On 30 June 2016, Vietnam’s National Assembly voted to delay implementation of Penal Code No. 100/2015/QH13 dated 27 November 2015 (the “Penal Code”), which was to take effect on 1 July 2016. It is not clear at this time when the Penal Code will be implemented and we understand it will undergo significant revisions prior to being approved for implementation by the National Assembly.
Among other new elements, the current version of the Penal Code incorporates offences in relation to anti-competitive conduct which would have significantly increased the potential for and severity of criminal penalties for individuals and enterprises, including possible fines and imprisonment. It is unclear whether the new criminal anti-competition offences will remain in their current form once the upcoming revisions are completed.
Regional Competition Counsel
|Hoang Phong Anh
*The information provided is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.