On the afternoon of July 26, 2024, in Kuala Lumpur, Malaysia, within the framework of the Asia ADR Summit 2024, themed "Beyond Boundaries: Asia’s Rise in Global Dispute Resolution," a cooperation agreement was signed between the Vietnam Trade Arbitration Center (“VTA”) and the India International Arbitration Centre (“IIAC”).

IIAC was established by an Act of Parliament, the India International Arbitration Centre Act, 2019. The objective of IIAC is to develop into a leading institution for dispute resolution through arbitration and other alternative dispute resolution methods, both domestically and internationally.

VTA is an organization responsible for coordinating the resolution of business disputes through regulated arbitration, established under the Vietnam Commercial Arbitration Law of 2010. The mission of VTA is to "Provide a reputable and effective mechanism for resolving commercial disputes, with respect, legal standards, and responsibility toward merchants and society."

The signing ceremony was attended by Mr. Hemant Gupta, Chairman of IIAC (former Justice of the Supreme Court of India), and Mr. Phạm Xuân Sang, Chairman of VTA, with the presence of the Chairman of the Asia Alternative Dispute Resolution (ADR) Institute and ADR experts from Asia, Europe, and Australia.

Ms. Đặng Diệu Phương, Director of External Relations of VTA, and Mr. Vinay Kumar Sanduja, Secretary-General of IIAC, jointly signed the cooperation agreement between VTA and IIAC.

The purpose of this cooperation agreement is to jointly strive to promote, develop, and explore alternative dispute resolution (ADR) methods in arbitration and mediation, based on equality and mutual benefit in Vietnam, India, and other Asian countries. It aims to support, cooperate, and assist each other in the Arbitration and Alternative Dispute Resolution Forum, and to jointly promote the international ADR Forum, expand each other’s influence in the international ADR Forum, and further improve the global economic and trade environment.

Following the signing of the cooperation agreement, on July 27, 2024, VTA representatives will continue to participate in the Asia ADR Summit 2024. On the sidelines of the Summit, the Chairman of VTA will hold meetings and exchanges with representatives from arbitration centers in China, Hong Kong, Malaysia, Dubai, Kazakhstan, and Cambodia.

To learn more about VTA, please visit vtac.vn.

-VTA-

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.