VIETNAM OFFICIALLY APPLIES THE CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS (CISG 1980) FROM 2017
Source: cisgvn.net On January 1, 2017, Vienna Convention on Contracts for the International Sale of Goods (CISG) formally took effect in Vietnam, opening up many advantages in the international commodity trade. CISG is considered a uniform law on the international sale of goods, with 101 terms related to legal problems since the formation of the contract. This Convention also defines the rights and obligations of the seller, the buyer, and be specific about sanctions when either party breach of contract as well as the issue of compensation for damages, to cancel the contract, impossible resistance and preservation of goods ... Currently, most of the major trade partners of Vietnam are members of this Convention. Vietnam has joined CISG in late December, 2015 and officially take s effect in Vietnam from 2017. Vietnam wants to boost exports of capital goods, especially export activity and contracts on international sale of goods account for a large proportion of the ge...