Development of Commercial Arbitration in Vietnam: Benefits from an Economic and Legal Training Perspective
In September 2024, BritCham Vietnam organized the Loseby Lecture 2024 in Hanoi and Ho Chi Minh City, with the theme "Development of Commercial Arbitration in Vietnam: Benefits from an Economic and Legal Training Perspective." The Loseby Lecture 2024 was delivered by Dr. Dang Xuan Hop, Chairman of Hop Dang’s Chamber. With the permission of the organizers and the author, VTA is honored to present the full text of this inspiring lecture.
Distinguished guests,
First and foremost, please allow me to extend my warmest greetings and best wishes to all of you present today. Thank you for taking the time out of your busy schedules to join me and my colleagues in discussing a topic that is by no means new: the development of commercial arbitration in Vietnam. This is an area we have collectively worked on for many years, both globally and domestically, and one that is thoroughly explored in a substantial body of literature, research, and discussions. And my goal today is modest to share some of my personal reflections on this ongoing endeavour, but from a slightly different angle. I aim to examine the value of commercial arbitration from both economic and legal training perspectives, with the hope that we can uncover new insights, reasons, and motivations to further advance the development of commercial arbitration in Vietnam.
Before delving into the main content of my lecture, I would like to express my sincere gratitude to Dragon Capital and BritCham Vietnam for organizing this event. This is not the first time a Loseby Lecture has been held. Named after a lawyer deeply connected to our nation's history and the revolutionary career of our beloved President Ho Chi Minh, these lectures have been organized by Dragon Capital, BritCham Vietnam for many years, featuring numerous distinguished speakers from both within and outside of Vietnam. I am truly honored to be the speaker for the 2024 Loseby Lecture, and I would like to once again thank Dragon Capital, BritCham Vietnam and all the staff of these organizations for their dedication and support.
In my lecture today, I will address three main points. First, I will provide an overview of commercial arbitration, including its development in Vietnam. Second, I will discuss some of the benefits of commercial arbitration from economic and legal training perspectives. And third, I will offer a few suggestions for us to consider as we work to develop commercial arbitration in Vietnam in the coming years. As I mentioned earlier, the development of commercial arbitration is not a new topic. In Vietnam alone, extensive discussions and numerous documents have covered various issues related to commercial arbitration. These include the need for amendments to the current Commercial Arbitration Law, potential adoption of the UNCITRAL Model Law, standards and training for arbitrators, procedural improvements, time limits, interim measures, enforcement of domestic arbitration awards, and recognition and enforcement of foreign arbitration awards. However, I will not get into these technical details today because you can find them easily in other forums. Instead, my focus will be on the economic benefits of commercial arbitration and their impact on our daily lives, as well as the educational advantages it provides, which are particularly pertinent to your legal practice.
-Dang Xuan Hop-
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VTA’s Model Arbitration Clause: “Mọi tranh chấp phát sinh từ hoặc liên quan đến hợp đồng này sẽ được giải quyết bằng trọng tài tại Trung tâm Trọng tài Thương nhân Việt Nam (VTA) theo Quy tắc tố tụng trọng tài của Trung tâm này”. “Any dispute arising out of or in relation with this contract shall be resolved by arbitration at the Vietnam Traders Arbitration Centre (VTA) in accordance with its Rules of Arbitration”.
The Vietnam Trade Arbitration Center (VTA) is responsible for organizing and coordinating the resolution of business disputes through institutional arbitration, with jurisdiction over disputes including: (i) disputes arising from commercial activities between parties; (ii) disputes involving at least one party engaged in commercial activities; and (iii) disputes as prescribed by law to be resolved by arbitration.