residential real property. With respect to existing townhouses - The right of ownership has been recognized on the Certif...

Content The 2005 Law on Commerce The 2015 Civil Code Contract form - Written. - Other forms of similar legal value No specific regulations on this shall be applied. Scope of representation A part or all of commercial activities that fall within the scope of operations of the principal Activities that fall within the scope of authorization. Period of representation - This is subject to any agreement between contracting parties. - In the absence of any agreement, the period of representation shall end when the principal notifies the representative of termination of the contract or the representative notifies the principal of termination of the contract. - This is subject to any agreement between contracting parties. - Unless agreed upon and prescribed by laws, the period of representation shall be 01 year from the date on which representation is made effective. Righ...

Content The 2005 Law on Commerce The 2015 Civil Code Contract form - Written. - Other forms of similar legal value No specific regulations on this shall be applied. Contractual subject matters - All of commodities may be processed or toll-manufactured, except for those which are prohibited for business purposes. In the case of processing or toll manufacturing of commodities which are consumed abroad by foreign traders, processing or toll manufacturing of commodities prohibited for business, export or import purposes may be licensed by competent authorities. Items to be processed or toll-manufactured shall be pre-determined by referring to their samples, in conformity with standards agreed upon between parties or specified by laws. Rights and obligations of the customer - Provide a part or full of raw materials or other input products under terms and conditi...

Content The 2005 Law on Commerce The 2015 Civil Code Contract form - Oral. - Written. - Specific actions. If laws prescribe that the contract of this kind must be made in writing, it shall comply with these laws. Contractual subject matters Services must bring beneficial effects to users who expect to use them for benefit purposes. Service work may be rendered and shall not be defined as prohibited acts referred to in the law and violate social ethical standards. Rights and obligations of the supplier - Render services and carry out related works in a sufficient manner and in conformity with their agreement as well as in compliance with the Law on Commerce.  - Safekeep and give customers documents and equipment that they have received to carry out the service after completion of their contractual works; - Promptly notify the customer if necessary information and do...

In this article, the sales and purchase contract used in this comparison is the one prescribed by the 2005 Law on Commerce while the contract for purchase and sale of goods through Vietnam Commodity Exchange is left out. The 2005 Law on Commerce The 2015 Civil Code Contract form - Oral. - Written. - Specific actions. Note: If sales and purchase contracts are required to be made in writing by laws, they must comply with such laws. - Oral. - Written. - Specific actions. Note: If provided by laws, contracts of this kind must be in writing, and legally notarized or authenticated. Contractual subject matters Contractual commodities shall comprise: - All of movable property, including future movable property; - Articles associated with land. - Property which includes physical objects, money, valuable papers and property right. Contractual property may be subdivided in either ways, such as real property...