Contract law is very important for businesses but they do not know clearly about the law. — Photo kinhtedothi.vn

Complicated laws relating to production and business activities require enterprises to study basic provisions of the laws, especially rights and obligations in contract transactions, according to Nguyen Thanh Tu, head of the Ministry of Justice’s Department of Civil and Economic Laws.

Contract law is very important for businesses and also the economy.

The 2015 Civil Code included breakthrough changes but has not yet met the requirements of legal document renovation. Meanwhile, there are a large number of legal documents on governing civil contracts in many fields, he said. Understanding and applying those legal documents in production and business activities are not easy for enterprises.

This has forced enterprises to understand the basic provisions of laws relating to business, including rights and obligations in contracts. They also need to pay attention to the regulations relating to risks in the process of establishing and implementing contracts, he said.

The Viet Nam Chamber of Commerce and Industry (VCCI) in coordination with the Ministry of Justice held a forum on December 11 in Ha Noi to find solutions to remove difficulties businesses face in enforcing various types of contracts and settling business disputes, said Dau Anh Tuan, head of the VCCI’s Legal Department.

This is one of the activities to complete laws on implementing contracts and resolving disputes by commercial arbitration and mediation according to the Prime Minister’s requirement.

According to Tran Huu Huynh, chairman of the Viet Nam International Arbitration Center (VIAC), in Viet Nam, the available methods of resolving commercial contract disputes include mediation, arbitration and court proceedings. Each method has advantages and disadvantages, depending on the choice of the parties in the contract.

In addition, the enterprises should pay attention to disputes between suppliers of goods and services and consumers. The term of arbitration has been recognised in the general conditions of supplying goods or services issued by the suppliers but consumers still have the right to choose an arbitrator or a court to resolve commercial disputes.

Therefore, enterprises needed to study carefully and choose the dispute settlement method that is suitable, Huynh said. — VNS