The Commerce Act: how to comply
(Oct 19, 2016)
According to the Commerce Act 2005, although goods have been delivered
to and are paid by the agents, goods' owners are still the principals.
The principals should, therefore, specify several contents to ensure
In the distribution relationship, the principal can deliver goods to a
number of different agents. Therefore, drafting of the agent agreement,
which not only meets the required needs, but also ensures the rights of
the parties, should be taken into account.
The 2015 Civil Code, which will take effect January 1st,
2017, discusses risks that enterprises should take into consideration
when creating contracts for the sale of goods, machinery, equipment and
The Trans-Pacific Partnership (TPP) Agreement was officially concluded
on February 4, 2016 by 12 countries, including Australia, Brunei,
Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore,
the US and Viet Nam.
Decree No 102/2016/ND-CP issued by Vietnamese Government on July 01,
2016 governs a drug business's conditions. The Decree provides
conditions for all business types related to drugs. Below are highlights
of the conditions one must follow in the drug business.
Enterprises conducting false product advertising may be subject to legal
liability in many respects, in particular, the risk of bearing criminal
liability if the act of advertising shows sufficient signs to be considered a crime under the regulations.
When both court and arbitration have jurisdiction over the
resolution of disputes arising from the performance of commercial
contracts, selecting the appropriate mode of resolution will help the
parties ensure the benefits of the process and save a lot of time,
effort and money.
The Government has issued Decree No 73/2016/ND-CP on July 1, 2016
detailing the implementation of the Law on Insurance Business. The
Decree regulates the establishment and operation of life insurance,
non-life insurance, health insurance, reinsurance enterprises and
foreign insurer branches.
Establishing a representative office in Viet Nam is considered a safe
initial step before traders conduct a series of complex high-cost legal
procedures to establish a wholly foreign-owned enterprise.
The Government has issued Decree No 86/2016/ND-CP (July 1, 2016)
governing requirements applicable to securities investment and business
activities in Viet Nam.
Terms of content conflict resolution, validity of the contracts, and
transfer of contractual obligations are basic terms that often get
overlooked, but they can help enterprises minimize serious damage when
entering into contracts.