Basic principles in commercial activities under Vietnamese law

BichNgoc April 18, 2022

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Trade is an activity that took place very early in the history of human society. Trade development is one of the factors contributing to the common development of countries. This is usually understood as the activity of buying and selling goods to make a profit, but the content of commercial activities is expanded or limited to; what extent is specified separately in different countries and regions. LSX Lawfirm will give you an article about: “Basic principles in commercial activities under Vietnamese law”, as follows:

Legal grounds

Commercial Law 2005

What is commercial activity under Vietnamese law?

Clause 1, Article 3 of the Commercial Law 2005 explains: “Commercial activities are activities for profit-making purposes, including purchase and sale of goods, provision of services, investment; trade promotion and activities for the purpose of making profits. other profitable purposes.”

Thus, commercial activities have the basic characteristics of activities for profit purposes. The content of this activity according to the provisions of Vietnamese law includes activities:

So, purchase and sale of goods: is a commercial activity whereby the seller obliged to deliver the goods; transfer the ownership of the goods to the buyer and receive payment; the buyer obliged to pay the seller, receive the goods and take ownership of the goods as agreed.

Service provision: is a commercial activity whereby one party (service provider); obliged to perform a service for another party and receive payment; the service user (customer) obliged to pay the service provider and use the service as agreed.
So, Business investment means that an investor invests capital to carry out business activities.
So, trade promotion means activities to promote and seek opportunities to buy and sell goods and provide services; including promotional activities, commercial advertising, display and introduction of goods and services, and fairs. , trade exhibition.
Other profitable activities

Basic principles in commercial activities under Vietnamese law

Principle of equality before the law of traders in commercial activities

The content of this principle is that traders of all economic sectors are equal before the law in commercial activities. In which, traders include legally established economic organizations and individuals conducting commercial activities independently, regularly and with business registration. Traders of all economic sectors have the right to conduct commercial activities in various lines of business; in geographical areas; in forms and in methods not prohibited by law.

Principle of free and voluntary agreement in commercial activities

Firstly, the parties have the right to freely agree not to contravene the provisions of law, fine customs; and social ethics to establish the rights and obligations of the parties in commercial activities. The State respects and protects those rights.
Secondly, in commercial activities, the parties are completely voluntary; neither party allowed to impose, coerce, threaten or prevent any other party.

Principles of application of custom in commercial activities established between the parties

Unless otherwise agreed, the parties deemed to automatically apply the established commercial practices; between the parties that the parties already know; or should know but must not be contrary to the provisions of law. .

So, habit in commercial activities understood as a code of conduct with clear content formed; and repeated many times over a long period of time; between parties; implicitly recognized by the parties to determine rights and obligations;parties to a commercial contract.

Principles of application of custom in commercial activities

Unless otherwise provided for by law, without an agreement between the parties and without established habits between the parties; commercial practices shall apply; but must not be contrary to the principles specified in this Law and in the Ministry of Industry and Trade. civil law.

Commercial practice is a widely-recognized practice in commercial activities in a region; domain or field of commerce; with clear content recognized by the parties to determine the rights and obligations of the parties commercial activities.

Principles of protecting the legitimate interests of consumers

Firstly, Traders conducting commercial activities obliged to fully and truthfully inform consumers about the goods and services they trade; and must take responsibility for the accuracy of such information.

Secondly, traders conducting commercial activities must take responsibility for the quality and legality of the goods and services they trade.

Principles of recognizing the legal value of data messages in commercial activities

So, in commercial activities, data messages that satisfy technical conditions; and standards as prescribed by law recognized as having the same legal value as documents. In which, data message understood as information created, sent, received and stored by electronic means.

You can also refer to the article related to Important issues about commercial arbitration in Vietnam or

Legal regulations about commercial brokerage contracts in Vietnam

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