Viet Nam accedes to the UN Convention on Contracts for the International Sale of Goods (CISG)16/01/2019
With its accession to the United Nations Convention on Contracts for the International Sale of Goods (CISG), Viet Nam becomes the eighty-fourth State Party to the Convention. The Convention will enter into force for Viet Nam on 1 January 2017.
The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. Its adoption and use may contribute significantly to introducing certainty in commercial exchanges and decreasing transaction costs.
The CISG establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, remedies for breach of contract and other aspects of the contract. A large number of major trading countries are already parties to the CISG, which is considered to be a core convention in international trade law.
Since 2012, the UNCITRAL Regional Centre for Asia and the Pacific has contributed to activities aimed at promoting awareness of the CISG in Viet Nam and in Southeast Asia. This is to further its mandate of providing technical assistance to contract law reform and adoption of the CISG upon request from UN Member States, particularly in the context of the implementation of the ASEAN (Association of Southeast Asian Nations) Economic Community. Viet Nam is the second ASEAN member State after Singapore to become a party to the CISG.
Further information on UNCITRAL texts is available on the UNCITRAL website at www.uncitral.org.