In an effort to comply with international legal practice and prepare for the upcoming accession to WTO, the National Assembly of Vietnam enacted on June 14, 2005 its new commercial law. The so-called “2006 Commercial Law” will come into force from January 1st, 2006 and will replace the 1997 Commercial Law.
On September 30, 2005 the Vietnamese Goverment issued Decree 120/2005/ND-CP (Decree 120) on dealing with breaches of the Law on Competition and providing remedies for offences in the field of competition which came into force as of October 25, 2005. Decree 120 followed closely Decree 116 dated September 15, 2005 on the implementation of a number of articles of the Competition Law.
As previously reported by D&N International, Decree 116/2005/ND-CP providing detailed regulations on implementation of a number of articles of the Competition Law has been issued by the Vietnamese Governement on September 15, 2005 and came into force as of October 10, 2005.