VIETNAM: Ship sale and purchase
Regarding the purchase and sale of ships with other sources of funding, not state funding, Vietnamese law regulates that its form and process shall be subject to decisions of enterprises, organizations or individuals concerned. In which, ships to be purchased and sold must satisfy the conditions on maritime safety and security and environmental protection in accordance with the law of Vietnam and international treaties to which Vietnam is a signatory.
In other words, parties to the contract are free to determine the form and process of the ship sale and purchase. In connection with the content of the ship sale and purchase contract, there are not special regulations about this matter. As a result, commercial law and relevant laws will be referred to determine rights and obligation of parties.
In international practice, the ship sale and purchase usually go through the basic 03 stages: