With its accession to the United Nations Convention on Contracts for the International Sale of Goods (CISG), Viet Nam becomes the eighty-fourth State Party to the Convention. The Convention will enter into force for Viet Nam on 1 January 2017.
The United Nations Convention on Contracts for the International Sale of Goods (1980) (CISG), adopted by a diplomatic conference on 11 April 1980, establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, remedies for breach of contract and other aspects of the contract. Until now, CISG has 74 country members without Vietnam.
Experts at a seminar on the Convention on Contracts for the International Sale of Goods (CISG) held in HCMC on Tuesday urged Vietnam to join the convention to assist local enterprises in global trade.
Developed by the United Nations Commission on International Trade Law (UNCITRAL) in Vienna in 1980 and in force since 1988, the United Nations Convention on Contract for the International Sale of Goods (CISG) is a uniform contract law treaty applicable to international sale of goods. It provides agreements between contracting states and is legally binding once the legislative branch of a country adopts it.