On November 15th, the first Conference of the Permanent Court of Arbitration of Vietnam was held in Vietnam, co-organized by the Vietnamese Ministry of Foreign Affairs , the Permanent Court of Arbitration (PCA), and the Vietnam Association of International Law.
Speaking at the discussion session, Mr. Nguyen Van Hue - Head of the Research, Development and Dissemination of Law Committee of the Vietnam Lawyers Association, and permanent member of the Editorial Board for the Proposal to Amend the Commercial Arbitration Law, presented some assessments on the prospects for the development of commercial arbitration in Vietnam.
Accordingly, this expert stated that Vietnam is a destination for businesses from many countries to invest and cooperate in business. Specifically, according to statistics from the Ministry of Planning and Investment , in the first 10 months of 2023, 108 countries and territories had invested in Vietnam.
Furthermore, Vietnam is currently undergoing a process of deep integration into the global economy , having joined the WTO in 2006 and dozens of free trade agreements, especially new-generation free trade agreements such as CPTPP and RCEP.
Regarding arbitration as a method of dispute resolution, it is currently a popular trend. The demand for commercial arbitration is also expanding in many different fields.
Mr. Nguyen Van Hue - Member of the Central Standing Committee of the Association, Head of the Committee for Research, Development and Dissemination of Law, Vietnam Lawyers Association.
In particular, according to Mr. Hue, the awareness and habits of the business community and society regarding commercial arbitration in Vietnam have undergone many positive changes. This has been promoted and clearly reflected through the fact that many foreign law firms, lawyers, and arbitrators have come to Vietnam, most notably the Permanent Court of Arbitration (PCA) officially opening a representative office in Hanoi (November 2022).
The emergence of these positive factors serves as a driving force and impetus for Vietnam to strive to develop its arbitration system.
Assessing the openness of the legal system, Mr. Nguyen Van Hue noted that Vietnam has an open policy, with high adaptability, and is currently advocating for the development of arbitration activities.
Currently, the 2010 Commercial Arbitration Law is undergoing revision with the goal of establishing a commercial arbitration system that meets the country's evolving needs; thereby making commercial arbitration more effective and aligning it with international standards.
“We have reason to be optimistic that Vietnam could become the next international arbitration center in the region. We also very much hope and will strive for this to happen in the near future,” Mr. Nguyen Van Hue expressed his expectations .
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