The Ho Chi Minh City Football Club has failed to pay staff and players to the tune of US$1.23 million, VN Express is reporting. The publication is reporting that this sum is made up of salaries and bonuses and dates back as far as last year.

Why it matters: This speaks to the lack of insolvency and bankruptcy infrastructure in Vietnam. It is standard practice in Vietnam for employees to be made to wait for their salaries when the firms they work for experience financial hardship. These outstanding payments often accumulate and it is very difficult for firms to get out from under the weight of these debts. Employees must also decide whether to stay with the firm in the hopes that the situation will turn around and they will be paid or to cut their losses and run. Firms can often last for years after what would be considered well and truly insolvent in other parts of the world.

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