At the event (Source: VNA) Nghe An (VNA) – A seminar discussing thesettlement of trade disputes in the Fourth Industrial Revolution took place inVinh city, in the central province of Nghe An, on October 2.
Co-hosted by the International Finance Corporation, theVietnam International Arbitration Centre (VIAC), and the provincial chapter ofthe Vietnam Chamber of Commerce and Industry (VCCI), the event aims to offerbusinesses an insight into trade mediation, as well as effective and safesettlement of trade disputes, thereby improving their competitiveness andenabling them to expand their markets.
Participants learned about existing laws and the court’ssupport to settle trade disputes via arbitration and mediation mechanisms,several terms of the Code of Civil Procedure on recognising the outcomes ofdispute reconciliation outside courts, and Decree No.22/2017/ND-CP on tradereconciliation.
Trade arbitration is new to Vietnamese businesses as DecreeNo.22/2017-ND-CP was promulgated in February 2017 and the VIAC founded in May2018.
Phi Trong Duc, Director of the provincial VCCI chapter, saidVietnam ranked 66th out of 190 countries in terms of contract enforcement, and29th in credit access in a survey recently conducted by the World Bank.
The survey pointed out that Vietnamese firms now tend tochoose trade arbitrators instead of seeking courts to settle disputes.
Pham Thi Thanh Huyen, a senior finance expert in charge ofIFC’s financial infrastructure development programme, said that tradearbitration is considered a feasible and effective way to deal with tradedisputes, contributing to fostering trust amongst firms and the community. –VNA
Co-hosted by the International Finance Corporation, theVietnam International Arbitration Centre (VIAC), and the provincial chapter ofthe Vietnam Chamber of Commerce and Industry (VCCI), the event aims to offerbusinesses an insight into trade mediation, as well as effective and safesettlement of trade disputes, thereby improving their competitiveness andenabling them to expand their markets.
Participants learned about existing laws and the court’ssupport to settle trade disputes via arbitration and mediation mechanisms,several terms of the Code of Civil Procedure on recognising the outcomes ofdispute reconciliation outside courts, and Decree No.22/2017/ND-CP on tradereconciliation.
Trade arbitration is new to Vietnamese businesses as DecreeNo.22/2017-ND-CP was promulgated in February 2017 and the VIAC founded in May2018.
Phi Trong Duc, Director of the provincial VCCI chapter, saidVietnam ranked 66th out of 190 countries in terms of contract enforcement, and29th in credit access in a survey recently conducted by the World Bank.
The survey pointed out that Vietnamese firms now tend tochoose trade arbitrators instead of seeking courts to settle disputes.
Pham Thi Thanh Huyen, a senior finance expert in charge ofIFC’s financial infrastructure development programme, said that tradearbitration is considered a feasible and effective way to deal with tradedisputes, contributing to fostering trust amongst firms and the community. –VNA
VNA
