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32 Int'l Bus. Law. 175 (2004)
Commercial Legal Framework in Vietnam Since the Asian Crisis Development and Issues

handle is hein.journals/ibl32 and id is 177 raw text is: Comerciai Legal Framework in Vietnam since the Asian Crisis Development and Issues Nghla D Pham* Head of Business Law Department, Vietnam _National University I n the last decade, the overall legal framework for doing business in Vietnam has been developed rapidly.' As a member state of ASEAN since 1995, implementing the US/Vietnam Bilateral Trade Agreement and working towards WTO membership, Vietnam is committed to reforming its legal system in harmony with common principles recognised worldwide? Learning from the Asian crisis that efficient legal systems reduce uncertainty in doing business, and that in return promotes more econonlic growth,-' the National Assembly and the Government in Vietnam provide considerable efforts in order to create and enforce an efficient legal framework for doing business. A set of fundamental laws and regulations were made in order to respond to changing circumstances, which were inevitable owing to the rapid growth of the economy.' However, the enforcement of laws remains the crucial problem in Vietnam: 'there is a lot of stipulation, but not of implementation'.' This article attempts to introduce the evolution of business law in Vietnamn since the Asian crisis of 1997. The term 'business law' used in this article refers to a broad range of legal issues: from the constitutional freedom to conduct business, the rules relating to business association, contract law, to business dispute resolution. The article also aims to clarify the issues and weaknesses surrounding the current law, especially in relation to its enforcemnent. In addition, the article reports on some legal reform proposals and on the drafting of laws by the Vietnamese legislature in the near future. Law-making process In Vietnam since the Asian crisis of 1997 Change in the Constitution In Vietnam, the political agenda manifested in the Constitution is of essential importance for further economic reform. Even though not yet understood widely as direct applicable law, the Constitution of 1992 reflects the broad political consensus in society. The new political consensus focuses on the increasing role of the law in a more transparent society, recognition and protection of private property and the freedom to conduct business. The new amendment of the Constitution in 2001 has also showed the growing awareness of the Vietnamese people for a society governed by the 'rule of law'.' In relation to the economic legal framework, the constitutional changes of 2001 basically include the following: (1) the introduction of the concept of a society governed by the 'rule of law' (article 2); International Business Lawyer August 2004

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