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VIAC to attend 51 years anniversary of Korean Commercial Arbitration Board

31/03/2017 11:21

In 22 March 2017, Mr. Phan Trọng Đạt – Deputy Secretary General of Vietnam International Arbitration Centre has paid a visit to Korea, where he attended the International Arbitration Conference and the 51st anniversary of Korean Commercial Arbitration Board (KCAB).

This visit demonstrated a warm relationship between Vietnam and Korea in general and specifically between VIAC and KCAB. The recent years have witnessed a rapid growth in the economic development between both nations. Korea has become the biggest foreign investor in Vietnam with the investment value estimated to be 4.6 billion USD. The trade surplus between the two countries has reached the highest figure in the last decade with 2.52 billion USD. With the Vietnam Korea Free Trade Agreement (VKFTA) put into effect from 20 December 2015, it is anticipated that in 2020, the trade turnover between Korea and Vietnam will reach 70 billion USD.

With that firm foundation of economic development, VIAC and KCAB has been working close together to encourage the dispute resolution by commercial arbitration among businesses in the two countries. The co-operation between VIAC and KCAB – these most prestigious arbitration centres in their respective countries will surely benefit businesses in both nations.

In the conference, Mr. Phan Trọng Đạt revealed: “Korea is one of the countries having the most arbitration requests at VIAC with the 3rd place. Therefore, it is essential that VIAC and KCAB co-operate firmly to improve the legal ability for businesses in the two countries.” On this occasion, Mr. Đạt also expressed his sincere respect for the relationship between VIAC and KCAB and congratulated KCAB on its 51st year anniversary.

 

To conclude the visit, it is expected that both VIAC and KCAB will strengthen their positions, and further maintain and develop their warm relationship in the future. 

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