Parliament passed the Law on Specialized Courts in International Financial Centers.

On the morning of December 11th, under the chairmanship of National Assembly Chairman Tran Thanh Man and the direction of National Assembly Vice Chairman Nguyen Duc Hai, the National Assembly passed the Law on Specialized Courts in International Financial Centres with 438 out of 444 attending National Assembly deputies voting in favor, achieving a rate of 98.64%.

Deputy Speaker of the National Assembly Nguyen Duc Hai presides over the session. Photo: Pham Thang

The law comprises 5 chapters and 44 articles, regulating the duties and powers; organizational structure; jurisdiction, procedures, and litigation processes; enforcement of judgments and decisions; judges, court clerks, and representatives of the parties; and ensuring the operation of specialized courts in the International Financial Centre.

According to the Law, specialized courts have jurisdiction to resolve the following cases (except those related to public interest or state interest): cases concerning investment and business between members of the International Financial Centre or between members of the International Financial Centre and other organizations or individuals that are not members of the International Financial Centre; requests for recognition and enforcement in Vietnam of judgments and decisions of foreign courts, and awards of foreign arbitration tribunals resolving disputes between members of the International Financial Centre or between members of the International Financial Centre and other organizations or individuals that are not members of the International Financial Centre...

The National Assembly votes to pass the Law on Specialized Courts at the International Financial Centre. Photo: Pham Thang.

Foreign judges must meet the following standards and conditions: they must have been or currently be foreign judges; they must be reputable lawyers or experts with good moral character, relevant professional knowledge, and a thorough understanding of investment and business law; they must have at least 10 years of experience in adjudicating and resolving cases related to investment and business activities; they must have sufficient English language skills to adjudicate and resolve cases in specialized courts; and they must not be over 75 years old and have the health to fulfill their assigned duties.

The appointment of Vietnamese judges also requires meeting several conditions, such as having at least 10 years of experience in adjudicating and resolving cases related to investment and business activities; possessing English language proficiency to adjudicate and resolve cases in specialized courts; being no older than 75 years of age; and having the health to fulfill assigned duties.

Delegates attending the session. Photo: Quang Khánh

The law comes into force from January 1, 2026.

Source: https://daibieunhandan.vn/quoc-hoi-thong-qua-luat-toa-an-chuyen-biet-tai-trung-tam-tai-chinh-quoc-te-10400148.html