Creating a mechanism to attract foreign investment into the International Financial Center in Vietnam

Chief Justice of the Supreme People's Court Nguyen Van Quang presents the Report. *Photo: quochoi.vn*

The development of a specialized Court Law at the International Financial Center is essential. This Court has a suitable organizational structure; flexible, effective, transparent, and trustworthy litigation procedures; a team of professional, internationally prestigious judges to meet the requirements for resolving arising cases, meeting the requirements for building and operating the International Financial Center; contributing to attracting foreign investment into the International Financial Center; building a transparent and stable investment environment, enhancing investor confidence, meeting the requirements for national development in the new era.

The Draft Law consists of 5 chapters with 43 articles, in which the jurisdiction of the Specialized Court (Article 12) clearly stipulates that the Specialized Court has the jurisdiction to resolve the following cases, except for cases related to public interests and State interests.

Specifically, investment and business cases between members of the International Financial Center or between members of the International Financial Center and other agencies, organizations and individuals;

National Assembly delegates attend the afternoon session on December 4 at the hall. *Photo: quochoi.vn*

Request for recognition and enforcement in Vietnam of foreign court judgments and decisions, foreign arbitration awards resolving disputes between members of the International Financial Center or between members of the International Financial Center and other agencies, organizations and individuals that are not members of the International Financial Center;

Requests related to the Arbitration to resolve disputes between members of the International Financial Center with each other or between members of the International Financial Center and other agencies, organizations or individuals that are not members of the International Financial Center according to the provisions of law on commercial arbitration;

Other cases related to investment and business activities at the International Financial Center in which at least one party is a member of the International Financial Center as prescribed by the Supreme People's Court.

According to Chief Justice of the Supreme People's Court Nguyen Van Quang, the construction of the draft Law on Specialized Courts at the International Financial Center must thoroughly grasp the following guiding viewpoints.

Specifically, strictly implement the Party's leadership on institutionalizing policies, guidelines, and viewpoints on the construction and operation of the International Financial Center in general and the Specialized Court at the International Financial Center in particular. At the same time, ensure the maintenance of national sovereignty in the judicial field; harmonize the interests of the country and investors; limit major changes in the legal system. In particular, refer to and selectively absorb the experiences of countries around the world that are suitable to Vietnam's conditions in order to create specific and outstanding policies for the Specialized Court, assess domestic and regional conditions, and promptly propose the establishment of a Specialized Court to synchronously implement the construction of the International Financial Center in Vietnam.

“In particular, it is necessary to ensure feasibility, have a roadmap and appropriate steps in establishing a specialized court at the international financial center in accordance with the country's socio-economic conditions and situation,” said Mr. Nguyen Van Quang.

Chairman of the National Assembly's Committee on Justice and Law Hoang Thanh Tung presents the inspection report. Photo: Quochoi.vn

Presenting the review report, Chairman of the National Assembly's Committee on Justice and Law Hoang Thanh Tung said that the Committee agreed with the provisions of the draft Law on the establishment of a specialized court located in Ho Chi Minh City. Along with that are the principles of organization and operation of the Court; the organizational structure of the Court including the Court of First Instance, the Court of Appeal and the supporting apparatus; regulations on Judges and Secretaries of the specialized Court; on the jurisdiction of the Court and the language and writing used before the specialized Court; reasonable fees for lawyers and other relevant regulations.

The Committee also basically agrees with the provisions in Clause 3, Article 5 on the exclusion of the application of foreign laws and international commercial practices in cases where the consequences of their application are contrary to the public order of Vietnam. The use of the concept of “public order” instead of “fundamental principles of Vietnamese law” in this case is necessary to conform to international practice.

However, as this is a new concept, the Committee recommends that the Supreme People's Court supplement the provisions explaining this term; at the same time, consider the default provision at the end of Clause 3 "in this case, Vietnamese law is applied" because it is not really consistent with the conflict of laws rule currently prescribed in Clause 2, Article 5.

Source: https://hanoimoi.vn/tao-co-che-thu-hut-du-tu-nuoc-ngoai-vao-trung-tam-tai-chinh-quoc-te-tai-viet-nam-725647.html