Vietnam Debt Resolution Framework

completed

As part of the Vietnamese government's effort to mitigate the negative impacts of the global financial crisis, there is a target to improve Vietnam's insolvency framework to help better reallocate resources and improve credit environment. The Supreme People's Court of Vietnam (SPC) has been assigned to lead the review of current insolvency laws and regulations and drafting the revised Bankruptcy Law. In April 2013, IFC and the SPC signed a Memorandum of Understanding to undertake this work. Under this project, IFC will help Vietnam improve its bankruptcy and insolvency legal framework by revising the Bankruptcy Law and its guiding documents, and promote the use of alternative dispute resolution (ADR) in debt resolution and commercial disputes.