Foreign brands are increasingly popular in the Vietnam market as Vietnam economy integrates into world economy. The openings of economy creates opportunities to attract foreign investment into Vietnam through establishment of companies. To continue to protect the fair competition, and interest of consumer, it is important that the Vietnam state authority ensures the business environment. Accordingly, violations related to competition will be handled in accordance with the law.
Acts of violation of
competition under Vietnam laws are defined in Article 1 of Decree 71/2014 /
ND-CP, including: violations of regulations on control of acts of restraint of
competition; acts of violating regulations on acts of unfair competition;
violations of other provisions of law on competition. According to the
provisions of law, the above acts shall be subject to the forms of punishment
and fine. The most common and most powerful impact on businesses and consumers
are the violation of unfair competition.
In practice, there are a
number of instances where unfair competition acts are associated with
intellectual property rights violations, which have a significant impact on
business activities of enterprises in the same field; violation of business
secrets; activities of advertising that are prohibited i.e. make direct
comparison against competitor, provide falsified or confused information to
consumers…
If committed acts of
unfair competition, the violator will be subject to fine level from VND
10,000,000 to VND 140,000,000. At the same time, additional measures and
remedies will be applied, depending on the seriousness of the breach, such as
the revocation of the enterprise registration certificate; deprivation of the
right to use licenses or practice certificates; confiscation of material
evidences and means used to commit the violation, including the confiscation of
profits earned from the commission of the violation; to restructure the
enterprise, rectify to the public…
From the management of state authority, the detection and handling of unfair competition acts create conditions for enterprises to have equal opportunities in the market economy. From the enterprise’s perspective, it is important to continuously review its business activities in Vietnam to ensure compliance to competition law by its lawyers.
ANT Lawyers – a
law firm in Vietnam with international standard, local expertise and
strong international network. We focus on customers’ needs and provide clients
with a high quality legal advice and services. For advice or services request,
please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.
Source ANTLawyers: https://antlawyers.vn/library/handling-violations-of-competition-laws-in-vietnam.html
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