On March 3, 2023, the High-level People’s Procuracy in Da Nang issued Notice No. 12/TB-VKS-DS regarding the review of supervisory procedures in resolving the civil case related to a “Dispute over a Deposit Agreement.”

Case Overview:

In this case, a foreign individual made a deposit to acquire the right to use land. However, under Articles 5, 188, and 191 of the 2013 Land Law, foreign individuals are not permitted to acquire land use rights in Vietnam. Therefore, based on Article 123 of the 2015 Civil Code, the deposit agreement was deemed invalid due to its violation of legal prohibitions.

According to the case details, the company representative signed a memorandum of understanding and the deposit agreement. However, the court determined that the deposit was personally transferred to the representative, and this transaction was not recorded in the company’s financial reports or books. As a result, the representative is personally liable for returning the deposit to the depositor.

See the full notice at: https://drive.google.com/file/d/1yTIWnv56IWvCf3E2MKOk9wN2pzUeTAvH/view?usp=sharing

If you have any legal questions, please contact our Lawyers & Associates at the information below:
THE LAM LAW LLC
🏢Indochina Park Building, No. 4 Nguyen Dinh Chieu, Dakao Ward, District 1, Ho Chi Minh City.
📞Phone: 028 710 58 222 – 6288 3798 – Hotline: 097 309 77 77
✉Email: info@thelamlawllc.com