Viet Nam News When both court and arbitration have jurisdiction over the resolution of disputes arising from the performance of commercial contracts, selecting the appropriate mode of resolution will help the parties ensure the benefits of the process and save a lot of time, effort and money. Principles for dispute resolution The courts regularly go to trial under the principle of openness, which is different from the principle of private dispute resolution as applied in commercial arbitration. Many enterprises choose to resolve disputes by arbitration to protect their trade secrets and reputation in markets because of the private nature of arbitral awards. Forms of dispute resolution The courts resolve disputes by virtue of judges. The number of judges will depend on the level of the trial, and litigants are not entitled to select the judges to resolve their disputes. Conversely, when choosing arbitration for dispute resolution, the parties may select an arbitrator or … [Read more...] about Resolving trade disputes, Court or Arbitration?
International commercial arbitration act
The Commercial Arbitration Law (effective as of January 1, 2011) is expected to diversify dispute settlement channels for businesses. VIR asks lawyer Tran Huu Huynh, head of Vietnam Chamber of Commerce and Industry's (VCCI) legislation department, for his opinion on the new legislation. This is advantageous for foreign firms in Vietnam and domestic firms doing business overseas in terms of choosing arbitration to settle litigations. Besides, compared to the arbitration ordinance that has just expired, the new commercial arbitration law features more credibility and safety. The invalidity of arbitration agreements is restricted in order to get closer to commercial arbitration practices. Moreover, the arbitral tribunal is added with some rights, such as the right to apply direct temporary emergency measures, and the right to summon witnesses to support arbitrators. Besides, arbitrator verdicts are more worthy under the new arbitration law, which is clearer and more … [Read more...] about New Commercial Arbitration Law introduced
Innovations Of The Law On Commercial Arbitration Of 2010 By Nguyen Ngoc Bich Ordinance on Commercial Arbitration, which officially came into full force on July 1, 2003 (the “Ordinance on Arbitration”), provides proceedings of arbitration for settlement of disputes arising from commercial activities pursuant to parties’ agreement on such a method of dispute settlement Basically, the Ordinance on Arbitration complies with provisions of laws as well as international custom and practice with respect to major factors such as effectiveness of arbitration agreement, conditions for arbitrators, relation between arbitration and court proceedings, setting up of an arbitrator panel, etc. However, the Ordinance on Arbitration also showed its insufficient and outstanding matters. Therefore, the National Assembly has passed Law on Commercial Arbitration No. 54/2010/QH12 (the “Law on Arbitration”), which inherits as well as improves provisions on commercial arbitrations … [Read more...] about Innovations Of The Law On Commercial Arbitration Of 2010
In a broad view, although there are relatively progressive provisions, the Commercial Arbitration Ordinance 2003 cannot create a full legal basis for Vietnam's procedure of encouraging all concerned parties to use arbitrators to settle commercial disputes and other conflicts. The enactment of a new law on commercial arbitration - Law on Commercial Arbitration - to replace the Ordinance on Commercial Arbitration in 2003 on the basis of inheriting progressive regulations and new complete supplements is now crucially important.. Low reliability At a recent conference on Vietnam Commercial Arbitration Law 2010 held in Hanoi by the Vietnam Chamber of Commerce and Industry (VCCI) in coordination with the Danish International Development Agency (DANIDA) and the Vietnam International Arbitration Centre (VIAC), Mr Pham Quoc Anh, Chairman of the Vietnam Lawyers Association and Head of the Compiling Committee for the Draft Law on Commercial Arbitration, said the Commercial Arbitration Ordinance … [Read more...] about Uplifting Fidelity of Commercial Arbitrators
Thanh Nien continues a bimonthly column in which eminent jurists analyze various aspects of business and investment laws. The column appears on the second and fourth Fridays of the month. Prior to Vietnam's execution of the Bilateral Trade Agreement (BTA) with the US in December 2000, the content of rules in Vietnam defining what was a "commercial" matter differed from the substance of international norms in certain important respects. The few references in regulations on trade matters to commercial activities were limited in number and related mainly to trade in goods (Decree No. 02/CP of the Government dated January 1, 1995 and Decree No. 01/CP of the Government dated January 3, 1996 provide for penalties and fines applicable to trade in goods as commercial activities). … [Read more...] about Evolution of the conception of “commercial” in Vietnam