Laws governing foreign trade National Laws The most specific of these is the Trade Law, adopted in May, 1997 by the National Assembly of Vietnam. To guide the implementation of the law, the government issued: Decree No 57, dated July 31, 1998, regulating export and import activities, processing for trade, and sale and purchase agencies Decree No 45, dated September 6, 2000, regulating the establishment and operation of representative offices and branches of foreign companies in Vietnam Other relevant laws such as the Civil Code and the Ordinance on Economic Contracts As a result of this legislation, the following regulations and practices have gone into effect: The right to handle export and import business has been expanded to all business entities in all economic sectors. Vietnamese companies, including private firms, have the intrinsic right to export and import within the scope of registered business lines. In addition to representative offices, foreign companies can now set up branches in Vietnam to undertake certain profit-making trading activities. Vietnamese businesses, including private firms, are allowed to act as sale and/or purchase agents in Vietnam for foreign firms and individuals. The law respects freedom in business -- including the freedom to select partners; to decide on contract form and/or content; and to amend, supplement, or terminate a contract. International treaties, bilateral agreements, and international commercial practices Vietnamese Trade Law allows the precedence of the provisions of international treaties to which Vietnam is a signatory. It also permits contracting parties to apply foreign laws and/or international commercial practices if they are not inconsistent with Vietnamese laws, or where an international treaty to which Vietnam is a signatory provides for the application of such foreign laws. The Bilateral Trade Agreement between Vietnam and the United States, entered into on December 10, 2001, is a comprehensive legal basis for business people of the two countries. Incoterms, published by the International Chamber of Commerce, are frequently applied in foreign trade contracts to which Vietnamese companies are parties. Because there are various versions of Incoterms, the year of their publication should be mentioned in contracts, if applicable. Business Advisor Guidelines | Taxes/Rates | Export/Import | Laws | Offices | Forex | IP/Copyright