Vietnam can become an international arbitration center in the region.

On November 15, the first conference of the Permanent Court of Arbitration of Vietnam was held in Vietnam, co-organized by the Ministry of Foreign Affairs of Vietnam, the Permanent Court of Arbitration (PCA) and the Vietnam Society of International Law.

Speaking at the discussion session, Mr. Nguyen Van Hue - Head of the Law Research, Development and Dissemination Board, Vietnam Lawyers Association, standing member of the Editorial Board of the Proposal to develop the revised Law on Commercial Arbitration, made some assessments on the development prospects of commercial arbitration in Vietnam.

Accordingly, this expert said, 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, there were 108 countries and territories investing in Vietnam.

Besides, Vietnam is currently in the process of deep integration into the global economy with its accession to the WTO since 2006 and dozens of free trade agreements, especially new generation free trade agreements such as CPTPP and RCEP.

As for the method of dispute resolution by arbitration, this is currently a popular trend. The need to use commercial arbitration is also expanding in many different fields.

Event - Vietnam can become an international arbitration center in the region — Mr. Nguyen Van Hue - Member of the Central Standing Committee of the Association, Head of the Department of 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 changed positively. This has been promoted and clearly reflected through the fact that many foreign law firms, lawyers, and arbitrators have come to Vietnam, notably the Permanent Court of Arbitration (PCA) has officially opened a representative office in Hanoi (November 2022).

The emergence of these positive factors is the driving force and impetus for Vietnam to make efforts to develop arbitration institutions.

Assessing the openness of the legal system, Mr. Nguyen Van Hue acknowledged that Vietnam has an open policy, with high adaptability and is currently advocating the development of arbitration activities.

Currently, the Law on Commercial Arbitration 2010 is in the process of building a dossier for amendments with the goal of building a commercial arbitration institution that meets the country's new development needs; thereby helping the commercial arbitration method operate more effectively; reaching the maximum international standards.

“We have reason to be optimistic that Vietnam can 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 hope .

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