With the growth of merger and acquisition activities in Vietnam, the number of trade disputes in Vietnam is on the rise. Representatives of enterprises and lawyers at a seminar on legal risks in merger and acquisition activities The Vietnam International Arbitration Center (VIAC), one of the 22 arbitration centers mediating disputes outside the courts, received 180 cases last year, with a combined dispute value of VND9.4 trillion, the highest in its 25-year history and higher than the previous year’s figure. One major case may see a dispute value of up to US$145.2 million, with an average of US$2.2 million. In addition, disputes involving foreign direct investment firms account for a large proportion and are on the rise. According to Vu Anh Duong, vice president and general secretary of the VIAC, one of the reasons for the record high number of disputes at the center is the vibrant activity of the Vietnamese economy, with significant business cooperation and investments. … [Read more...] about Trade disputes on the rise in Vietnam
Vietnam international arbitration center
Vietnam elected member of UN Commission on International Trade Law
The Hanoitimes - Gaining 157 out of 193 votes, Vietnam has become a member of the commission for the 2019-2025 term. Vietnam, for the first time, has been voted for the membership of the United Nations Commission on International Trade Law (UNCITRAL) thanks to its economic development records. Illustrative photo Established by the United Nations General Assembly in 1966, UNCITRAL prepares and promotes the use and adoption of legislative and non-legislative instruments in a number of key areas of commercial law. That the commission attaches the importance of an improved legal framework for the facilitation of international trade and investment is widely acknowledged in the context of the increasingly economically interdependent world. Economic development supported Vietnam’s membership is largely attributed to its achievements in trade, investment, foreign direct investment (FDI) attraction, the country’s commitments and … [Read more...] about Vietnam elected member of UN Commission on International Trade Law
Concerns for Vietnam amid rising Chinese investment inflow
The Hanoitimes - Experts said that the government and domestic firms must take actions against Chinese firms, which ship their unfinished products to Vietnam and then export them to the US through a Vietnam-based firm as an intermediary to avoid tariffs. Indirect investment from China to Vietnam is surging sharply, causing concerns as Chinese companies could use the local peers as intermediaries to avoid tariffs imposed by the US. Steel produced in Vietnam using Chinese-origin materials has been imposed tariffs Reports from the Ministry of Planning and Investment’s Foreign Investment Agency showed that Chinese investors made 922 deals worth US$500 million in capital contribution or share acquisition of Vietnamese firms in the first eleven months of 2018. Besides China, indirect investment inflow of Hong Kong and Taiwanese investors to Vietnam also poured sharply in the period, with 105 deals worth US$220 million of Hong Kong investors and 460 deals worth more than … [Read more...] about Concerns for Vietnam amid rising Chinese investment inflow
Vietnam faces high risk of Chinese products bearing made-in-Vietnam labels
Vietnam faces high risk of Chinese products bearing made-in-Vietnam labelsBy Minh Tam Wooden furniture on display at an exhibition in HCMC - PHOTO: MINH TAM HCMC – Vietnam may face United States tariffs on its products if Chinese goods shipments are allowed to enter the country to disguise their origin due to the ongoing U.S.-China trade conflict, economic experts warned at a seminar today, October 24. Under the theme “The U.S.-China trade war: Prospects and risks for Vietnamese import-export enterprises,” the seminar was co-organized by the Vietnam International Arbitration Center (VIAC) and the HCMC International Integration Support Center in HCMC to highlight a series of risks, opportunities and suggestions for local authorities and enterprises. Speaking at the seminar, Nguyen Xuan Thanh from Fulbright University Vietnam said Vietnam was currently the only among the United States’ five major goods exporters to have yet to incur a tariff imposition … [Read more...] about Vietnam faces high risk of Chinese products bearing made-in-Vietnam labels
Vietnam’s special administrative and economic zones, a close look
The National Assembly (NA) said last week it would not consider a bill on the special administrative and economic zones (SAEZs) of Van Don, North Van Phong, and Phu Quoc in October as previously scheduled. It said the bill needs further consultation with the public, organizations, experts and scientists, and can be taken up at later. The establishment of these special economic zones reflects the government’s determination to attract new domestic and foreign investment. The following are the key points in the draft Law on SAEZs: Investment in special economic zones With respect to special economic zones, the Government has prioritized different areas for development in each zone. In Van Don, the priority areas are technology, supporting industries, tourism and culture, airports, seaports, and trade. In North Van Phong, they include information technology, electronics, precision engineering, seaports, hotels, tourism, business–finance. In Phu Quoc, the priorities are travel, … [Read more...] about Vietnam’s special administrative and economic zones, a close look