ARBITRATION IN VIETNAM IN THE NEXT 10 YEARS: THE FOUNDATIONS TO FLOURISH

In 2007, many businessmen in Vietnam had no idea of what arbitration was, while others seriously lacked confidence in arbitration itself and, in particular, in the enforceability of arbitral awards. Six years later, the situation appears not to look much brighter as it is believed that only 1% of commercial disputes have been settled by arbitration in Vietnam, as revealed in a Conference held by the Vietnam International Arbitration Centre (“VIAC”) in April, 2013.

However, such seemingly gloomy facts cannot override the significant developments in arbitration in Vietnam in recent years. To name a few, a new law on arbitration was implemented in 2010 to bring Vietnam closer to international standards; a Resolution providing guidance by the Supreme People’s Court for arbitration-related case in Vietnam’s courts is in the final phrase of drafting and the number of arbitration cases has been doubled, at times tripled, in comparison with that in 2007.

In particular, Vietnam’s overall efforts in laying the foundation for future progress of arbitration allow legal practitioners to look forward in an optimistic manner. In this paper, these foundations, including (i) international legislation and (ii) legal infrastructure will be introduced in turn to forecast how far arbitration in Vietnam will develop in the next ten years.

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