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VIAC welcomed Vice Secretary of Permanent Court of Arbitration

07/11/2017 15:18

Last week, Vietnam International Arbitration Centre (VIAC) was honour to welcome Mr. Brooks W. Daly - Vice Secretary of Permanent Court of Arbitration (PCA) and representatives from Ministry of Foreign Affair in its head quarter. Mr. Daly, the Ministry of Foreign Affair’s representatives and VIAC personnel had a short discussion around dispute settlement method in Vietnam and proposed upcoming plans for future co-operation.

From VIAC, Mr. Vu Anh Duong - Vice Secretary cum Permanent Vice President of VIAC has shared some general situation of settling disputes by arbitration and mediation in Vietnam as well as in VIAC. Mr. Duong also introduced VIAC as a non-governmental organization, established besides the Vietnam Chamber of Commerce and Industry. In the past 25 years, VIAC has solved thousands of dispute involving all commercial areas such as trading, transportation, insurance, construction, finance, banking and investment. The parties of dispute came from 60 countries all over the world. Keeping its “Friendliness, Transparency and Efficiency” principal, VIAC has constructed a dispute settlement procedure that centers around the mutual agreement between parties and constantly improved to apply it to the best effect.

Agreed with those statements, Mr. Daly shared “We have spent time studying the development of arbitration in Asia and really impressed by what those arbitration centers have done and are planning to do. The Asia region made a mark for not only its firm foundation but also its expanding rate and the ability to catch the latest trend of international arbitration, making it easier for business community to resolve dispute”. He also added his meeting with businesses and governmental organization during his visit has given him a clear overview of the rising confidence in arbitration in Vietnam. More and more businesses believe that commercial arbitration is an effective way to resolve dispute with trading partner. This is a good sign and could set the base for co-operation between the two organizations in the future.

In the meeting, the two organizations also spent time discussing in details about the co-operation opportunity between VIAC and PCA in the future. As a result, VIAC and PCA agreed to sign a Co-operation Agreement in dispute settlement to improve the quality of arbitral award in PCA, especially with cases with Vietnamese elements such as the parties’ nationality in dispute, the applicable law etc.. The two parties also hope to organize many activities for business, lawyer as well as others related communities to strengthen and improve the knowledge of arbitration and dispute settlement procedure by arbitration in Vietnam.

 

Permanent Court of Arbitration is an inter-governmental organization with 121 member states. Established in 1899 to facilitate arbitration and other forms of dispute resolution between states, the PCA has developed into a modern, multi-faceted arbitral institution perfectly situated to meet the evolving dispute resolution needs of the international community.

Nowadays, PCA provides the dispute settlement service for international dispute between different parties such as nations, governmental, inter-governmental and private organizations. 

 

Vietnam International Arbitration Centre

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