As of 18 December 2015, Vietnam has become the 84th state to
accede to the Vienna Sales Convention (CISG). The Convention will
enter into force on 1 January 2017 in Vietnamese jurisdiction. Ever
since Vietnam has become a member of the World Trade Organization
on 11 January 2007, a sharp increase in international trading
volumes of domestic companies has been observed. By taking this
step, it is anticipated that international business transactions
will be further facilitated; and hence accelerated in the
Turkey, a party to the CISG, has strong economic ties with
Vietnam which are profoundly reinforced by their friendly
relations. Over the past decade, business partnership between these
countries has taken on new dimensions whereby the volume of
international trade has increased from 114 Million USD to 1.3
Billion USD between the years 2005 and 2012. With this recent
development of Vietnam's accession to the CISG, it appears that
trading cooperation between Turkish and Vietnamese markets will
grow even stronger with a legal infrastructure that is familiar to
both put in place.
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