ABC bank, has received an application for a loan from Shipping Company, incorporated and headquartered in Vietnam. Shipping is 100% owned by the Vietnamese state and carries commercial freight both domestically in Vietnam and internationally. The loan is to be secured on ships owned by the company. The loan agreement will be governed by English law, although most of the company's business is in East and South-East Asia.

Advise the bank whether the loan agreement, and in particular the security over the ships, would be likely to be enforced by the courts of both London and Hong Kong or just London court or just Hong Kong? Which jurisdiction has the right to make a decision on this?