Vietnamese competition law reloaded

On 1 July 2019, the amendments to Vietnam's Competition Law came into effect. The amendments have the potential of marking the beginning of a new era. The revision of the Competition Law is in line with a push of economic liberalization by the government over the past few years. Efforts to increase business sector transparency, combat corruption, streamline licensing and investment procedures, and strengthen the protection of intellectual property and other private property rights have allowed Vietnam to advance 13 spots in the 2019 Index of Economic Freedom as compared to the previous year. However, as with all things in Vietnam, the success of the amended Competition Law will depend on how the law will be implemented in practice. With the draft implementing decrees not yet enacted and the new competition authority still in the process of being set up, it is too early to assess the real impact of the amended Competition Law on market players in Vietnam.