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International arbitration: Commerce, Trade and Investment

26/07/2016 14:18

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International arbitration would be helpful for businesses in settling trade and investment disputes in the context of Vietnam integrating rapidly into the global economy, experts said on July 20.
The Vietnam International Arbitration Centre (VIAC) and Korean Commercial Arbitration Board (KCAB) jointly held the conference in Hanoi to promote awareness of international arbitration and its development in the region.
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Vu Anh Duong (Mr.) - Secretary General, Vietnam International Arbitrational Centre (VIAC)

Vu Anh Duong, VIAC’s General Secretary, said that the centre expected to enhance the capacity of businesses to settle disputes through out-of-court resolutions amid the country’s rapid economic integration.
As trade and investment was booming in Vietnam, with the presence of investors from more than 110 countries and territories in the world, arbitration became an important alternative dispute resolution, experts said.
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Ji Ho Kim (Mr.) - Diretor of KCAB

According to Ji Ho Kim, Director of KCAB, with the Vietnam – Korea Free Trade Agreement officially coming into effect at the end of last year, legal activities should be increased to promote economic development, in which international arbitration is considered an effective solution to this problem.
DatPhan Trong Dat (Mr.) - Vice Secretary General, Vietnam International Arbitration Centre (VIAC)

Phan Trong Dat, Deputy General Secretary of VIAC, said that with the promulgation of the Law on Commercial Arbitration 2010, the legal framework on arbitration of Vietnam was moving closer to international standards.
He cited statistics which showed that VIAC handled 146 disputes in 2015, increasing by 18 percent over the same period last year and up from a mere 6 cases in 1993 when the centre was founded. The disputes were related to a variety of sectors, such as sales, finance, construction and insurance.

Pham Manh Dung (Mr.) - Arbitrator, Vietnam International Arbitration Centre (VIAC)

Pham Manh Dung, former director of the Ministry of Planning and Investment’s Legal Department, said that the legal framework on arbitration, enforcement of judgment and reconciliation should be improved. In addition, regulations on transparency and access to information were needed.

*Some photos taken at the workshop

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Byoung Pil KIM (Mr.) – Partner BAE, KIM & LEE LLC

 

 

Do Trong Hai (Mr.) - Arbitrator, Vietnam International Arbitration Centre (VIAC)

 

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Hop Dang (Mr.) – Vietnam International Arbitration Centre (VIAC)

 

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Workshop Materials: [Click here]

International arbitration helpful for trade disputes - VietnamPlus 20 July, 2016

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