So, what is monopoly and the current competition law of Vietnam should regulate this issue? Economic monopoly is understood as “a phenomenon where there are only a few people monopolizing the market, there is no freedom to compete on the supply side” 1. In economics, this phenomenon is called absolute monopoly and is a manifestation of imperfect competition. It is a form of competition in which the price of goods in the market is controlled by one or several certain traders. Usually, an oligopoly market is manifested by three factors as follows: First, the entire market is held by one or several certain sellers. Second, the manufacturer’s product sold in the market is unique where no near-replacement product exists. In other words, there is no relevant market for products. Third, barriers exist to prevent other businesses from doing business in the relevant market. Barriers are considered to be the most important feature of an oligopoly because, if there are no barriers, other businesses will immediately enter the business market when the monopolist implements the price increase policy. or reduce the quality and quantity of products. Therefore, when businessmen want to become monopoly, they need a barrier and thereby obstruct other competitors. Market barriers are presented in many different forms, including the following common forms; – The provisions of the law on competition restriction. This is a very common type of barrier, it creates a legitimate monopoly for businesses. The issue to consider here is the reasonableness of market barriers created by law. Under certain circumstances, it is essential for governments in most countries to use legal barriers to secure economic development, protect consumers or protect domestic production. In such cases, the existence of market barriers is justified. For example, the state allows only one or a few businesses to operate in areas where it needs to have monopoly power, such as the security, defense, or public utility sectors or industries that work. strong impact and affect the life of the entire society such as water supply and drainage, holding of the national electricity transmission network, railway network … In these cases, it is necessary to have a law. create market barriers.
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