Profile
Vietnamese
ECONOMIC LITIGATION LAWYER AND SOME THINGS TO KNOW
What is an economic case?
As the name suggests, an economic case can be understood as economic disputes brought to court by one or more parties. Economic cases include business/financial contract disputes, disputes between companies and their members, disputes between members of a company related to the establishment, operation, and dissolution of the company, disputes related to the trading of stocks, bonds, and other legal disputes as provided by law.
Basic information about economic dispute resolution in court:
Procedures, documents, and time for resolving economic disputes in court
Step 1: Prepare the dossier including: Complaint; Economic contract or equivalent transaction documents; Contract appendices (if any); Documents on securing contract performance (if any, such as: pledge, mortgage, assets); Documents on contract performance (e.g. acceptance minutes, payment vouchers, working minutes on outstanding debts, contract liquidation minutes); Documents on legal status of the plaintiff, defendants and other related parties (such as: business license, enterprise establishment decision, business registration certificate; operating regulations, appointment or appointment decision of enterprise representatives, etc.); Documents on other transactions (if deemed necessary); List of accompanying documents submitted with the complaint (clearly stating the number of original copies and copies).
Note: All the above documents, if in a foreign language, must be translated into Vietnamese by a translation agency or organization, accompanied by the original version.
Step 2: Submit the complaint to the court where the individual resides or the organization has its registered office.
Step 3: The Chief Justice assigns the judge to review the Complaint within 03 days from the date of receipt. Then, within 05 days from the date of receiving the assignment, the judge makes one of the following decisions:
- Request to amend or supplement the Complaint if necessary (to be amended within 01 month), and the case will be accepted after the amendments are made.
- Return the Complaint. The plaintiff can file an appeal within 10 days from the date of receiving the returned Complaint.
- Transfer the Complaint to another competent court if it is not under the jurisdiction of the receiving court.
- Accept the case if it meets the conditions for acceptance. Issue a notice of acceptance within 03 days from the decision to accept the case and assign a judge to resolve it.
Step 4: The case will be prepared for trial in the first instance (the preparation time is a maximum of 02 months for commercial business disputes and a maximum of 04 months for civil disputes with economic elements). At this time, if the case is reconciled, there will be a decision to recognize the reconciliation agreement; if the reconciliation is not successful, there will be a decision to bring the case to trial in first instance, within 01 month (or 02 months if there is a justifiable reason) from the decision to bring the case to trial in first instance, the first instance trial will be held.
Step 5: Conduct the first instance trial of the economic case.
Step 6: Conduct the appellate trial of the economic case: If any party disagrees with the decision of the first instance trial, within the period when the decision of the first instance trial is not yet effective (15 days from the date of judgment, or 10 days from the date of receiving the verdict for absent parties), they may appeal to conduct the appellate trial of the economic case. The time limit for the appellate trial includes: submitting the appeal and receiving the fee payment notice within 10 days; paying the fee within another 10 days; the time limit from the decision of acceptance until the appellate trial hearing is opened is 04 months.
Step 7: Conduct the directorial trial of the economic case: If, after the decision of the appellate trial, any party is still not satisfied, the economic case may be appealed by the competent authority within 03 years from the date of the judgment, the decision of the appellate trial of the Court takes legal effect.
Procedures, documents, and time for resolving economic disputes by Arbitration:
Usually, the arbitration procedures will comply with the Rules of Procedure of each arbitration center, but generally, the procedures for resolving economic disputes by arbitration can be summarized as follows:
Step 1: Unless otherwise provided by specialized laws, within 02 years from the date of infringement of rights and interests, the plaintiff may prepare a dossier to initiate a lawsuit at the Arbitration as follows:
- For arbitration of an Arbitration Center, the plaintiff must submit a lawsuit petition to the Arbitration Center.
For ad hoc arbitration, the plaintiff must prepare a lawsuit petition and send it to the respondent.
Step 2: Establish the Arbitration Panel: The plaintiff or the respondent selects an arbitrator or the arbitration center appoints an arbitrator.
Step 3: The Arbitration Panel studies the dossier provided by the plaintiff and the respondent.
Step 4: Hold a hearing to resolve the dispute. The venue for resolving economic disputes by Arbitration is agreed upon by the parties themselves, if not agreed upon, the Arbitration Panel will decide. The language used to resolve economic disputes by Arbitration is Vietnamese (if there is no foreign element); or as agreed upon by the parties (if there is a foreign element) and if there is no agreement, the arbitrator will also decide.
Step 5: Issue the Arbitration Award. The Arbitration Award is the final decision and cannot be appealed, the parties can only request the annulment of the Arbitration Award.
The time for resolving economic disputes by Arbitration depends on each Arbitration Center.
-
The duties of a litigation lawyer in economic cases
A litigation lawyer in economic cases becomes the legal representative for clients in litigation procedures in court or, more importantly, to effectively resolve disputes. Lawyers have a deep legal knowledge of economics, commerce, as well as extensive experience to address complex legal issues that clients face.
