Vietnam Reports 1,500 Trade Disputes Annually

Vietnam is estimated to deal with around 1,500 trade disputes each year, said Vu Anh Duong, Vice General Secretary of the Vietnam International Arbitration Center (VIAC) at an international workshop on trade arbiter law held in Hanoi Sept 29.

 

Up to 80 per cent of the sum relate to foreign partners with disputes in sales contracts, IT, construction, distribution and business cooperation, Mr Duong added.

 

However, 2.5 per cent of the disputes are sent to the VIAC, the official said, explaining that local enterprises are more familiar with settling the disputes at courts instead of trade arbiters.

 

The workshop co-organized by the Vietnam Barristers’ Association (VBA) and the United Nations Development Fund drew attention of nearly 100 international experts from the U.S., the U.K., Singapore and representatives from local bodies to give recommendations and share experiences to an arbiters’ bill currently being drafted, in an effort to improve arbiters’ positions in resolving trade disputes in Vietnam.

 

Speaking at the workshop, Head of the central province of Khanh Hoa lawyers delegation, Nguyen Dinh Tho, highlighted the urgency to meet demand for solving economic disputes through arbiters.

 

The replacement of the existing Ordinance on Trade Arbiters by an Arbiters Law will contribute to completing the Vietnamese legal system to meet international standards and comparing it with those in other countries around, particularly that of Hong Kong and Singapore as its models, he added. (VNA, Life & Law)