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1. Costs – No Win No Fee!

Having long standing relationships with all our overseas partners we have agreements to provide these services on a NO WIN NO FEE basis charging the agreed commission rate against monies recovered only.

2. Coverage in Vietnam

Vietnam is divided into 58 provinces  and 5 municipalities with Ho Chi Minh City and Hanoi City being the most populous cities. Our local partner has 3 offices in Ho Chi Minh City, Hanoi City and Da Nang City so we are strategically located to recover debts throughout all of Vietnam.

 

3. Local Experience

Unlike many of our competitors all cases are handled by the local office or partner. The reasons for this are they speak the debtors’ language, in this case Vietnamese. We understand the local cultures and know all the legal processes. These are reasons why Creditreform are the ideal people to help you in collecting debts from overseas.

4. Statute of Limitation in Vietnam

2-3 years but there are special exemptions so whatever the age please contact us and we will advise if we can assist with your claim

How to Instruct Us

We simply require the following details:

PLEASE CALL US ON 0121 442 5330 FOR FURTHER DETAILS

Or ask us to call you – just leave us your details:

 




Vietnam Debt Collection – No Win No Fee

 

Creditreform operates a global specialist International debt collections service. We have local offices and fully approved expert international debt collection agency partners in every country worldwide. All our International debt collection agency partners and offices operate on a No Win No  Fee basis charging an agreed commission against monies recovered only.

Main reasons why a local country debt recovery agency is so important rather than trying to recover from the UK are as follows:

The local International Debt collection Partners know:

  1. The local cultures
  2. The languages
  3. The laws
  4. Are in the same time zones

 

Herewith details of our debt collection service Vietnam

– Location of offices in Vietnam:
We have 3 offices in Vietnam:

  • Ho Chi Minh City
  • Hanoi City
  • Da Nang City


– Number of staff:
16 staff including 9 qualified lawyers

–      What type of debts do you recover?
We do both commercial debt collection (B2B) and consumer debt collection (B2C)

–       Statute of limitation in Vietnam
Statute of limitation to initiate a lawsuit in Vietnam is as below:
For a civil case: 3 years from the date after the due date of a debt.
For a commercial case: 2 years from the date after the due date of a debt.

–       How EU laws effect debt collection in Vietnam?
If a debt arises from a transaction between a foreign creditor and a Vietnamese debtor and the parties select EU Laws to govern their transaction, Vietnam Court will reject to resolve the lawsuit regarding such debt.

–       How many registries in Vietnam for businesses? (i.e. UK just has 1 central registry)
Vietnam has 1 authority registry named Department of Planning and Investment

–       What is the process in Vietnam?
Our general comments about debt collection process in Vietnam are as below:

  • 1. Amicable collection will save much more time and cost for the Client than litigation collection.
  • 2. Under Vietnam laws litigation collection will last
    i) 7-9 months for first instance court;
    ii) 4-6 months for appeal court.
    iii) 4-6 months for arbitration litigation.

As a practice matter the settlement time is often longer than the above.

  1. The creditor should have the debt acknowledgment issued from the debtor to submit to the court/ arbitration to reduce the settlement time in litigation stage.

 –       Average length of time to collect?
The collection time is subject to some main factors (“Background”), such as (i) cooperation of debtor; (ii) sufficient documents proving the outstanding debt; (iii) good condition of the debtor to settle the debt. As the Background of each case is different with other cases, we, therefore, are unable to estimate the average length of time for debt collection.

–       Can late payment fees / interest be added to claims?
Under Vietnam laws, the creditors are entitled to request the late payment interest from the debtors. However, it is hardly to collect this amount in amicable stage since the debtors often refuse to pay the late payment interest. The Creditors may claim the late payment interest in litigation stage.

–       Details on legal service / process in Vietnam
Our legal services and process for debt collection are as follows:

  1. Review the documents provided by the Client to assess whether this case is a debt collection case or dispute case;
  2. Initial check whether the debtor is still operating or already suspended;
  3. Advise the Client on the result of step (1) and (2) and ask the Client to provide additional information or documents if the provided documents is not clear to prove the debt;
  4. Proceed with amicable stage to collect the debt;
  5. Update regularly on the collection process to the Client and advise next steps if there is any news of the case;
  6. Advise the Client to proceed with litigation collection if (i) the debtor did not cooperate with us in amicable stage; and (ii) the litigation collection is feasible for the case;
  7. If the Client agrees with litigation method, we will proceed with this method to collect the debt;
  8. Update regularly on the collection process to the Client and advise next steps if there is any news of the case;

There are many unique requirements to recovering international debts in all countries including Vietnam debt collection services which differ from the UK and therefore it is very important that cases are handled directly by our expert international debt collection agencies and not from debt collectors UK. This method of international debt collection sets Creditreform aside from the competition who in many cases try and recover debts from a UK debt collector only. Using the local offices and partners enables us to achieve a far greater success rate and our No Win No Fee service together with competitive commission rates against monies recovered only ensures you get the best service.

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“We are pleased with the friendly and efficient service of Adrian Harding and staff at Creditreform in collecting outstanding overdue debts on our behalf. Some accounts, especially those located overseas have been difficult customers but we are pleased with the high rate of success. We also appreciate that they keep us informed and constantly updated on the progress of the collection”
Bryan de Beer, Phoenix Fragrances
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“Within 48hrs of Creditreform being involved a resolution was agreed and within the week paid in full. The professionalism of the Creditreform team was second to none and I would and indeed do recommend them to colleagues in a similar difficult position This situation was the first time we have had to employ a company for debt recovery and it was good to feel that you have someone else ‘on your side’.”
Dean Lake, Lake Contracts
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“We have been using Credit Reform for a number of years now and we have always been dealt with in a professional and friendly way. Over time, Creditreform have managed to achieve good results for us. Would definitely recommend.”
Anna Zhakrova, Catering Hygiene Specialists Ltd
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“I have worked with Creditreform for many years and always received a first class service. Keep up the good work”
Russell Hardwick, MSC Industrial
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