New Competition Law: transformation from per se to rule of reason approach
The Competition Law that came into force on July 1, 2005, was the very first important milestone in the process of creating a legal framework for fair competition in Vietnam. Unfortunately, both domestic and international business environments have been changing significantly since the promulgation of the Law in 2004. There is strong demand for Vietnamese companies to participate deeply in new global value chains. The 4th Industrial Revolution has facilitated the emergence of new business models that the current Competition Law fails to regulate. Those business modes have changed the market structure and directly affected competition. Therefore, comprehensive revision of the 2004 Competition Law is practically necessary to not only overcome its limitations and shortcomings but also take full advantage of opportunities of economic integration as well as the 4th Industrial Revolution.