Law governed

With a coastline of more than 3,200 km and thousands of islands including the Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagos, Vietnam has benefited much from the sea. Vietnam participated in building the 1982 UN Convention on the Law of the Sea and was one of the first countries to sign and approve the Convention. The 1994 adoption reflects Vietnam’s determination to work with other countries to build an equal order to promote development and cooperation at sea. National maritime policies Its Sea and islands are part of Vietnam’s sovereignty, sovereign rights, and jurisdiction, and are a living space and a gateway to other countries. Being aware of the importance of sea and islands in national construction and defense, Vietnam has managed fishery exploitation in parallel with defending national sovereignty, sovereign rights and jurisdiction at sea in order to build a strong, prosperous country. The Communist Party of Vietnam has created a vision and issued … [Read more...] about Vietnam fine-tunes maritime laws

Although Việt Nam has made strides in enhancing the business environment and competitiveness capacity, there’s still room for improvement, heard participants at a meeting held in Hà Nội on Friday. Deputy Prime Minister Vũ Đức Đam The meeting, organised by the National Council for Sustainable Development and Competitiveness Improvement, aimed at reviewing the implementation of the government’s efforts on the issues from 2019 and assign tasks for next year. Đậu Anh Tuấn, head of the Legal Department of Viet Nam Chamber of Commerce and Industry said results of surveys on administrative procedure and tax procedure reform and business environment improvement in 63 provinces and cities showed the proportion of enterprises with positive assessment continued to increase for the third consecutive year. Việt Nam was placed 67th out of the 141 countries in the Global Competitiveness Report 2019, up 10 places compared … [Read more...] about Vietnam making progress in improving competitiveness

The central bank will enhance supervision on the country’s key payment systems. — VNA/VNS Photo   The State Bank of Viet Nam (SBV) will enhance the supervision on the country’s key payment systems, according to a newly-issued regulation of the SBV. Under a circular which will take effect from January 1, 2019, the systems include the nation’s inter-bank electronic payment system, the foreign currency payment system (operated by the Joint Stock Commercial Bank for Foreign Trade of Viet Nam), the payment system for securities trading and the finance switching system. According to the circular, the close control is aimed to ensure the safety, stability and efficiency of the systems. It is also designed to ensure payment compliance with the country’s laws. The SBV also expects the tightened supervision will help minimise risks for payment service firms, as well as protect the rights and interests of customers using the services. The move was made after … [Read more...] about Central bank tightens control of payment systems