An independent non-profit arbitration center has been opened in Vietnam's metro Ho Chi Minh City, aiming to provide an un-biased venue to settle trade disputes in Vietnam. The Pacific International Arbitration Centre (PIAC) will offer alternative dispute resolution services, including mediation and arbitration. It promises an impartial and transparent forum to resolve conflicts objectively. Nguyen Dang Trung, president of the city Bar and PIAC president, said at the opening ceremony that PIAC "will meet regional and global integration needs." … [Read more...] about Non-profit arbitration center debuts in Vietnam
Vietnam international arbitration center
Vietnam int’l arbitration center opens HCMC branch
Vietnam International Arbitration Center (VIAC) based in Hanoi opened a branch in HCMC June 10 to facilitate settlement of commercial disagreements in the southern hub. The VIAC branch is located at the HCMC branch of the Vietnam Chamber of Commerce and Industry (VCCI). VIAC established in 1993 is dependent on the VCCI for both finance and personnel. … [Read more...] about Vietnam int’l arbitration center opens HCMC branch
Vietnam gov’t seeks to restrict cash transactions
Vietnamese people will no longer be allowed to use cash to purchase cars and securities, if a draft decree suggested by the central bank is approved, Tuoi Tre reported on Friday. For other transactions, such as the purchase of real estate and motorbikes, cash payments would be prohibited when in excess of a regulated amount, according to the draft which has been introduced by the State Bank of Vietnam for gathering public opinions. The draft, however, does not specify what the limit would be, as the exact amount needs to be "thoroughly studied" before being discussed on a large scale, said the central bank's Department of Payment, noting that the draft will have to be revised for many times before being submitted to the government. Planned to be submitted to the government for approval this second quarter, and take effect in June at latest, the draft also targets organizations that transfer payments through banks on transactions of assets that require registration, such … [Read more...] about Vietnam gov’t seeks to restrict cash transactions
Tracing history of Vietnam’s commercial dispute resolution system
Thanh Nien Daily 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. In the 1960s, the commercial dispute resolution system consisted of three tiers: the State Economic Arbitration Council, the Foreign Trade Arbitration Committee, and the Maritime Arbitration Committee. The State Economic Arbitration Council, founded in 1960 and funded by the government, and which also appointed its own arbitrators, adjudicated all domestic disputes between state-owned enterprises. … [Read more...] about Tracing history of Vietnam’s commercial dispute resolution system
Vietnam Airlines faces 5.2m-euros in damages
Vietnam Airlines, the country's national flag carrier, may be liable for damages amounting to nearly 5.2 million euros to an Italian lawyer following a lawsuit filed over 10 years ago. Two years ago, on May 2, 2002, Vietnam Airlines received a letter from lawyer Maurizio Liberati from Italy demanding damages of over 4.3 million euros as a result of a petition he filed against the carrier in 1994. In Nov. 1992, Vietnam Airlines signed a contract to appoint Falcomar, an Italian company, to be its agent in Italy . From Sept. 1991 to Dec. 1992, lawyer Maurizio Liberati did several jobs for Falcomar, who was Vietnam Airlines' agent. … [Read more...] about Vietnam Airlines faces 5.2m-euros in damages