The duties of a litigation lawyer in economic cases include:
- Representing clients in court to protect their rights and interests.
- Participating in meetings and negotiations with the representative of the other party to resolve disputes.
- Preparing documents, evidence for litigation.
- Representing clients in litigation procedures in court.
What does a litigation lawyer in economic cases do?
- Resolving disputes related to economics: civil disputes, contract disputes, etc.
- Providing legal advice related to economic cases.
When do you need to hire a litigation lawyer in economic cases?
The plaintiff, petitioner or respondent may consider hiring a litigation lawyer if:
- They need legal representation in lawsuits in court or to resolve legal disputes.
- They are having difficulty understanding the legal aspects related to the field of economics and do not know, or do not have enough knowledge to resolve the issue.
- They want to avoid unnecessary risks when resolving legal disputes.
- Benefits of hiring a litigation lawyer in economic cases
If clients who need legal advice are still hesitant about hiring a litigation lawyer in economic cases, they may consider some of the benefits that a litigation lawyer can bring:
- Peace of mind: Having a professional lawyer by your side will make you rest assured.
- Deep legal knowledge: A litigation lawyer in economic cases with deep legal knowledge and practical experience in complex legal issues will be able to help resolve any legal issues related to economics that you may encounter.
- Optimization: In economic lawsuits, a lawyer will help you achieve the best possible outcome, find advantages for you to avoid being taken advantage of during the legal dispute resolution process.
How to choose and hire a competent litigation lawyer in economic cases?
Although there are many litigation lawyers in economic cases, not everyone can become a competent lawyer who can provide the best support in ensuring your rights and interests. To find a competent litigation lawyer in economic cases, you need to consider the following factors:
- Experience: You should choose lawyers who have many years of experience in resolving economic cases, especially similar cases to yours. These lawyers should have at least 10 years of experience because this is the time when lawyers have accumulated a lot of practical experience from many different cases, so they will find the best and most efficient way to resolve the case.
- Sincerity and professionalism: Choosing to hire a professional and customer-oriented litigation lawyer in economic cases is fortunate. You do not want to encounter fraudulent lawyers or those who work only for money without caring about the interests of clients.
- Working style: The best and luckiest thing you can get is to meet a lawyer who has the same working style as you, which can help you and the lawyer work together easily and understand each other better. However, a professional and experienced lawyer is also sufficient to meet your needs.
- Search and compare: This is the most effective way for you to have an objective view of litigation lawyers in economic cases, from which you can choose the most suitable lawyer for yourself.
Considerations when hiring a litigation lawyer in economic cases
- Cost: Lawyers work on knowledge, and the work is also very heavy and stressful because lawyers have to study a vast and complex legal system, sometimes overlapping, and also have to study the development of economic cases. From there, they can provide the best protection for you. Therefore, the cost of a lawyer is usually quite high. However, sometimes hiring a lawyer is the shortest way to help you ensure your rights and interests due to their experience in the profession, so investing in the cost is not low but the results obtained are worth it and the resolution is quick and tidy, which is what everyone wants.
- Time: Disputes must go through a certain period of time as regulated by the law, sometimes it takes a long time because the court and competent agencies have to resolve numerous cases in a day, and there is an endless amount of work. In addition, sometimes you will need to spend some time attending meetings and court sessions as required by the law, otherwise, the case may be suspended or prolonged, which is not what you want. However, you may consider authorizing your lawyer to attend on your behalf if those meetings are allowed to be authorized.
- Emergency situations: If you are in an emergency situation that requires resolving an economic case, then a lawyer is also the person who can help you with their extensive experience in the legal battlefield.
Alternative measures to litigation lawyers in economic cases
Besides litigation lawyers in economic cases, you can also choose someone to help resolve your economic dispute cases depending on your specific needs:
- Legal Aid Centers: This is a place where you can get free consultation and information about all legal issues related to your economic case.
- Arbitration Centers: In addition to lawyers, arbitrators are also parties who can help you resolve your economic case, ensuring the rights and interests of both parties.
- Online lawyers: These are reputable sources of lawyers that most of the time will not charge you for consultation. However, you also need to be cautious of cases where lawyers are fraudulent or unprofessional.
The path to becoming an experienced litigation lawyer in economic cases:
- Step 1: Spend 4 years studying at a law school and obtain a Bachelor of Law degree.
- Step 2: Attend a lawyer training course at the Judicial Academy for about 1 year, then practice for 1 year. After the practice period, you need to take the Lawyer’s License Exam to be able to practice law. This stage is very difficult because the chances of passing the exam are not high.
- Step 3: Practice law at a law firm for about 3-10 years to accumulate experience in litigating economic cases. In addition, you need to study more about litigation knowledge.
- Step 4: Continue practicing law until retirement to increase your reputation.
