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Vietnamese Laws on Business Cooperation Contract

  • DONG-A LAW REVIEW
  • 2018, (78), pp.343-358
  • DOI : 10.31839/DALR.2018.02.78.343
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law
  • Received : December 22, 2017
  • Accepted : February 22, 2018
  • Published : February 28, 2018

SHIN CHOONG IL 1

1동아대학교

Accredited

ABSTRACT

The purpose of this paper is to introduce the provisions of Vietnamese laws relevant to the Business Cooperation Contract (“BCC”). Vietnamese investment laws provide BCC as one of the various investment forms in Vietnam, and the most prominent feature of BCC is that the parties to it carry out business in Vietnam without establishment of economic organizations. However, it should be noted that BCC where a foreign investor is one of the parties is a form of foreign investment in Vietnam that requires Investment Registration Certificate to be issued by investment registration agency. A foreign party to BCC could establish an operating office in Vietnam, and such office could conduct business activities under the limited scope to implement BCC. If disputes arise from BCC, a foreign party could resolve such disputes by litigation at Vietnamese courts, as well as foreign or domestic arbitration. Since Vietnam is a member of the New York Convention, foreign arbitral awards are in principle implemented in Vietnam, and domestic arbitral awards are implemented the same as domestic court decisions. It is expected that this paper will help Korean companies considering investment in Vietnam understand the laws governing BCC.

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