(VOV) – Experts from the Ministry of Justice and the United States Agency for International Development (USAID), examined a draft decree on commercial conciliation in HCM City on July 10.
Nguyen Van Bon, Deputy Head of the Justice Ministry’s Legal Aid Department, said conciliation has proved more effective in settling trade disputes in comparison with other ways, such as court and arbitration.
In commercial conciliation, concerned parties are satisfied by a shared win-win solution instead of becoming winners and losers defined by courts or arbitrators, Bon said.
In recent years, trade disputes have been escalating in business operations. The decree on commercial conciliation is expected to lead to disputes being handled in a more flexible and effective manner, facilitating business operations and consolidating partnerships.
Star – a USAID-funded project, involved in commercial conciliation in Vietnam – pointed out some shortcomings related to infrastructure, human resources, capacity, and legal regulations on conciliation services.