So the path to becoming an experienced litigation lawyer in economic cases is quite arduous, unlike other majors such as economics or marketing, where you can practice after just 4 years of study. A lawyer must spend additional 3 years practicing law, and then continue to build experience and reputation.
Therefore, the profession of a lawyer, especially a litigation lawyer, is a difficult job. We hope that clients seeking legal assistance can be understanding and empathetic towards lawyers.
Costs for resolving disputes and hiring a litigation lawyer in economic cases
Fees and costs when resolving disputes in court:
1.a) Economic court fees include first-instance economic court fees and appellate economic court fees.
2.b) The first-instance economic court fee for economic cases without a value is 2,000,000 VND (approximately 87 USD).
3.c) The first-instance economic court fee for economic cases with a value is determined as follows:
| Value of economic dispute | Court fee |
| Up to 40,000,000 VND | 2,000,000 VND |
| From over 40,000,000 VND to 400,000,000 VND | 5% of the value of the economic dispute |
| From over 400,000,000 VND to 800,000,000 VND | 20,000,000 VND + 4% of the value of the dispute |
| From over 800,000,000 VND to 2,000,000,000 VND | 36,000,000 VND + 3% of the value of the dispute exceeding 800,000,000 VND. |
| From over 2,000,000,000 VND to 4,000,000,000 VND | 72,000,000 VND + 2% of the value of the dispute exceeding 4,000,000,000 VND. |
| From over 4,000,000,000 VND | 112,000,000 VND + 0.1% of the value of the dispute exceeding 4,000,000,000 VND. |
Fees and costs for resolving economic cases in arbitration:
The fee calculation basis for arbitration at the Vietnam International Arbitration Centre is determined as follows:
- In the case of disputes resolved by an arbitration panel consisting of three arbitrators:
| Value of dispute | Arbitration fees (Include VAT) |
| Up to 100,000,000 VND | 16,500,000 |
| From 100,000,001 VND to 1,000,000,000 VND | 16,500,000 VND + 7.7% of the amount exceeding 100,000,000 VND. |
| From 1,000,000,001 VND to 5,000,000,000 VND | 85,800,000 VND + 4.4% of the amount exceeding 1,000,000,000 VND. |
| From 5,000,000,001 VND to 10,000,000,000 VND | 261,800,000 VND + 2.75% of the amount exceeding 5,000,000,000 VND. |
| From 10,000,000,001 VND to 50,000,000,000 VND | 399,300,000 VND + 1.65% of the amount exceeding 10,000,000,000 VND. |
| From 50,000,000,001 VND to 100,000,000,000 VND | 1,059,300,000 VND + 1.1% of the amount exceeding 100,000,000 VND. |
| From 100,000,000,001 VND to 500,000,000,000 VND | 1,609,300,000 VND + 0.50% of the amount exceeding 100,000,000,000 VND. |
| From 500,000,000,001 VND | 3,609,300,000VND + 0.30% of the amount exceeding 500,000,000,000 VND. |
- In the case of disputes resolved by a sole arbitrator, the arbitration fee is 70% of the arbitration fee for the same value of the dispute resolved by a panel of arbitrators.
Fees and costs when hiring a litigation lawyer in economic cases
You can refer to the following fee tables, but the actual fees may vary depending on the law firm, the severity of the case, and the value of the losses involved, as well as the agreement between the lawyer and the client:
- Fees can range from 30,000,000 VND per case depending on the nature of the case.
- For cases where the lawyer and the client agree on the fees, the fees may be 30%, 20%, or 10% of the value of the case. For example, if a client is defrauded of 5 billion VND, and the lawyer and the client agree on a fee of 30%, the lawyer’s fee could be up to 1.5 billion VND, to be paid after the case is resolved. It should be noted that this high fee includes everything from consultation, resolution, support for related issues, fees for relevant authorities, etc., so this fee is still reasonable based on the experience and large volume of work that the lawyer has to handle. In addition, the time it takes to resolve economic cases is not short, it can take months or even years, with some cases taking up to a decade, so this fee is entirely reasonable.
Benefits of Siglaw Law Firm when hiring a litigation lawyer in economic cases:
- Free legal consultation
- Commitment to completing the work on schedule and in the fastest time in the market.
- Commitment to reasonable and most cost-saving fees in the market and no additional costs incurred during the provision of services.
- 100% completion of work on schedule and time.
- Ready to provide legal support 24/7 when customers need it with the enthusiastic, caring, and meticulous support of Siglaw’s legal experts.
______________________________________________________________
The above is the advice of Siglaw Law Firm. If you need further advice, please contact:
Phone: (+84) 961 366 238
Email:
Headquarters: Floor 12A Sao Mai Building, 19 Le Van Luong Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi City.
Southern branch: No. 99 Cong Hoa, Ward 04, Tan Binh District, Ho Chi Minh City.
Central branch: 177 Trung Nu Vuong, Hai Chau District, Da Nang City
Facebook: https://www.facebook.com/hangluatSiglaw
