On November 4 in Hanoi, Vietnam International Arbitration Centre (VIAC) in cooperation with the Asia Pacific Arbiration Group under International Bar Association (IBA) organized the International Arbitration Training Day 2017: Introduction of IBA Soft Law. The program attracted a large number of arbitrators, lawyers from Vietnamese businesses. The program aims to assist Vietnamese Businesses in gaining international experience in the use of international arbitration to settle disputes.
Mr. Vu Anh Duong – Vice President of VIAC said: “The principle of arbitration requires the parties to have an arbitration agreement. It is neecessary to draw up an arbitration clause that is legally enforceable and practicable. Therefore, when a dispute arises, it can be resolve by arbitration.” Arcording to Mr. Duong, in addition to the rules set out in commercial arbitration there are also rules of professional associations that the Vietnamese businesses need to know in order to resolve disputes.
Ms. Ariel Ye – Co-chair of IBA Asia Pacific Arbitration Group said: “Vietnam is currently a major destination for foreign investment and there are many disputes in cross-border transactions. Business always want to solve disputes efficiently and quickly. Hence we organize these training sessions to help our law firms and arbitrators have better skills and knowledge thus creating favorable conditions for local and international businesses to invest in Vietnam more and settle disputes (if any).”
The experts supposed that international commercial arbitration is the way to resolve disputes in the future with many outstanding advantages. If Vietnam wants to integrate into the world economy quickly and sustainably it must constantly improve the legal system in general and the law on arbitration in particular to suit the general development trend.
Credit: VTC10
.png "Trường đại học ngoại thương"){kind=logo}
