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Developments in Commercial Arbitration in Vietnam: an Analysis of the Legal Framework and Specific Issues

Le, Net 1,  SHIN CHOONG IL 2

1partner of LNT & Partners
2동아대학교

Accredited

ABSTRACT

The purpose of this paper is to review the current situation of commercial arbitration in Vietnam, as well as the legislative framework and certain key provisions of the relevant laws. Vietnam has made efforts to induce foreign investments since it undertook the Doi Moi policy in 1986, and Korea has made the largest cumulative investment in Vietnam. With the increasing foreign investments, disputes between foreign investors and local partners are also on the rise. Under these circumstances, more foreign investors and legal practitioners are considering commercial arbitration an effective and efficient method to resolve disputes. There are a number of commercial arbitration centers in Vietnam, and 155 cases were handled at Vietnam International Arbitration Center in 2016. As for the legislative framework, the basic law regulating arbitration proceedings in Vietnam is the Law on Commercial Arbitration (54-2010-QH12). This law regulates commercial arbitration competence, arbitration forms, arbitration institutions and arbitrators, arbitration proceedings, rights and obligations of the parties, competence of courts over arbitration, and enforcement of arbitral awards. In 2014, the Supreme People's Court issued the Resolution (01-2014-NQ-HDTP) to guide the implementation of certain provisions of the law. The resolution governs the authorities and proceedings of the court regarding arbitration, as well as registration of ad hoc arbitral awards. The Supreme People's Court also issued the Official Letter (246-TANDTC-KT) to provide guidance with regard to the application of the New York Convention. With respect to the enforcement of arbitral award, the Law on Commercial Arbitration and the Law on Enforcement of Civil Judgments (26-2008-QH12) regulate the enforcement of domestic arbitral awards, while the New York Convention and Code of Civil Procedure (92-2015-QH13) govern the recognition and enforcement of foreign arbitral awards in Vietnam. In addition to the current circumstances and legal framework for arbitration in Vietnam, this paper reviews certain key issues under the Law on Commercial Arbitration, such as arbitration agreements, arbitrators, arbitration proceedings, evidence, remedies, and the jurisdiction of courts with respect to arbitration. It is expected that this paper will help investors considering dispute resolution understand the basic issues with respect to arbitration in Vietnam.

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