THE GOVERNMENT
-------
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
----------
No: 158/2006/ND-CP
Hanoi, December 28, 2006
 
DECREE
DETAILING THE IMPLEMENTATION OF THE COMMERCIAL LAW REGARDING GOODS PURCHASE AND SALE THROUGH THE GOODS EXCHANGE
THE GOVERNMENT
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 14, 2005 Commercial Law;
At the proposal of the Trade Minister,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- Governing scope
This Decree details the provisions of the Commercial Law on the establishment of the Goods Exchange and goods purchase and sale through the Goods Exchange.
Article 2.- Subjects of application
This Decree applies to the Goods Exchange and other organizations and individuals involved in the goods purchase and sale through the Goods Exchange.
Article 3.- Interpretation of terms
In this Decree, the terms below are construed as follows:
1. Operation charter of the Goods Exchange (hereinafter referred to as the operation charter for short) means the rules regulating the transactions of the Goods Exchange, its members and other subjects involved in the goods purchase and sale through the Goods Exchange.
2. Dealing means goods purchase and sale through the Goods Exchange by a trading member of the Goods Exchange for itself.
3. Trading order means a written request of a trading member for a goods purchase or sale transaction to be conducted through the Goods Exchange.
4. Entrusted trading order means a written request of a customer for a goods purchase or sale transaction to be conducted by a trading member through the Goods Exchange under a trading entrustment contract.
5. First day of contractual trading means the day specified by the Goods Exchange from which the contractual trading is allowed to be conducted.
6. Last day of contractual trading means the day specified by the Goods Exchange from which the contractual trading is no longer allowed to be conducted.
7. Member status collateral means the depositing by a member of a sum of money or other valuable papers in a frozen account designated by the Goods Exchange to secure the performance of the member obligations.
8. Trading collateral means the depositing by a member of a sum of money in a frozen account designated by the Goods Exchange to secure the execution of a transaction.
9. Membership fee means a sum of money paid by a member to the Goods Exchange according to the operation charter.
10. Trading fee means a sum of money paid by a member to the Goods Exchange for execution of each transaction.
11. Month of contract maturity means the month when a trading contract should be performed.
12. Contract final settlement means the final settlement of all obligations under a contract which the contracting parties ought to perform.
13. Customer means an organization or individual that is not a member of the Goods Exchange and conducts goods purchase and sale through the Goods Exchange by entrusting a trading member of the Goods Exchange.
Article 4.- State management
1. The Government performs the unified management of goods purchase and sale through the Goods Exchange.
2. The Trade Ministry is answerable to the Government for managing goods purchase and sale through the Goods Exchange. The Trade Ministry shall perform the following tasks:
a/ Submitting to the Government for promulgation legal documents governing goods purchase and sale through the Goods Exchange;
b/ Deciding on the establishment and operation of the Goods Exchange; approving the operation charter of the Goods Exchange as well as amendments and supplements thereto; promulgating the list of goods permitted for trading through the Goods Exchange;
c/ Taking necessary management measures in emergency circumstances;
d/ Organizing inspection and supervision of activities related to goods purchase and sale through the Goods Exchange;
e/ Providing for roadmap and conditions for Vietnamese traders to participate in goods purchase and sale through Goods Exchanges overseas in each period;
f/ Performing other state management activities according to its functions, tasks and powers.
3. The State Bank of Vietnam shall guide the regulations on payment in goods purchase and sale through the Goods Exchange; and provide specific conditions for operation of the Payment Center.
4. The Finance Ministry shall guide regulations on taxes, charges and fees for goods purchase and sale through the Goods Exchange; and coordinate with the Trade Ministry in inspecting the financial capability of founding members of the Goods Exchange.
5. The Planning and Investment Ministry shall coordinate with the Trade Ministry in examining the feasibility of the establishment of the Goods Exchange.
6. Ministries, ministerial-level agencies, government-attached agencies and provincial-level People's Committees shall manage goods purchase and sale through the Goods Exchange within their respective functions, tasks and powers.
Article 5.- Goods purchase and sale through Goods Exchanges overseas
1. Vietnamese traders may participate in goods purchase and sale through Goods Exchanges overseas according to the roadmap, conditions and scope specified and announced by the Trade Ministry in each period.
2. When participating in goods purchase and sale through Goods Exchanges overseas, Vietnamese traders shall comply with regulations on export, import, international payment and relevant provisions of Vietnamese law.
Click Download to see full text