Vietnam: Implemented Decree No. 75/2019/ND-CP including anti-competitive agreements regulation

On 12 December 2019, Decree No. 75/2019/ND-CP entered into force. This regulatory decree encompasses a broad range of economic activities and is designed to prevent agreements that could potentially have an adverse impact on competition across various sectors. The prohibited conduct encompasses agreements on price fixing, market division, restriction of production, and other practices that have the effect of significantly reducing competition. The penalties for such infringements may range from 1% to 10% of the enterprise's total turnover from the relevant market in the preceding financial year. Furthermore, additional penalties may include the confiscation of profits gained through the violation of the aforementioned regulations. In order to restore fair competition conditions, the removal of illegal terms from contracts or business agreements may be required as a remedial action.