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Ly Huong LUU, Aug 24, 2015
2015 marks the 10th anniversary of the implementation of Vietnam’s Competition Law 2004 (“the VCL”), which is the first-ever comprehensive competition law in Vietnam. The enactment of the VCL in 2004 was considered to be a milestone in Vietnam’s transition to a market economy, legal reform, and international integration process. Nevertheless, the enforcement of the VCL during the last ten years has been very poor even though there is no shortage of anticompetitive practices in the Vietnamese market. This is not only harmful to Vietnam’s economy but also a challenge to Vietnam’s joining the ASEAN Economic Community in 2015.
In this article, the author will analyze the development as well as the enforcement of competition law in Vietnam. After a short introduction, Part II analyzes the major driving forces behind the enactment of the VCL in 2004. Next, Part III analyzes the main prohibitions. Part IV addresses the institutional arrangements. Part V highlights the regulatory processes. Finally, Part VI gives some assessment of the introduction of competition law in Vietnam.