Bankruptcy Law Reform for Enhancing the Business Environment in Vietnam

Abstract

Improving the business environment and enhancing national competitiveness have been important and ongoing tasks consistently pursued by the Vietnamese Government over the past few years. These will continue to be a key focus in institutional and legal reforms in Vietnam in the coming period, especially in the context of the Resolution 68-NQ/TW by the Communist Party of Vietnam’s Central Committee on the development of the private economy. In essence, this is a comprehensive legal framework designed to operate a socialist-oriented market economy, in which bankruptcy law can significantly impact and influence the investment and business environment in Vietnam. This article analyzes the requirements of bankruptcy law in meeting the criteria set out in the Doing Business reports and the Business Ready reports by the World Bank Group group, as a basis for proposing recommendations to reform the current bankruptcy law to improve the business environment in Vietnam.