3 October, 2015
On 20 August 2015, the Prime Minister issued Decision No. 35/2015/QD-TTg amending Decision No. 02/2012/QD-TTg on the list of essential goods and services for which contract forms and general transaction terms must be registered (Decision No. 35/2015/QD-TTg or the Decision).
The Decision added the following insurance and retail banking services to the list of essential goods and services subject to registration of pro forma contracts and general transaction terms:
- Prepaid land mobile communication services
- Domestic debit card issuance
- Account opening and payment services for individual customers
- Consumer loans for individuals
- Life insurance
Decision No. 35/2015/QD-TTg will take effect on 15 October 2015. Within 90 days from the effective date, organizations and individuals active in these services must register their pro forma contracts and general transaction terms with the Vietnam Competition Authority under the Ministry of Industry and Trade (if used in more than one province) or with the provincial Department of Industry and Trade (if used within one such province only) in accordance with the laws on consumer protection.
For further information, please contact:
Oanh H. K. Nguyen Partner, Baker & McKenzie
oanh.nguyen@bakermckenzie.com
