Announcing two laws drafted by the People's Court: Completing judicial institutions, supporting business recovery
On the morning of January 7, 2026, the Office of the President held a press conference to announce the President's Order promulgating the Laws that had just been passed by the 15th National Assembly at the 10th Session. In particular, there are two important laws that the Supreme People's Court will preside over the development of: the Law on specialized Courts at the International Financial Center and the Law on Rehabilitation and Bankruptcy.
The press conference was chaired by Deputy Head of the Office of the President, Assistant to the President Can Dinh Tai, and attended by Deputy Chief Justice of the Supreme People's Court Nguyen Van Tien.
Completing special trial institutions according to international standards
The Law on the International Financial Center-Specialty Court was passed by the 15th National Assembly on December 11, 2025, No. 150/2025/QH15, consisting of 44 articles and 05 chapters, and took effect from January 1, 2026.
The law was developed to promptly meet practical requirements, implement the Politburo's policies, and at the same time implement Law No. 81/2025/QH15 amending and supplementing a number of articles of the Law on Organization of the People's Court and Resolution No. 222/2025/QH15 of the National Assembly on International Financial Centers in Vietnam.
Speaking at the press conference, Deputy Chief Justice of the Supreme People's Court Nguyen Van Tien emphasized that the promulgation of the Law on specialized Courts at International Financial Centers is an important component of the overall institution to ensure the International Financial Center operates stably and effectively, thereby strengthening the confidence of domestic and foreign investors.
Accordingly, the specialized court is organized in the People's Court system but operates according to a modern, professional model, with a specific dispute resolution mechanism, compatible with international standards and practices, meeting the requirements of cross-border investment and business transactions.
The Law comprehensively stipulates the tasks and powers; organization of the apparatus; authority for trial; order and procedures for litigation; execution of judgments and decisions; team of Judges, Court Secretaries, representatives of parties participating in litigation, as well as conditions to ensure the operation of a specialized Court.
Notably, the Law establishes 09 principles of organization and operation, including specific principles such as: independence according to trial authority; fair, transparent, impartial, objective, quick and effective settlement of cases; flexible litigation procedures according to international standards and practices.
An important new point of the Law is to allow the parties to agree to apply Vietnamese law, foreign law or international trade practices in cases where the transaction has at least one party as a foreign individual or organization, thereby creating a legal corridor in accordance with the practice of dispute resolution in the field of international finance and trade.
According to the provisions of the Law, the specialized court was established and located in Ho Chi Minh City, including the Court of First Instance, the Court of Appeal and the operating apparatus. The organizational structure of the specialized Court includes Chief Justice, Deputy Chief Justice, Chief Justice, Deputy Chief Justice, Judge, Secretary of the Court, other civil servants and employees.
In particular, a special Court Judge appointed by the President from two sources: foreigners and Vietnamese citizens. The Law clearly stipulates the standards, conditions for appointment, term, working regime, management, supervision, responsibilities of Judges, as well as cases of dismissal, removal, secondment and protection of Judges during the performance of their duties.
The specialized court has the authority to resolve cases arising between members of the International Financial Center with each other or between members of the International Financial Center with other agencies, organizations and individuals who are not members of the International Financial Center as prescribed by the Law.
The language and text used before the Court are English or English with a Vietnamese translation; the judgment or decision of the Court shall be issued in English or English with a Vietnamese translation.
Regarding enforcement, the Law stipulates that the first instance trial is conducted by 01 Judge; in case of complicated cases, at the request of the parties, the Chief Justice of the specialized Court can decide on a first instance trial by a Council of 03 Judges; the appeal trial by a Council of 03 Judges.
The specialized court has the authority to issue decisions to enforce judgments and decisions that have come into legal effect; Judges on enforcement of judgments are subject to necessary measures, including enforcement measures, and can request the police force to coordinate to ensure order and safety according to the provisions of law.
Prioritize recovery, increase efficiency in handling disadvantaged enterprises
Also at the press conference, Deputy Chief Justice of the Supreme People's Court Nguyen Van Tien introduced the key contents of the Law on Rehabilitation and Bankruptcy, passed by the 15th National Assembly on December 11, 2025 at the 10th Session and effective from March 1, 2026.
The Law on Rehabilitation and Bankruptcy consists of 88 articles and 08 chapters, regulating principles, order and procedures for handling cases of recovery and bankruptcy of enterprises, cooperatives and cooperative unions; clearly defining the tasks and powers of the person carrying out procedures and the rights and obligations of entities participating in recovery and bankruptcy procedures.
One of the highlights of the Law is to emphasize the role of the State in supporting businesses and cooperatives facing difficulties through policies on taxes, fees, credit, interest rates, land, technology, digital transformation and other support measures.
These regulations aim to create conditions for enterprises and cooperatives to recover production and business activities or withdraw from the market in an orderly manner, thereby contributing to improving the investment and business environment and healthying the economy.
The law stipulates that the state budget ensures the advance payment for bankruptcy costs in cases where the petitioner is an employee, union, tax management agency, social insurance agency or in cases where the enterprise or cooperative does not have or does not have enough assets to pay the costs as prescribed. This advance payment will be refunded immediately to the state budget when the assets of the enterprise or cooperative are sold.
Overcoming the limitations of the 2014 Bankruptcy Law, the Law on Rehabilitation and Bankruptcy allows the implementation of procedures in the electronic environment, in parallel with the traditional method based on paperwork, thereby saving time, costs and effort for the parties involved.
In particular, the Law stipulates procedures for restoring independent business activities with bankruptcy procedures, prioritizing the application of restoration to create opportunities for businesses and cooperatives to overcome difficulties, maintain operations and develop production and business.
The law also expands the subjects with the right to submit applications for bankruptcy procedures, including tax authorities and insurance agencies, to completely handle businesses and cooperatives that owe taxes and insurance for a long time, are no longer existing or do not operate in practice but cannot withdraw from the market due to no one submitting applications.
In addition, the Law supplements shortened procedures for recovery and bankruptcy for enterprises and cooperatives with few creditors, small debts or small, micro-scale debts; at the same time, completes regulations on handling recovery and bankruptcy cases with foreign factors, including requesting support from the Court, competent authorities of foreign countries and recognizing, enforcing judgments and decisions on recovery and bankruptcy by foreign courts.
The Law also cuts and simplifies a number of procedures, simplifies the procedures for reviewing the Court's decisions; amends the appellate authority of the Procuracy into recommendations; strengthens decentralization, delegation of authority and coordination between the Court and relevant agencies, organizations and individuals in the process of resolving cases of recovery and bankruptcy.
Read the original here
