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Vietnam's New Franchise Law: Momentum for Country Experiencing Strong Consumer Demand Growth
Franchising is a relatively new but rapidly developing strategy in Vietnam. Although there are currently few business franchise systems based on the traditional Western model currently operating in Vietnam, there is an increasing presence of established international franchise systems currently operating through company-owned and-managed outlets and increasing numbers of local systems, albeit at an early 'product distribution' evolutionary stage. The commercial environment for franchising is increasingly favorable: Vietnam is the fastest-growing Asian economy after China and India, and it is experiencing strong GDP growth and annual retail growth of more than 20%. There is a steady rise in disposable income, an emerging new consumer class, and increasing brand consciousness.
However the development of Vietnam's franchising sector has, to date, been hampered by the lack of a specific law on franchising and its regulation under complex, unsuitable, and overlapping regulations on intellectual property and technology transfer, coupled with general contractual obligations. As part of its extensive law modernization process preparatory to World Trade Organization ('WTO') accession expected in 2007, Vietnam has recently introduced a dedicated franchise law that provides a framework for the orderly development of its franchise sector. On June 1, 2005 the National Assembly of Vietnam passed a new Commercial Law that came into effect on Jan. 1, 2006. This law, in '8, addresses franchising in eight general articles which provide the framework for an implementing decree: Decree Making Detailed Provisions for Implementation of the Commercial Law with Respect to Franchising Activities, which was issued on March 31, 2006, and came into effect on July 22, 2006, and which 'makes detailed provisions for the implementation of the Commercial Law with respect to franchising activities in the territory of the Socialist Republic of Vietnam' (Article 1). Pursuant to the Decree, a Circular Providing Guidelines or Procedures for Registration of Franchising Activities was issued on May 25. The Circular includes, in an Appendix, the 'Franchise Description Document,' which prescribes the prior disclosure protocol that is a central feature of the new Vietnamese regulation.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.