The National Assembly of Vietnam passed an updated version of the Law on Competition on June 12, 2018. The new law governs merger control and anti-competitive activities in the Vietnam market and will take effect on July 1, 2019, replacing the current Law on Competition of 2004.
One of the notable changes of the new Competition Law is that the Vietnamese competition authorities will have discretion to prohibit competition-restricting agreements and economic concentration on the basis of whether they “have or potentially have the effect of significantly restricting competition in the market,” instead of focusing solely on market share conditions as in the 2004 Competition Law. In addition, the body in charge of competition issues will be the National Competition Commission, a sub-unit of the Ministry of Industry and Trade of Vietnam formed by consolidating the existing Vietnam Competition Council and Vietnam Competition Authority.
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