Vietnam should join the United Nations Convention on Contracts for the International Sale of Goods to boost business with foreign partners, a seminar heard on May 11.
Referred to as the Vienna Convention, it is one of the most successful international uniform sale laws, which attracts 74 countries representing 75 per cent of world trade and has settled around 2,500 dispute cases.
Vietnam’s participation could strengthen its integration into world trade, the seminar was told.
By applying a uniform law, Vietnamese companies can save legal costs and further gain foreign partners’ confidence, said Nguyen Minh Hang, a lecturer of Hanoi Foreign Trade University and a member of the research group on the Convention.
There would be no barrier to such participation as Vietnam’s law on international sale does not conflict with the Convention, Hang said.
The research group said it was time importers and exporters learned about the Convention and its benefits to their business activities. It expected the Ministry of Industry and Trade to study and submit the proposal to the Government this year.-