(Chinhphu.vn) – The Yoon & Yang Co., Ltd. is about to sign a technology transmitssion contract from Korean partner. In the contract of sending partners with terms, the law applicable to this contract is Korean law.

Through the Receiving System, responding to the recommendations of enterprises, the Yoon & Yang Co., Ltd. would like to request for an answer, whether the application of the Korean law for the agreement under the agreement is in accordance with Vietnamese law? Under the new Law on Technology Transmitssion, is the technology transmission contract with foreign elements required to apply Vietnamese law?

Regarding this issue, The Ministry of Science and Technology replies as follows:

Currently, the Law on Technology Transmitssion 2006 is still in force, if parties sign and implement technology transmitssion contracts before July 1, 2018, they comply with the Law on Technology Transmitssion 2006.

In the case of contracting parties after July 1, 2018, they comply with the Law on Technology Transmitssion 2017.

Regarding the application of law in technology transmitssion contracts involving foreign elements, based on Clause 3, Article 22 of the Law on Technology Transfer 2017; Based on Article 3 and Article 683 of the Civil Code,the  technology transmitssion contract is one of civil transactions, so when signing technology transmitssion contracts, the Yoon & Yang Co., Ltd. and Korean partner can apply Korean law if both parties agree to apply and the provisions of technology transmitssion of Korean law are not contrary to the basic principles of Vietnamese law.