Approaching international standards, creating a multifaceted arbitration institution in Vietnam

The Vietnam Lawyers Association works with the Secretary General of the Permanent Court of Arbitration. (Photo: Vietnam Lawyers Association)

The Permanent Court of Arbitration (PCA) is an international intergovernmental organization with 121 member states, including Vietnam. The Permanent Court of Arbitration was established under the Convention on the Peaceful Settlement of International Disputes of 1899 and the Convention on the Peaceful Settlement of International Disputes of 1907.

The main task of the Permanent Court of Arbitration is to facilitate the settlement of international disputes between countries and foreign legal entities in the field of international economics and investment by arbitration or other peaceful means. Cooperation between Vietnam and the Permanent Court of Arbitration is increasingly strengthened.

The two sides will promote cooperation to improve the capacity of the arbitrators in Vietnam. (Photo: Vietnam Lawyers Association)

At the meeting, Mr. Nguyen Khanh Ngoc, Chairman of the Vietnam Lawyers Association, said that the potential for cooperation between the two sides is still very large, especially in the context of Vietnam continuing to promote deep international integration and strengthen trade and investment relations with other countries.

According to the President of the Vietnam Lawyers Association, dispute resolution by arbitration is becoming a popular trend in the world . The need to use commercial arbitration is increasingly expanding, not only in the fields of investment and trade but also in many new fields arising from the process of international integration and cooperation.

The Vietnam Lawyers Association is the agency in charge of drafting the Law on Commercial Arbitration, which was passed by the National Assembly in 2010. After nearly 15 years of implementation, the Law on Commercial Arbitration 2010 is currently being drafted for amendments and supplements, aiming to perfect the commercial arbitration institution to meet the development requirements of Vietnam in the new period.

Therefore, the Vietnam Lawyers Association wishes to continue to strengthen close cooperation with the Permanent Court of Arbitration in the process of amending and supplementing the Law on Commercial Arbitration. The President of the Vietnam Lawyers Association believes that the support and sharing of international experience from the Permanent Court of Arbitration will help Vietnam access international standards, thereby further perfecting the legal framework and improving the effectiveness of commercial arbitration methods, contributing to the creation of a modern, multifaceted arbitration institution.

In addition, the two sides can also cooperate in training and capacity building for the team of Arbitrators in Vietnam, through organizing training courses, seminars, and expert exchanges.

Ha Nhung

Source: https://nhandan.vn/tiep-can-cac-chuan-muc-quoc-te-tao-lap-the-che-trong-tai-da-dien-tai-viet-nam-post924026.html