The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, signed in New York on June 10, 1958 ("1958 New York Convention"), officially came into force on June 7, 1959. The purpose of the 1958 New York Convention is to create uniform legal standards for the recognition of arbitration agreements and the recognition and enforcement of foreign arbitral awards.

Under this Convention, member states are prohibited from discriminating against foreign arbitral awards and are obligated to ensure that foreign arbitral awards are recognized and enforceable in the same manner as domestic arbitral awards.

Additionally, the 1958 New York Convention requires the courts of member states to give full effect to arbitration agreements by refusing to adjudicate disputes in cases where the parties have entered into an arbitration agreement.

On July 28, 1995, the President of the Socialist Republic of Vietnam signed Decision No. 453/QĐ-CTN regarding Vietnam's accession to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

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.