Econ
Draft decree on State trade monopoly proposed to Government
The Ministry of Industry and Trade has recently submitted to the Government a draft decree declaring a State trade monopoly in 16 goods and services.
The Government website published the draft submitted by the Ministry of Industry and Trade, which mentioned the State would hold a monopoly in trading 20 goods and services, such as goods and services for the purpose of national defense; production, sale, import and export of industrial explosives; gold bar production; export and import of gold materials to produce gold bars; issuing lottery.
In addition, the State’s monopoly would also extend to the fields of tobacco imports; lottery ticket issuance; activity of the national reserve; money printing and minting; issuing Vietnam’s postage stamps; and production, sale, import-export, transport, storage of fireworks and related services; besides operation of lighthouses and public navigable systems.
According to the ministry, the draft decree is aimed at implementing the 2005 Commercial Law which permits State monopolies with no timelines on commercial operations for a number of goods and services, especially in areas of national interests. The Government will specify the categories of goods and services, and the geographical areas of the State monopoly.
The firms that implement the State monopoly will have to be under strict inspection and supervision, according to the laws on enterprises, competition, pricing and management and use of State funds, the ministry said.
The ministry said it would promote a healthy competitive environment, while classifying the scope of the State monopoly, as well as the rights and obligations of related businesses, thereby instilling confidence and trust in the public, besides allowing other economic sectors to monitor State intervention through legislation.
