The collection of bad debt and late payment after sales or services are difficult and sensitive jobs in Vietnam. Therefore, such job has always been handled by the law firms in Vietnam whom is aware of law and the process. The lawyers in Vietnam whom receive 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 can be able to make suitable plans to deal accordingly with the debtor.
There will be a number of methods and different solutions in the work of debt recovery. 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.