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Nation urged to ratify UN convention on sale of goods   2010-05-12 - Viet Nam News

Viet Nam should participate in the United Nations Convention on Contracts for the International Sale of Goods to boost business with foreign partners, a seminar heard yesterday, May11.

Referred to as the Vienna Convention, it is one of the most successful international uniform sale laws, covering 74 countries which account for 75 per cent of world trade. Around 2,500 dispute cases have been settled by the convention.

Japan last year was the most recent state to ratify the convention, stirring the need to follow suit in Southeast Asia as Japan is one of their biggest trading partners.

Viet Nam’s participation could strengthen the country’s integration into world trade, the seminar heard.

"By employing a uniform law, Vietnamese companies can save legal costs and raise foreign partners’ confidence," said Foreign Trade University’s lecturer Nguyen Minh Hang, a member of the research group on the convention.

Viet Nam’s law on international sales generally did not conflict with the convention, so there would be no legal barrier to it participating, Hang said.

Foreign University lecturer Nguyen Thi Mo said if the country joined the convention, businesses would save time in negotiating contracts and avoid risks of losing them.

EP Legal Co Ltd lawyer Nguyen Trung Nam said as Viet Nam’s top five import and export countries were parties to the Vienna Convention, it would directly or indirectly affect the nation’s international business.

The research group said it was time import-export companies learned about the convention and its benefits to their business activities.

The research group expected the Ministry of Industry and Trade to investigate the proposal and submit a recommendation to the government this year.



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