- Concrete Formulation of Cooperation Methods between Competition Authorities -
The Korea Fair Trade Commission (Chairman Han Ki-Jeong, hereinafter referred to as 'KFTC') signed a "Memorandum of Understanding on Cooperation in the Field of Competition and Consumer Protection" (hereinafter referred to as 'MOU') with the Vietnam Competition Commission (Chairman Le Trieu Dung) on July 2nd (Tuesday), enhancing international cooperation between the two competition authorities.
- The Vietnam Competition Commission (Vietnam Competition and Consumer Authority responsible for investigations and Vietnam Competition Council responsible for deliberations and decisions) integrated into one in '22.
This MOU, signed on the occasion of the Korea-Vietnam Prime Ministerial Meeting, solidifies cooperation methods between the competition authorities of both countries, including personnel exchanges, exchange of mutual interests information, and appointment of Liaison Officers.
Additionally, it establishes a notification procedure for law enforcement activities that significantly impact each other's interests, thereby creating a cooperation channel for relevant cases. Through this, it is anticipated that communication and consultation regarding law enforcement activities targeting Korean companies by the Vietnam Competition Commission, which are expected to increase gradually, will become more active.
Meanwhile, the Vietnam competition authorities have participated in various technical support activities of the KFTC (dispatch of KFTC experts, training, internship programs for developing countries, etc.) in the past. In December last year, high-level meetings between the competition authorities of both countries were held, continuing efforts to establish a constructive cooperation relationship. This MOU is expected to further solidify such cooperation between the competition authorities of both countries.