Is it possible to choose the penalty for breach of contract?

(Baonghean.vn) -Mr. Nguyen Van Thanh (Vinh City, Nghe An Province) stated: He entered into a sales agency contract with a business, which included a penalty clause for breach of contract if the principal delayed delivery. However, the contract did not specify the amount of the penalty.

Mr. Thanh asked: Can you set any fine amount you want, or is there a legal limit?

Trong Hai - Lam Tung