REVISED LAW ON COMPETITION APPROVED

The National Assembly adopted the law on competition (revised) on June 12 with 95.28% of approval. The law on competition (revised) includes 10 chapters and 118 articles, defining acts of restraining competition or economic concentration which cause or threaten to restrict competition on the Vietnamese market; unfair competitive practices; competition proceedings; handling violations of the law on competition; State management on competition.

The law applies on business organizations or individuals including enterprises engaged in the production and supply of public-utility products and services, enterprises operating in the branches and domains under the State monopoly, public non-business units and foreign businesses operating in Viet Nam; association of branches and trades operating in Viet Nam.

Enterprises are free to compete in accordance with the laws. The State ensures the rights to legal competition in business. Competitive activities shall be conducted in the principle of honesty and fairness without infringing the interests of the State, public interests, legitimate rights and interests of enterprises and consumers.

The law stipulates the State’s policies on competition including creating and maintaining a fair, equal, healthy and transparent competitive environment, enhancing competition, ensuring the rights of free competition for businesses as regulated, enhancing the capacity of getting access to market, improving economic effectiveness, social welfare and protecting consumers’ interests as well as facilitating the society and consumers to join the supervision process of implementing the law on competition.   

The revised law will come into effect since July 1, 2019.

Source: VGP