Vietnamese policymakers and economists have stressed the need forVietnam to carefully evaluate advantages and difficulties before joiningthe UN Convention on Contracts for the International Sale of Goods(CISG or the 1980 Vienna Convention).
Nguyen Sinh Nhat Tan,head of the Legal Department under the Ministry of Industry and Trade,said at a November 1 seminar in Ho Chi Minh City that Vietnam hasconsulted the CISG in building legal corridors and laws relating totrade and investment cooperation over the past time.
Hehighlighted the active participation of different social sectors,especially those experienced in international trade and import-exportactivities in the southern region, in preparation for the country’smembership to the CISG.
Sharing Tan’s views, Dr. Nguyen MinhHang, an advisor of the Vietnam Chamber of Commerce and Industry, saidjoining the convention is a topical event to Vietnam, especially in thecontext that the country is accelerating its international economicintegration.
The CISG, together with free trade agreementsand the Trans-Pacific Partnership (TPP) agreement, is expected to makeit easier for Vietnam in trade and investment activities, creating alegal foundation for Vietnamese businesses to penetrate theinternational market, she said.
Apart from Vietnam,several other Asian countries such as the Philippines and Thailandare also stepping up efforts to join the convention, she added.
According to Nguyen Trung Nam, Executive Director of EPLegalCompany, most countries that have trade ties with Vietnam havebecome CISG members.
Therefore, he said, the convention surely affects the country regardless of its membership.
Delegates at the seminar pointed to common legal difficulties facingVietnamese businesses such as transactions based on relationship andbelief, poor knowledge of legal issues in contract negotiations and thelack of budget for legal consultation.
Inked in Vienna,Austria in 1980, the CISG is a project of the United NationsCommission on International Trade Law (UNCITRAL). The self-executingtreaty aims to reduce obstacles to international trade, particularlythose associated with law issues, by creating even-handed and modernsubstantive rules governing the rights and obligations of parties tointernational sales contracts.
As of September 26, 2013, the UNCITRAL reported that 80 states have adopted the convention.-VNA
Nguyen Sinh Nhat Tan,head of the Legal Department under the Ministry of Industry and Trade,said at a November 1 seminar in Ho Chi Minh City that Vietnam hasconsulted the CISG in building legal corridors and laws relating totrade and investment cooperation over the past time.
Hehighlighted the active participation of different social sectors,especially those experienced in international trade and import-exportactivities in the southern region, in preparation for the country’smembership to the CISG.
Sharing Tan’s views, Dr. Nguyen MinhHang, an advisor of the Vietnam Chamber of Commerce and Industry, saidjoining the convention is a topical event to Vietnam, especially in thecontext that the country is accelerating its international economicintegration.
The CISG, together with free trade agreementsand the Trans-Pacific Partnership (TPP) agreement, is expected to makeit easier for Vietnam in trade and investment activities, creating alegal foundation for Vietnamese businesses to penetrate theinternational market, she said.
Apart from Vietnam,several other Asian countries such as the Philippines and Thailandare also stepping up efforts to join the convention, she added.
According to Nguyen Trung Nam, Executive Director of EPLegalCompany, most countries that have trade ties with Vietnam havebecome CISG members.
Therefore, he said, the convention surely affects the country regardless of its membership.
Delegates at the seminar pointed to common legal difficulties facingVietnamese businesses such as transactions based on relationship andbelief, poor knowledge of legal issues in contract negotiations and thelack of budget for legal consultation.
Inked in Vienna,Austria in 1980, the CISG is a project of the United NationsCommission on International Trade Law (UNCITRAL). The self-executingtreaty aims to reduce obstacles to international trade, particularlythose associated with law issues, by creating even-handed and modernsubstantive rules governing the rights and obligations of parties tointernational sales contracts.
As of September 26, 2013, the UNCITRAL reported that 80 states have adopted the convention.-VNA
