Of course you'd want to put those terms in the employment contract, not just a verbal promise. Surely you wouldn't get exactly the same protection as in another country with a completely different legal system, but at least you could get part of it.
And yeah, they could terminate the contract, but they would still be bound by its terms that say how they can do that, with how much notice, for what reasons, and how much they will owe you.
Contract law is strong. If a company deliberately gave the employee lots of rights in an employment contract (in return for less pay), a court would hold the company to that later whilst it was solvent, even if company management later changes it's approach.
And yeah, they could terminate the contract, but they would still be bound by its terms that say how they can do that, with how much notice, for what reasons, and how much they will owe you.