Les principes directeurs du droit vietnamien de la faillite : étude comparative avec le droit français
Author: Do, Viet Anh Thai
Sous la direction de : Alain Ghozi
Paris 2 University
Texte français
Keywords: Law, Vietnam, Bankruptcy, Vietnamese law, Comparative law, Guiding principles, Companies in difficulty, Rescuing the company, payment of creditors, French law.
Abstract
Marked by a rich and ancient history since the Feudal period, Vietnamese bankruptcy law was deflected first by French colonization and then by the conceptual change in the country’s economic policy. The adoption of a market economy in 1986 commanded a renewal of this branch of law. In 1993, Vietnam’s first modern bankruptcy legislation was enacted, putting business at the heart of the process. Since then, Vietnamese bankruptcy law has undergone two reforms in 2004 and recently in 2014. The Bankruptcy Law of June 19th, 2014, which entered into force on January 1st, 2015, constitutes the current legislation to deal with business failure in Vietnam. This law was drawn up based on two guiding principles : on the one hand, the priority of rescuing viable business and, on the other hand, enhancing distribution to creditors when business rescue is not possible. The affirmation of these guiding principles and the resulting modifications bring about a new approach to Vietnamese bankruptcy law. This thesis provides a meticulous analysis of Vietnamese bankruptcy law from the perspective of its guiding principles. The study shows that the system still has inconsistencies in comparison with the stated guiding principles, as well as inadequacies with regard to the psychological and socio-cultural characteristics of Vietnamese entrepreneurs. These weaknesses discourage business leaders from filing for bankruptcy and thus limit the effectiveness of the procedures. In this situation, reasoning on the basis of guiding principles, taking into account the peculiarities of Vietnam’s economic environment as well as a comparison with French law make it possible to formulate proposals to improve Vietnamese bankruptcy law.
