Vietnamese businesses will benefit greatly if the country joins the UN Convention on Contracts for the International Sale of Goods (1980) (CISG) which regulates about 80 percent of international trade transaction, experts said.

Speaking at a seminar on Vietnam and the CISG, Dr Nguyen Minh Hang from the Hanoi University of Foreign Trade said CISG plays an important role in settling legal disputes in international trade and promote international trade development.

Joining CISG will also help the country improve its law on the international sale of goods in general and sales of goods in particular, she added.

However, experts noted that CISG does not cover all legal issues relating to contracts for international sale of goods. Therefore, in order to reap the best benefits from joining the convention, Vietnam should work out a detailed preparation roadmap before signing up, which focuses on raising the awareness of businesses as well as law makers and enforcement agencies about the convention.

The seminar on SISG was held by the Vietnam Chamber of Commerce and Industry’s Committee on International Trade Policies and the Vietnam International Arbitration Centre under the sponsorship of the EU-Vietnam Multilateral Trade Assistance Project (Mutrap)./.