UK helps Vietnam implement int’l arbitration standards
The UK’s Commonwealth Fund will help the Vietnamese Ministry of Justice enhance its capacity via a project on implementing international arbitration standards.
Hanoi (VNA) – The UK’s Commonwealth Fund will help the Vietnamese Ministry ༺of Justice enhance its capacity via a project on implementing international arbitration standards.
The move aims to boost Vietnam’s economic development by improving the domestic investment and business climate, the Quan Doi Nhan Dan (People’s Army) newspaper cited a press release issued by the UK Embassy on July 20 as saying.
UK Ambassador Giles Lever noted his hope that with the technical assistance, the ministry will outstandingly carry out the project’s activities.
Outcomes brought about by the project are expected to exert long-term impacts on policy and rule building in Vietnam in order to increase the efficiency of the recognition and observance of decisions made by international arbitrators in the country, he said.
According to the Vietnam International Arbitration Centre (VIAC), arbitration is conducted in 146 countries. In Vietnam, up to 124 legal proceedings were resolved by the VIAC between 1993 and 2014.
Vietnam has 288 arbitrators, along with seven centres in Hanoi, Ho Chi Minh City and the Mekong Delta city of Can Tho.-VNA
The Law on Commercial Arbitration Law recently passed by the National Assembly will provide an important legal foundation for businesses to minimise the risks of disputes.
An official document regulating the settlement of international investment disputes ratified by Prime Minister Nguyen Tan Dung will come into effect on March 3.
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Illustrative image (Source: viac.vn)
