Decree No. 23/2004/L-CTN announces the Competition Law of the Eleventh National Assembly, sixth session, adopted on December 3, 2004.
Key points
- The Competition Law applies to organizations and individuals participating in domestic and international business activities with the aim of protecting the legitimate rights and interests of all parties involved.
- Competitive practices shall not engage in restrictive competition behaviors such as price fixing agreements, market division, collusive bidding, or other actions that reduce market competition.
- Organizations and individuals participating in business activities must comply with transparency information regulations, and shall not engage in fraudulent or deceptive customer behavior.
🌐 Social impact of this document
- The Competition Law will create a fair business environment, promote healthy market development, and benefit consumers.
- However, enforcement of the law may pose difficulties for small and medium-sized enterprises, requiring time to adapt.
❓ Frequently asked questions
Who does the Competition Law apply to?
The Competition Law applies to all organizations and individuals participating in domestic and international business activities.
What competitive restriction behaviors are prohibited under the Law?
According to the Law, restrictive competition behaviors such as price fixing agreements, market division, collusive bidding, or other actions that reduce market competition are prohibited.
What regulations must organizations and individuals engaged in business comply with?
Organizations and individuals participating in business activities must comply with transparency information regulations, and shall not engage in fraudulent or deceptive customer behavior.
When did the Competition Law come into effect?
The Competition Law was adopted by the Sixth Session of the Eleventh National Assembly of the Socialist Republic of Vietnam on December 3, 2004.
Full text
ORDER OF THE STATE PRESIDENT
Regarding the promulgation of the Law
PRESIDENT OF THE SOCIALIST REPUBLIC OF VIET NAM
On the basis of Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the National Assembly, Session 10, Term X;
Pursuant to Article 91 of the Law on the Organization of the National Assembly;
Pursuant to Article 50 of the Law on Legislative Regulatory Documents;
NOW PROMULGATE
Competition Law.
Passed by the National Assembly of the Socialist Republic of Vietnam, 11th Term, 6th Session on December 3, 2004./.
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