Vietnam Bidding Law of 2023: 9 Changes
The Vietnam Bidding Law of 2023, effective from January 1, 2024, signifies an important step forward in reforming institutional frameworks and managing bidding activities in Vietnam. This law not only broadens its application scope and refines regulations on prohibited behaviors in bidding but also introduces several new elements aimed at enhancing efficiency, transparency, and fairness in bidding transactions. Brief summary of 9 notable amendments in the 2023 Vietnam Bidding Law. 1. Expanded Scope of Application in Vietnam Bidding Law: The new law broadens its scope, including additional subjects and fields to ensure that all bidding activities occur under a unified and transparent legal framework. 2. Specific Regulations on Prohibited Behaviors: The new Vietnam Bidding Law updates and details a list of behaviors banned during the bidding process to prevent fraud, corruption, and enhance fairness and transparency. Examples include bid rigging: Arranging, agreeing, coercing one or mor...