Perfecting the adjudication mechanism for the International Financial Center

(Chinhphu.vn) - This afternoon (December 5), at the meeting hall, the National Assembly discussed the draft Law on Specialized Courts at the International Finance Center. This is an important draft law aimed at creating a modern legal foundation, in line with international practices, contributing to improving the capacity to resolve disputes and strengthening investor confidence.

Establishment of International Financial Centers in Ho Chi Minh City and Da Nang

Specialized courts must meet international standards and operate according to common law.

Explaining the opinions of the delegates raised at the National Assembly, Chief Justice of the Supreme People's Court Nguyen Van Quang emphasized that the draft Law on Specialized Courts was developed to implement Resolution 222 of the National Assembly on the establishment of International Financial Centers in Ho Chi Minh City and Da Nang .

For a financial center to operate effectively, it must have a dispute resolution mechanism that is reliable, transparent, and meets the expectations of international investors. Specialized courts are an indispensable institution in this structure.

However, Vietnam has no precedent for building a court following the international model, especially the model applying the common law system. This is a core requirement because most financial centers in the world operate on the common law platform. The process of drafting therefore faces many difficulties: limited experience, not much in-depth information, and especially the large gap between common law standards and the current legal system of Vietnam.

The Chief Justice said that the Supreme People's Court has proactively studied the experience of countries with similar models, and at the same time built a draft in the spirit of approaching international standards but still closely following Vietnam's reality. He affirmed that the current draft is only an "initial foundation", which will certainly need to be further improved during the implementation process, but the main principle is to aim for a modern, flexible model that is attractive enough for investors to choose Vietnamese courts instead of courts in Singapore or Dubai when disputes arise.

During the discussion, there were 42 opinions in the group and 7 opinions in the hall, the majority of which assessed the draft as suitable for the orientation, demonstrating the spirit of innovation and having the ability to create a breakthrough for the judicial system in the field of international finance.

Explain key issues of interest to delegates

Chief Justice Nguyen Van Quang explained in depth each group of important issues.

Regarding expanding the source of recruitment for Court Clerks, he said the drafting agency agreed to expand the source of recruitment, not limited to the court staff. However, the long-term goal is to train Clerks to become a source of high-quality judges, meeting the requirements of trial according to common law.

Regarding the authority to resolve disputes, some opinions suggested expanding the authority to disputes that do not arise in financial centers. The Chief Justice affirmed that Resolution 222/2025/QH15 clearly stipulates: The case must have at least one party who is a member of the center. The specialized court is not designed to "compete" with the People's Court system, but to serve the specific characteristics of the financial center. When the model develops, it can be studied for expansion later.

Regarding the organization of the court and the role of the Chief Justice: The Specialized Court conducts both first instance and appeal in one model. Delegates expressed concerns about independence. The Chief Justice explained that the common law system places the independent role of judges and the Chief Justice at a very high position. The Rules of the Specialized Court will specify the mechanism to ensure independence between the levels of trial within the same court.

Regarding the relationship between the Specialized Court and the People's Court system, the Draft Law addresses three main contents: the mechanism for appointing judges and Chief Justices, clearly defining the jurisdiction between the Specialized Court and the Court outside the center, and establishing an independent enforcement mechanism of this court.

Explaining the concept of "public order", the Chief Justice said that due to the dynamic and changing nature of financial centers' operations, introducing a rigid concept into the law could cause limitations. Therefore, the Chief Justice proposed that the Chief Justice of the Supreme People's Court provide guidance in the Code of Conduct, ensuring flexibility and suitability to emerging realities.

Regarding the composition of the Trial Panel and the role of the Procuracy, according to common law practice, whether one or more judges will be in charge of the trial depends on the Chief Justice's decision based on the case file. The involvement of the People's Jury or the Procuracy may reduce the independence that is characteristic of this model. Therefore, the drafting agency proposes to maintain the spirit of common law, avoiding mixing models that lead to difficulties in operation.

Regarding the criteria for selecting foreign judges, the Chief Justice proposed to delegate authority to the Chief Justice of the Supreme People's Court to develop a set of criteria to submit to the President for appointment, ensuring the selection of the right people with international professional standards.

In addition, many other opinions have been recorded by the Supreme People's Court and will continue to coordinate with the reviewing agency to complete them during the editing process.

Concluding the discussion session, Vice Chairman of the National Assembly Nguyen Khac Dinh assessed that the opinions of the National Assembly deputies were straightforward, profound and focused on key issues. The deputies generally agreed with the need to promulgate a Law on Specialized Courts and approved many contents of the draft.

He asked the delegates to send more comments as soon as possible. The National Assembly Standing Committee assigned the Standing Committee of the Law Committee and the Secretary General of the National Assembly to complete the summary report this afternoon and evening, and send it to the delegates and relevant agencies.

According to the program, the draft law will be submitted for approval on the afternoon of December 11. The progress is very urgent, so the Vice Chairman of the National Assembly requested the Supreme People's Court and the review agencies to "work day and night", fully absorb the opinions of delegates and experts, ensuring that the draft submitted to the National Assembly is of the highest quality.

Hai Lien

Source: https://baochinhphu.vn/hoan-thien-co-che-xet-xu-cho-trung-tam-tai-chinh-quoc-te-102251205172447722.htm