Conventional Security Interests on Receivables in French, English and Vietnamese Law

Receivables constitute an excellent source of credit and security over receivables is available under French, English and Vietnamese law. However, if they have been recognised in English law for a long period of time, their development is quite recent in French and Vietnamese law.
Moreover, although these three legal systems recognise all traditional security interests which are not based on the transfer of ownership over secured receivables (nantissement de créances in French law, floating and fixed charge over book debts in English law and hypothecation over debt claims in Vietnamese law), the fact that French law only recognizes fiducia over receivables and assignment of trade receivables by way of security and Vietnamese judges have rejected the  transfer of ownership by means of security, demonstrates that the use of functionality of ownership over receivables  has not become widespread in France and in Vietnam.  In contrast, in England, mortgages over receivables allow for the transfer of ownership as security, whether by way of an assignment or a novation.
Finally, the hypothecation over debt claims of Vietnamese law and the fixed charge over book debts of English law show that security that does not entail the transfer of ownership can be perfectly efficient inside and outside insolvency proceedings.
These approaches reveal the interests of a doctoral enterprise put in perspective from numerous economic investments and financing structures involving, in a rising fashion, economic stakeholders and international bank partners whose interests, stakes and strategies fall under (by construction, or necessity) the aforementioned jurisdictions.