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Official Gazette

Sunday, August 18, 2019

Unfair competition practices to face hefty fines

Updated: 10:14’ - 12/03/2019
Violations of the regulations on unfair competition would carry a maximum fine of VND 2 billion, approximately USD 86.000, according to a draft decree elaborated by the Ministry of Industry and Trade.

Under the draft, for each violation, violators would be subject to either of the two principal sanctions: warning and fine.

Enterprises violating the regulations on competition restriction agreement or abusing the dominant or monopoly position in a market would be subject to a fine equaling 10 percent of the total turnover earned from such market in the fiscal year preceding the year of committing violations, which, however, is lower than the lowest fine level imposed for such act in the Penal Code. As for those committing violations of the regulations on economic concentration, this rate would be 5 percent of the total turnover.

The penalty of warning would apply to cases when it is impossible to determine violators’ turnovers or when violators have no turnovers.

In addition to principal penalties, violators may be subject to one or several additional sanctions such as revocation of business registration certificates, deprivation of licenses and practice certificates, confiscation of exhibits and means used for commission of violations, and confiscation of profits earned from violations.- (VLLF)

 

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