Competition Law needs to be improved: official
Competition Law needs to be improved: official
The current Competition Law in Viet Nam has yet to come into practise, and it will need further improvement to reach its full potential, said Trinh Anh Tuan, Deputy Director General of the Viet Nam Competition Authority (VCA) of the Ministry of Industry and Trade (MoIT).
During his speech at a Viet Nam Chamber of Commerce and Industry (VCCI) conference yesterday, Tuan stressed the importance of the national law on competition in pushing economic progress and protecting a fair environment for national competition.
The conference introduced several changes in the Competition Law draft to be submitted, with visions toward building a socialist-oriented market economy with in-depth global integration.
Dau Anh Tuan, Head of the VCCI’s Legal Department, stressed the need for a modified Competition Law, as the current set of laws shows several inadequacies in defining legal breeches in fair entrepreneur competition--including monopolistic behaviours, market domination and market centralisation, while the previous set of conditions for a relevant market is now considered obsolete and unaccommodating in practise.
Furthermore, the law on competition is making it difficult to investigate cases of unfair competition. There has yet to be a definite legal framework for the competition authority to obtain proof of unfair competitive practises done by firms, and to assert the level of damage done by these breeching firms in order to prevent and punish such acts.
As such, the reviewed and renewed Competition Law is built upon the basis of anti-trust practise and ensures fair competitive actions amongst firms. The law aims to increase Viet Nam’s economic efficiency and protect the rights and benefits of Vietnamese businesses and consumers.
Another objective for the new law is to guarantee fairness and transparency for court decisions in cases regarding unfair competition and affirm the central role of the government in protecting a competitive market economy.
Tang Van Nghia, Dean of Postgraduate from Foreign Trade University, also praised the upcoming changes. He advised lawmakers to add an exemption clause in order to grant businesses pricing freedom, as a true market economy gives firms the right to choose their own levels of supply and price.
The draft for a revised law on competition is expected to institutionalise and realise the government’s policy to construct a fair market without monopoly and unfair competition in the near future.
