Promoting Investment among APEC Economies

08/11/2017 15:58

(Ho Chi Minh City - 4 November 2017) Last week, Vietnam Business Lawyer Club (VBLC) co-operated with Inter-Pacific Bar Association and Vietnam International Arbitration Centre to organize the “Promoting Investment among APEC Economies” Conference. With many interesting discussion panels, the conference attracted lawyers, big corporations and policy makers from all over the region.

APEC Importance in Vietnamese Economy

With the Summit Week of APEC 2017 is at the corner, the conference was proud to have many famous guests from international law firms, the legal departments from big corporations and international speakers from New York, Washington, Tokyo, Taipei, Singapore, Manila, Kuala Lumpur and Phnompenh… Besides, a high attendance with many lawyers, business representatives and lawmakers from all over the region was also a success of the conference.

As an opening speech, the Vice President of VIAC, Mr. Vu Xuan Phong highly valued the role of APEC in Vietnam economic growth. APEC is an organization, which alone accounted for 70% foreign relationship of Vietnam, 78% Foreign Direct Investment, 38% Development Aid and 79% foreign tourists. He also emphasized the importance to foster the co-operation among APEC Economies in all areas, including commercial arbitration.

“A thorough co-operation in term of economic within APEC is a good sign for development. However, this also leads to the increase of commercial disputes among corporations, businesses in the member countries. Therefore, VIAC will continue to co-operate with other arbitration centres in the region to improve and update its dispute settlement procedure to achieve efficiency and boost the economy within the region”

Many hot issues covered

Attending and contributing in many hot topics during an one day conference were many reputed arbitrator in VIAC. In the session “ASEAN and its contribution in APEC, Mr. Luong Van Trung, VIAC Arbitrator and Partner of Lexcomm shared that the dynamic of ASEAN is and will be the drive of APEC for years to come. Not only in economic, the establishment of ASEAN Economic Community with its unified legal framework is expected to be a huge step for the growth of ASEAN in particular and APEC in general.

In the session “Vietnam Equitization”, Dr. Le Net, VIAC Arbitrator, Managing Partner of LNT emphasized the efficiency when using development aid from APEC members in Vietnam. To achieve this, he frankly shared that Vietnam needed to lower its corruption and develop long term plan to attract foreign investors.

Arbitration in APEC: Toward efficiency and fairness

The last session of the Conference was “Dispute Settlement among APEC Economies”. This interesting session was moderated by Mr. Chau Viet Bac, Deputy Secretary General of VIAC and famous speakers from reputed arbitration centres, prestige law firms in the region. To name a few, Mr. Do Khoi Nguyen - Member of YKVN Singapore, Proffesor, Dr Colin Ong - Arbitration Association of Brunei Darussalem, Mr. Kevin Kwek - Co-Managing Partner of Kenedy Legal Sollution (Singapore) and Lawyer Mahesh Rai - Director of Drew & Napier LLC.

These speakers have brought to the conference many new and efficient solutions to improve the dispute settlement procedure. These solutions include how to draft an arbitration clause which can reduce the cost, risk and time; frequent training programs for arbitrators from their arbitration centers to share good practices and update latest international trend. Moreover, the conference also introduced many good training documents such as IBA Guidelines on Conflicts of Interest in International Arbitration, Protocol for use of Party - Appointed Witness in International Arbitration of CiArb and ICC Techniques for Managing Electronic Document Prodution

Moreover, some of the latest trend in international arbitration such as: Emergency Arbitrators, Early dismissal, Unless Order and the Enforceability of Emergency Arbitrators’ Decisions… Mr. Chau Viet Bac found all the solutions useful; however, the application of those relied much on Commercial Arbitration Law of each country. In Vietnam, the 2010 Commercial Arbitration Law, after nearly 7 years in practice, needed a major modification to facilitate the use of commercial arbitration better in the future.

After one day of discussing, the conference ended in a high note, leaving the guests with good impression. In the future, VIAC will co-operated with more international organizations to bring more international conferences to Vietnam for the lawyer, business and other related communities.

Vietnam International Arbitration Centre

Share Post
  • Launching Ceremony of Vietnam Mediation Centre and the Official Release of VMC Mediation Rules 2018 18/06/2018 16:05

    On 29 May 2018, the Vietnam International Arbitration Centre ran the Launching Ceremony of Vietnam Mediation Centre (“VMC”), a division of Vietnam International Arbitration Centre in Hanoi. VMC is the first unit in Vietnam to provide professional service of commercial mediation under the Decree No. 22/2017/ND-CP dated 24 February 2017 on commercial mediation.

  • 1st International ADR Conference at the Dusit Thani 30/05/2018 15:52

    In the conference, Mr. Phan Trong Dat (VIAC Vice General Secretary) presented about the enforcement of Mediated Settlement Agreement in Vietnam. Dat supposed that the enforceability of mediated settlement agreements is maybe the most important factor contributing to the success of mediation.

  • Vietnam launches mediation centre for trade-related issues 30/05/2018 15:31

    According to Tran Huu Huynh, President of the VIAC, Vietnam is considered a country with high and stable economic growth in the region and in the world. The Vietnamese Government has made a number of strong commitments and actions to reform in a more facilitative fashion, aiming to build a favourable business climate for investors, including the finalisation of a legal framework for the methods of settling trade disputes.

  • Many FDI firms choose commercial arbitration in resolving disputes 22/05/2018 14:11

    Phan Trong Dat, Deputy Secretary General of the Vietnam International Arbitration Centre (VIAC) said at a recent seminar that the rate of disputes in Vietnam has increased in the last three years with over a half of commercial arbitration cases at VIAC being resolved in foreign languages (mainly English).

  • Message from the Secretary General 2018 03/04/2018 16:22

    The Government enacted Resolution No. 19/2017/NQ-CP on continuing to implement main duties and solutions for improving business environment and enhancing national competitiveness in 2017 and orientation towards 2020. Consequently, according to the rating report issued by the World Bank, Vietnam has increased 14 levels in terms of business environment index and ranked 68th out of 190 economies in the world.

  • VIAC and THAC signed the Co-operation Agreement 03/04/2018 14:47

    On 15 March 2018, Vietnam International Arbitration Centre (VIAC) welcomed a visit from Thailand Arbitration Centre (THAC) delegates. Mr. Tran Huu Huynh (President of VIAC) and Mr. Pasit Asawawattanaporn (Director of THAC) together with other members of VIAC and THAC attended the meeting and witnessed the signing of the Co-operation Agreement between the two centres.

  • VIAC Arbitrator attends the 68th session of Working Group II, UNCITRAL 01/03/2018 16:03

    From 3-9 February, 2018, at the United Nations Headquarters, New York, PhD., Lawyer Le Dinh Vinh - Director of Vietthink Law Firm cum VIAC Arbitrator has attended the 68th session of Working Group II of the United Nations Commission on International Trade Law (UNCITRAL). The session aims at discussing the Draft Convention of the United Nations on Enforcement of International Commercial Settlement Agreements Resulting from Mediation.

  • Mediation and Arbitration: The Differences 12/12/2017 16:15

    Mediation and commercial arbitration are two alternate dispute resolutions (outside courts) recognized by Vietnamese Rules. According to the law, these methods are based on the voluntariness of the agreement between each party and are enforced by number of rules such as: Resolution No.22/2017/NĐ-CP about Mediation and Commercial Arbitration Rules 2010.