UN convention helps businesses solve trade disputes
The UN Convention on International Sale of Goods (CISG), which will take effect in Vietnam on January 1, 2017, is expected to help businesses settle trade disputes.
HCM City (VNA) –ꦅ The UN Convention on International Sale of Goods (CISG), which will take effect in Vietnam on January 1, 2017, is expected to help businesses settle trade disputes, heard a workshop held in Ho Chi Minh City on October 25.
Studies conducted by the Vietnam Chamber of Commerce and Industry and the Foreign Trade University showed that over 80 percent of Vietnamese enterprises do not apply the law correctly in business contracts due to a lack of knowledge, fear of risks and legal costs.
Statistics unveiled that 65 percent of countries that have goods sale disputes with Vietnam are CISG members.
The convention will create a legal framework for parties to deal with disputes in the field, said Dean of the Law Faculty at the Foreign Trade University Nguyen Minh Hang.
Once the CISG comes into force, goods sale contracts between Vietnamese businesses and CISG partners will be automatically adjusted, experts said.
Deputy Director of the HCM City Investment and Trade Promotion Centre Nguyen Tuan said Vietnam ’s engagement in the CISG marks a new stride in the country’s international economic integration.
The correct application of the CISG will help businesses mitigate risks and avoid disputes while increasing their opportunities to seek new partners, he added.
There will also be challenges, the panels said, referring to differences between the CISG and Vietnamese law.
Participants suggested businesses combine the application of other legal regulations such as the Law on Civil Procedures and the Law on Trade to mitigate risks.
The CISG is a significant international convention on multilateral trade, which is applied in 85 member nations, including most of Vietnam’s major partners like the US, Japan, and the Republic of Korea.-VNA
Vietnamese businesses will benefit greatly if the country joins the UN Convention on Contracts for the International Sale of Goods (1980) (CISG) which regulates about 80 percent of international trade transaction, experts said.
Vietnamese policymakers and economists have stressed the need for Vietnam to carefully evaluate advantages and difficulties before joining the UN Convention on Contracts for the International Sale of Goods (CISG or the 1980 Vienna Convention).
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Processing seafood for exports (Photo: VNA)
