Law on foreign trade management approved

June 13, 2017 | 17:12
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The National Assembly (NA) on June 12 ratified the law on foreign trade management with 88% of deputies giving approval.
Photo: VGP/Nhat Bac

The law consists of eight chapters with 113 articles, stipulating measures on foreign trade management, the development of foreign trade activities and applying measures on foreign trade management.

It defines that the State monitors foreign trade in line with Viet Nam’s laws and international conventions Viet Nam has joined.

It is necessary to ensure transparency, publicity, equality and simplification of administrative procedures, guarantee the legal rights and benefits of the State and businessmen at all economic sectors and promote domestic production and exports in accordance with controlling imports.

The Law stipulates issues related to the State management on foreign trade, prohibitions on foreign trade, measures to prevent exports and imports, exports and imports quotas and conditions, goods transits, technical and quarantine measures and commercial prevention measures.

The Law will take effect since January 1, 2018.

VGP

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