Drinking and Cheering When Partnering Up, Arguing with the Law When Splitting Up
Western Vietnamese startup style: three or four friends sit at a drinking table, share a few beers and a good dish, and close a business deal based purely on trust. When losses hit, friendship ends, and they resort to the law to argue...
Article Summary
Lawyer Quỳnh Như shares a common story from southern Vietnam: startup partnerships sealed over drinks based purely on "brotherly trust". She recounts a case of three young founders from Cao Lãnh who ran a successful fruit export business but ended up in a bitter dispute when losses hit, only to realize their verbal agreement carried no weight in court. Rather than going to court—which would cost more than their losses—she helped them mediate an amicable split. Her key message: the best time to write a legally binding capital contribution agreement is when you trust each other the most, establishing a clear set of rules to protect both the business and the friendship.