Even though it's tax-free, no investor would dare leave 1 USD without this

This content was emphasized by Vice Chairwoman of the Law and Justice Committee Nguyen Thi Thuy when discussing the draft Law amending and supplementing a number of articles of the Law on Organization of People's Courts on the morning of May 19.

Regarding the establishment of a specialized court at the International Financial Center, Ms. Thuy said that the Politburo allows the application of the principles of the legal system based on precedents in resolving disputes at this center. However, the draft Law has not yet institutionalized the above content in time.

The female delegate emphasized that a good and complete legal system is a firm commitment of the country that all investment activities will be protected and all disputes will be fairly adjudicated.

Vice Chairwoman of the Committee on Law and Justice Nguyen Thi Thuy (Photo: Hong Phong).

"Without a legal system and a reliable dispute resolution mechanism, no investor would dare to leave behind 1 USD, no matter how committed to 100% tax exemption or how modern the infrastructure is," said Ms. Thuy.

According to her, most successful international financial center models apply a legal system based on precedent, which is very flexible but also very stable, especially with a high level of transparency.

Typically, the International Financial Center in Dubai allows the application of the common law system to resolve disputes and has its own dispute resolution rules, its own courts, completely separate from the Islamic law system...

"This is one of the key factors that makes Dubai Center the No. 1 international financial center in the Middle East, attracting thousands of multinational financial and banking businesses," Ms. Thuy cited.

Chief Justice of the Supreme People's Court Le Minh Tri (Photo: Hong Phong).

In particular, according to the Vice Chairman of the Law and Justice Committee, the human resources for dispute resolution at the International Financial Center require very high quality, training and practice according to international standards. This is to ensure sufficient capacity to resolve and make accurate and quick decisions on disputes between international investors as well as between international investors and State management agencies.

With that argument, Ms. Thuy proposed adding a specialized court under the International Financial Center, in addition to the Supreme People's Court, provincial People's Court, and regional People's Court.

In addition, she said that it is necessary to add the Supreme People's Court's Council of Judges with the additional task of guiding the application of the principles of the common law system as a basis for resolving disputes at the International Financial Center.

Explaining further about this content, Chief Justice of the Supreme People's Court Le Minh Tri said that the competent authority has directed and assigned the Party Committee of the Supreme People's Court to study and urgently develop a project related to the establishment of a specialized court at the International Financial Center.

"This is an urgent requirement of practice, a big and very new issue for us," said Mr. Tri, adding that the Supreme People's Court will accept the principle in the Law on Organization of People's Courts, and assign the National Assembly Standing Committee to decide on the establishment to regulate the scope and territorial jurisdiction of specialized People's Courts.

"We will consider and calculate a plan to train competent and qualified judges to meet the requirements of resolving these disputes," Mr. Tri shared, adding that this is a very new issue, but must be urgently implemented to submit to competent authorities.

Dantri.com.vn

Source: https://dantri.com.vn/xa-hoi/du-mien-thue-khong-nha-dau-tu-nao-dam-de-lai-1-usd-neu-thieu-dieu-nay-20250519122924696.htm