Establish a specialized court for the International Financial Center.

Thiết lập tòa án chuyên biệt cho Trung tâm tài chính quốc tế- Ảnh 1. — Chief Justice of the Supreme People's Court Nguyen Van Quang

The Law on Specialized Courts in the International Financial Centre will come into effect on January 1, 2026. This law applies to specialized courts, members of the International Financial Centre, investors, agencies, organizations, and individuals involved in resolving cases falling under the jurisdiction of the specialized courts.

The specialized court at the International Financial Centre is a court within the People's Court system, organized and operating in accordance with the provisions of this Law, with jurisdiction to hear and resolve cases at the International Financial Centre.

The law clearly stipulates the establishment of a specialized court located in Ho Chi Minh City.

The organizational structure of a specialized court includes: a first-instance court; an appellate court; and supporting staff. A specialized court has a chief judge, deputy chief judge, chief of court, deputy chief of court, judges, court clerk, other officials, and employees.

Specifically, the chief judge and deputy chief judge of specialized courts are appointed, dismissed, and removed from office by the Chief Justice of the Supreme People's Court.

The term of office for the chief judge and deputy chief judge is 5 years from the date of appointment. The chief judge and deputy chief judge of a specialized court are selected and appointed from among the judges of that specialized court.

Regarding regulations concerning judges, the Law clearly states that judges of specialized courts may be foreigners or Vietnamese citizens.

Foreign judges must meet several standards and conditions, such as having been or currently being a foreign judge; being a reputable lawyer or expert with good moral character, relevant professional knowledge, and a thorough understanding of investment and business law; and having at least 10 years of experience in adjudicating and resolving cases related to investment and business activities.

Foreign judges must also have English language proficiency to preside over and resolve cases in specialized courts, and must not be over 75 years old and have the health to ensure they can fulfill their assigned duties.

Judges who are Vietnamese citizens must possess a good reputation, high moral character, relevant professional knowledge, and a thorough understanding of investment and business law; they must also have at least 10 years of experience in adjudicating and resolving cases related to investment and business activities. Specifically, the law clearly states the requirement that they "must have English language proficiency to adjudicate and resolve cases in specialized courts."

Judges are appointed by the President of the Republic on the recommendation of the Chief Justice of the Supreme People's Court, and their term of office is 5 years from the date of appointment.

According to the law, specialized courts have jurisdiction to resolve the following cases, except those involving public interest or state interests: 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 request relates to arbitration for the resolution of 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, as stipulated by the law on commercial arbitration.

Another case involves investment and business activities in an international financial center where at least one party is a member of the international financial center, as stipulated by the Supreme People's Court.

Before the National Assembly proceeded with the vote, Chief Justice of the Supreme People's Court Nguyen Van Quang reported on the revisions and amendments to the draft Law on Specialized Courts at the International Finance Centre.

Chief Justice of the Supreme People's Court Nguyen Van Quang emphasized that the draft Law on Specialized Courts in International Financial Centers is a new, complex draft law, and the first of its kind to be considered and passed by the National Assembly, based on the Party's viewpoints and policies, and Resolution No. 222/2025/QH15 of the National Assembly on the establishment of an International Financial Center in Vietnam.

To date, National Assembly delegates have generally agreed on the necessity of enacting the Law and its contents. At the same time, many heartfelt and responsible suggestions have been made, reflecting a groundbreaking approach to lawmaking to create a legal foundation for national development in the new era. These suggestions include many unique and superior provisions compared to current laws, applying principles and regulations of the common law legal system, and aligning with Vietnamese realities and international investment and business legal norms, practices, and customs.

In response to the opinions of National Assembly deputies regarding ensuring resources for the operation of specialized courts, the drafting agency proposes that the National Assembly allow the mobilization of other resources, outside the budget, to ensure the organization and operation of specialized courts, in addition to resources from the central and local budgets (Article 42).

Thu Giang

Source: https://baochinhphu.vn/thiet-lap-toa-an-chuyen-biet-cho-trung-tam-tai-chinh-quoc-te-102251211140629221.htm