How Debt Recovery Lawyers in Vietnam Could Assist to Collect Debt

Do you know debt recovery service is banned in Vietnam?

The collection of bad debt and late payment after sales or services are difficult and sensitive tasks in Vietnam. How debt recovery lawyers in Vietnam follow the law and help client?

Before 2021, there are companies that can register and provide the debt recovery service in Vietnam.  From Jan 1st, 2021, the law bans the debt recovery service in Vietnam. How to resolve this puzzle for the client?  Can lawyers in Vietnam help? 

The reason the debt recover service in Vietnam is banned is because of the negative social reactions created in the past by company that provide debt recovery service.  There are incidents the debt recovery service providers utilize methods to put pressure on debtors through threats to physically harm or defame the debtors on social media.

How debt recovery lawyers in Vietnam help?

Therefore, when there are disputes on payment or debt, the client could engage law firms in Vietnam whom is aware of law and the process to follow the laws.  The debt recovery lawyers in Vietnam who take the case should be well informed about the legal nature of the debt profile and they must have skills on debt recovery.

Depending on the nature of each case and each specific dossier, the law firm in Vietnam can be able to make suitable plans to deal accordingly with the debtor.

Solutions proposed by debt recovery lawyers in Vietnam

There will be a number of methods and different solutions in the work of debt recovery by lawyers in Vietnam. However, the recovery of debt will apply the following two basic methods:

• Mediation and agreement methods are ways that lawyers and legal professionals will come directly to negotiate and persuade debtor to make their debt payment schedule based on understanding of law and various drivers.
• Resolve through court proceeding, or arbitration.  This method will be applied in the case that debtors are unwilling to cooperate, trying to evade responsibility, or the payment plan is delayed.

Time limit for settling the debt collection is influenced by different factors but the two most important factors are the legality of the documents and the payment capability of debtors.

There are debtors, after being explained the consequences and losses of non-payment, late payment by lawyers and legal experts, they were aware of and make plans to pay debts.

But there are debtors that the client requires the support and intervention of the state authorities.  In such case, the duration of the case will be prolonged.

About ANT Lawyers, a Law Firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.