Vietnam International Commercial Mediation Centre (VICMC) – the first of its kind licensed by the Ministry of Justice – was officially launched on June 7, bringing a time-saving and cost-effective approach to commercial disputes settlement to businesses. Nguyen Hung Quang, president of VICMC “The mission and vision of VICMC is to build up professionalism and implement non-profit activities in accordance with the principles and the goals of the Vietnam Society of International Law (VSIL) and VICMC,” said Nguyen Hung Quang, president of the VICMC. “The VICMC will help businesses save cost and time during dispute settlement. At present, a commercial dispute settlement at court takes businesses about 250 days, while that carried out at the VICMC is around one to seven days. VICMC will also keep confidential all the issues related to commercial disputes for the involved,” he told VIR. Currently, Vietnam has some arbitration centres offering … [Read more...] about First Vietnam International Commercial Mediation Centre opens
International arbitration centre
At the workshop (Source: thuonghieuvaphapluat.vn) HCM City (VNA) – The Vietnam International Arbitration Centre (VIAC) received 180 disputes in 2018, with total dispute value amounting to 9.4 trillion VND (404.2 million USD), heard a workshop in Ho Chi Minh City on January 11. Statistics show that the concerned parties hailed from 60 countries worldwide and 50 Vietnamese cities and provinces. It took the centre about 150 days to address each case. Only one percent of the VIAC’s rulings were abrogated over the past five years. VIAC Permanent Vice President and Secretary General Vu Anh Duong said the disputes covered different sectors such as trade, investment and services. The centre is working on online procedural steps, while striving to improve its operational quality and human resources, towards transparent and effective dispute settlement. Chau Viet Bac, VIAC Deputy Director in HCM City, stressed the need for businesses to understand the role of commercial … [Read more...] about Vietnam Int’l Arbitration Centre receives 180 disputes in 2018
Experts say arbitration is good for resolving disputes related to mergers and acquisitions at a conference held in HCM City on December 20. — VNA/VNS Photo Việt DũngViet Nam News HCM CITY — Vietnamese and foreign firms are increasingly resorting to arbitration for settling disputes related to mergers and acquisitions, experts told a conference in HCM City on December 20. Lawyer Đặng Xuân Hợp, an arbiter from the Việt Nam International Arbitration Centre (VIAC), said alternative dispute resolution (ADR) is being used more and more. Arbitration offers great convenience, speed and affordability, and is highly enforceable, he said, adding that the quality of ADR is also on the rise and the Vietnamese Government has been supporting it. Phan Trọng Đạt, deputy general secretary of VIAC, said 92 per cent of foreign companies -- polled in a survey by the Việt Nam Chamber of Commerce and USAID -- do not prioritise … [Read more...] about MA dispute arbitration key: experts
As many as 40 percent of foreign direct investment (FDI) enterprises choose to use commercial arbitration in cases of disputes, rather than going to court, said Phan Trong Dat, Deputy Secretary General of the Vietnam International Arbitration Centre (VIAC). An overview of the seminar on commercial arbitration - Source: VNA Speaking at a seminar, entitled, “Commercial Arbitration – Increasing Confidence in Foreign Direct Investment,” held recently in Hanoi, Dat said the FDI firms chose commercial arbitration for resolving disputes because of its effectiveness, and due to its helping them save time and costs. Meanwhile, court proceedings to settle disputes failed to meet FDI requirements when many of the judgments were unfair, causing lengthy disputes and considerable expenses for enterprises. Theo VNA … [Read more...] about FDI firms prefer commercial dispute arbitration
Lawyers Luong Van Trung from the Vietnam International Arbitration Centre and Tran Thi Anh Tho from Lexcomm Vietnam LLC discuss whether Thai Beverage has the right to be on Sabeco’s The two layers weigh in their opinion about the Sabeco-Thai Beverage conflict A case that may affect Vietnam’s reputation on global markets On April 23, Sabeco will hold its extraordinary general shareholders’ meeting, less than six months after it held the share auction that saw Thai Beverage as the only buyer. According to Vietnamese laws and Sabeco’s charter, a shareholder with more than 5 per cent of the stake must hold the shares for six consecutive months or more before they are entitled to appoint nominees to the board. In this case, as Thai Beverage only acquired 53.59 per cent of Sabeco’s shares last December, technically speaking, the Thai investor has not had the right to appoint and vote its representative to be on Sabeco’s board yet. But should … [Read more...] about Lawyer-talk: can and should Thai Beverage gain control of Sabeco now?