Mr. Vu Tien Loc has passed away.

Mr. Vu Tien Loc, Chairman of the Vietnam International Arbitration Center and former Chairman of VCCI, passed away suddenly at the age of 64 on the morning of August 5th.

Source of PV It has been confirmed that Mr. Vu Tien Loc passed away at 5:00 AM this morning. Mr. Vu Tien Loc was born in 1960 in Thai Binh province. He held a PhD in economics, a Senior Certificate in Political Theory, and had taught at numerous universities both domestically and internationally.

Mr. Loc is currently the Chairman of the Vietnam International Arbitration Center (VIAC). He has also been a Member of Parliament from the 11th to the 15th terms; and a member of the Economic Committee from the 12th term to the present.

Prior to that, Mr. Loc served as Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) for 18 years, from 2003 to 2021.

Mr. Vu Tien Loc speaking in the National Assembly, June 2022. Photo: National Assembly Press Center.

Mr. Vu Tien Loc left many significant marks on the parliamentary arena and the development of the business community. In 2004, he, along with business associations, proposed to the Prime Minister that October 13th be designated as Vietnamese Entrepreneurs' Day. He also initiated and proposed to the 13th National Assembly the inclusion of the role of businesses and entrepreneurs in the Constitution.

He also proposed formalizing the household business model in the Enterprise Law during his time as Chairman of VCCI. This would help increase transparency and competitiveness of the economic sector, which contributes up to 30% of GDP to the economy.

Furthermore, under Mr. Loc's leadership, VCCI implemented numerous programs to support the development of small and medium-sized enterprises (SMEs) and national startups. During this period, the organization representing the business community also researched and published rankings of the Provincial Competitiveness Index (PCI) and the Corporate Sustainability Index (CSI).

He also regularly chairs numerous forums, policy dialogues between the Government and businesses, and major business summits and forums in Vietnam and abroad. He chaired the APEC CEO Summit in 2006 and 2017; and founded and managed the annual Vietnam Business Summit (VBS) for many years.

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