Tiếng Việt (Vietnamese)

LEGAL BREAKING NEWS ON VIETNAM’S ACCESSION TO CISG

LEGAL BREAKING NEWS ON VIETNAM’S ACCESSION TO CISG

On 18th December 2015, Vietnam officially ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG) and will become the eighty-fourth state party to the convention.
The CISG was developed by the United Nations Commission on International Trade Law (UNICITRAL) and was signed in Vienna in 1980. The CISG is sometimes referred to as the Vienna Convention (but is not to be confused with other treaties signed in Vienna). Vienna Convention is an useful pattern for developing countries which has considered the issue of modern contracts law for the sale of good. This convention would apply whenever contracts for the sale of goods are concluded between parties with a place of business in Contracting States of CISG. Meanwhile, the Convention allows for the freedom of contract whereby the agreement between the contracting parties is inclusive.
The accession to CISG has marked a new milestone in the Vietnam’s process of the accession to multilateral treaties on trade, enhanced the degree of Vietnam’s intergation, made a significant contribution to the development of Vietnam laws system on internation sale of goods and provided a modern, equitable, and safe uniform framework for Vietnamese enterprises to engage in the contracts for the international sale of goods.
The CISG will enter into force for Vietnam on 1st January 2017.

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