Da Nang has the first International Commercial Arbitration Center

On the morning of November 18, in Da Nang City, the APEC Vietnam International Commercial Arbitration Center held the launching ceremony of the APEC Vietnam International Commercial Arbitration Center, Da Nang Branch.

This is the first Commercial Arbitration Center in Da Nang City, opening a new phase in the journey of promoting commercial arbitration and mediation activities to provide a professional and neutral method of dispute resolution outside of court according to international standards, contributing to the sustainable, fair and pioneering development of the Da Nang International Finance Center.

*Performing the ceremony of putting into operation the APEC Vietnam International Commercial Arbitration Center, Da Nang branch*

Speaking at the program, Mr. Nguyen Thanh Hong, Director of the Department of Science and Technology of Da Nang City, said that in the context of increasingly deep international integration, the Politburo has issued many Resolutions to promote international cooperation and integration. Notably, Resolution 59 on international integration.

In this context, Vietnam in general, and the Vietnamese business community in particular, will have opportunities to cooperate, invest, sign programs, agreements and trade contracts more and more, opening up economic development opportunities for businesses and the country. However, in those opportunities, there will be hidden risks such as disputes, lawsuits and complaints.

Therefore, the establishment of a commercial arbitration center will help the business community have confidence and access to international institutions and laws such as conventions and agreements, to avoid risks, and if risks are encountered, there will be expectations.

For Da Nang City, after the merger, the city has full potential as a miniature Vietnam such as having 2 airports, 2 seaports and 2 road border gates, with all types of transportation such as railway, road, waterway, air all passing through the city. In addition, there is also a high-tech zone, Chu Lai open economic zone and especially, Da Nang has been decided by the Central Government to build an International Financial Center and develop a Free Trade Zone.

“ Da Nang is focusing on adjusting the planning of the new Da Nang City, and at the same time, advising the Government to submit to the National Assembly to amend Resolution 136 of the National Assembly on policy mechanisms for the city to have new, more open mechanisms. Thus, Da Nang will have great potential space,” Mr. Hong informed, adding that in the near future, many investors, financiers, experts, and scientists will come to Da Nang City. This is a great opportunity for Da Nang businesses to cooperate and develop.

“However, in cooperation, there will certainly be risks in trade, contracts, and transactions. Therefore, placing an international commercial arbitration center in Da Nang is very suitable in the current context of Da Nang City in general and the Central region in particular,” said Nguyen Thanh Hong, Director of the Department of Science and Technology of Da Nang City, affirming that the Science and Technology sector is committed to accompanying the Center to support and create trust for the business community, contributing to attracting investors, scientists, and researchers to Da Nang City.

*Director of the Department of Science and Technology of Da Nang City Nguyen Thanh Hong spoke at the program*

The APEC Vietnam International Commercial Arbitration Center, Da Nang Branch, conducts activities to resolve disputes by commercial arbitration and commercial mediation in accordance with the provisions of law. The branch is headed by the Arbitrator, Chairman and Director of the APEC Vietnam International Commercial Arbitration Center, who also holds the position of Branch Head.

The Branch's Board of Directors consists of 1 Director and 6 Deputy Directors; the Advisory Board consists of 5 members.

All members of the Branch's Board of Directors are arbitrators; in addition, members of the Board of Directors and Advisory Board are experts in the fields of justice, economics and finance.

At the program, the APEC Vietnam International Commercial Arbitration Center, Da Nang branch officially introduced 16 Arbitrators and Mediators of the branch, who will directly resolve commercial disputes by commercial arbitration.

On the morning of November 18, the APEC Vietnam International Commercial Arbitration Center launched its Da Nang branch, contributing to the completion of Da Nang's legal and business ecosystem, providing a neutral, transparent and professional dispute resolution mechanism. This is a key factor in enhancing investor confidence, especially in the context of Da Nang positioning itself as an international financial center.

Source: https://congthuong.vn/da-nang-co-trung-tam-trong-tai-thuong-mai-quoc-te-dau-tien-430935.html