Legal Counselling

Vietnam: Entities other than trading members of the Goods Exchange may entrust trading members to conduct goods purchase and sale through the Goods Exchange

11:00, 05/01/2007

Recently, the Government of Vietnam has issued Decree No. 158/2006/NĐ-CP detailing the implementation of the Commercial Law regarding goods purchase and sale through the Goods Exchange.

Ủy thác mua bán hàng hóa qua Sở GD hàng hóa, Nghị định 158/2006/NĐ-CP

According to Article 45 of Decree No. 158/2006/NĐ-CP of Vietnam’s Government, entrusted goods purchase and sale through the Goods Exchange are specified as follows:

- Organizations and individuals other than trading members of the Goods Exchange may entrust trading members to conduct goods purchase and sale through the Goods Exchange.

- The entrusted goods purchase and sale through the Goods Exchange must be conducted on the basis of written trading entrustment contracts.

- Entrusted trading orders are executed for each specific trading on the basis of a trading entrustment contract. Entrusted trading orders may be made in writing or in other archivable forms as agreed upon by the parties.

- Trading members may only conduct transactions for their customers after receiving entrusted trading orders.

- On the basis of written requests of customers for adjustment or cancellation of entrusted trading orders, trading members shall adjust or cancel the corresponding trading orders for those customers if such orders are not matched.

- Trading members shall archive trading entrustment contracts, entrusted trading orders and customers' requests for adjustment or cancellation of entrusted trading orders.

View more details at Decree No. 158/2006/NĐ-CP of Vietnam’s Government, effective from January 22, 2007.

Ty Na

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