Plan to develop a Decree on goods trading activities through the Commodity Exchange in Vietnam

Plan to develop a Decree on goods trading activities through the Commodity Exchange in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

On January 25, 2024, the Minister of Industry and Trade issued Decision 175/QD-BCT on the Plan to develop a Decree guiding the Commercial Law on goods trading activities through the Commodity Exchange (replacing Decree 158/2006/ND-CP and Decree 51/2018/ND-CP).

Plan to develop a Decree on goods trading activities through the Commodity Exchange in Vietnam

The development of a Decree on goods trading activities through the Commodity Exchange (replacing Decree 158/2006/ND-CP and Decree 51/2018/ND-CP) must ensure the following requirements and purposes:

* Purpose

Developing a Draft Decree and accompanying documents to submit to the Government for consideration and promulgation of a Decree detailing the Commercial Law on goods purchase and sale activities through the Commodity Exchange (replacing Decree 158/2006/ND-CP detailing the Commercial Law on goods trading activities through the Commodity Exchange and Decree 51/2018/ND-CP amending a number of articles of Decree 158/2006/ND-CP).

* Request

- Ensuring the order and procedures for promulgating legal documents according to the provisions of the Law on Promulgation of Legislative Documents and Decree 34/2016/ND-CP detailing a number of articles and measures to implement the Law on Promulgation of Legislative Documents.

- Determining specific work content, completion deadline, and responsibilities of agencies and units in implementing the draft Decree.

- During the drafting process, it is necessary to ensure close coordination between agencies inside and outside the industry, promptly urge and remove difficulties and obstacles, and ensure quality and progress for submission to the Government in November 2024.

The content of this Plan will be implemented according to the Appendix attached to Decision 175/QD-BCT in 2024.

Regarding assignment of responsibilities for implementing the Plan:

(1) Domestic Market Department:

- Preside and coordinate with relevant agencies and units to organize the implementation of contents according to the Plan, ensuring progress and quality;

- Act as the focal point to monitor, urge, and inspect the implementation of the Plan;

- Develop budget estimates to deploy and perform tasks according to current regulations.

(2) The Legal Department coordinates with the Domestic Market Department to research and review legal documents on goods trading activities through the Commodity Exchange; coordinates to develop and complete the draft Decree and accompanying documents before consulting with relevant agencies, organizations, and individuals; Coordinate to complete documents to send to the Ministry of Justice for appraisal and submit to the Government for consideration and approval of the draft Decree.

(3) The Department of E-Commerce and Digital Economy coordinates with the Department of Domestic Market to research and review legal regulations on information technology systems to meet the requirements of technology and technical solutions in goods buying and selling activities through the Commodity Exchange; coordinates to develop and complete regulations on information systems to meet requirements on technology and technical solutions, network information safety, and network security for goods trading activities through the Commodity Exchange in the draft Decree.

(4) The Department of Planning and Finance coordinates with the Department of Domestic Market to research and review legal regulations on capital conditions for establishing the Commodity Exchange, deposits, payments, taxes, fees, and charges for goods trading activities through the Commodity Exchange; foreign investors participating in goods buying and selling activities through the Commodity Exchange in Vietnam; and coordinate the development and completion of regulations on capital conditions, deposits, payments, taxes, fees, and charges for goods purchase and sale activities through the Exchange in the draft Decree.

(5) The Import-Export Department coordinates with the Domestic Market Department to research and review legal regulations on export and import of goods to carry out goods purchase and sale transactions through Commodity Exchanges abroad; coordinate the development and completion of regulations on export and import of goods to carry out goods purchase and sale transactions through Commodity Exchanges abroad in the draft Decree.

(6) The General Department of Market Management coordinates with the Domestic Market Department to research and review legal regulations on handling administrative violations for goods trading activities through the Commodity Exchange; coordinate the development and completion of regulations on handling violations of goods trading activities through the Commodity Exchange in the draft Decree.

(7) Other units under the Ministry within their scope, functions, and tasks, are responsible for coordinating with the Domestic Market Department in implementing the Plan.

(8) During the implementation of the Plan, if there are difficulties or problems, the Heads of units promptly report to the Ministry's Leadership for consideration and direction.

More details can be found in Decision 175/QD-BCT, taking effect on the date of signing.

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