Business

APEC arbitration centre debuts office in Da Nang

The APEC Vietnam International Commercial Arbitration Centre has opened a branch in the central city to promote commercial arbitration and mediation services for businesses and investors involved in dispute settlement in central Vietnam.

The opening ceremony of the APEC Vietnam International Commercial Arbitration Centre office in Da Nang. (Photo courtesy of Da Nang Start-up Innovation Centre)
The opening ceremony of the APEC Vietnam International Commercial Arbitration Centre office in Da Nang. (Photo courtesy of Da Nang Start-up Innovation Centre)

Da Nang (VNS/VNA) - Da Nang has taken another step towards becoming a regional financial and legal hub with the launch of the APEC Vietnam International Commercial Arbitration Centre’s branch in the city, aiming to give businesses and investors faster, more transparent options for resolving disputes.

The APEC Vietnam International Commercial Arbitration (VICA) Centre has introduced its branch centre in the central city to promote commercial arbitration and mediation support activities for businesses and investors with dispute settlement in central Vietnam.

Director of the city’s Department of Science and Technology Nguyen Thanh Hong said the establishment of the centre plays an important role in fulfilling the city’s legal ecological system and leading to the founding of an International Finance Centre (IFC) in Da Nang.

Chairman and General Director of the APEC VICA Da Nang branch Do Van Chuoc said the centre will boost cooperation with the on-building IFC and expand activities in Da Nang and neighbouring provinces and cities in central Vietnam.

It is a positive step in providing legal settlement for trade and intellectual property disputes as well as improving transparency and publicity, and building trust among global investors, he said.

Da Nang has been seeking cooperation from partners in Europe, the UK, Switzerland, the UAE and the US in building the first ever IFC, including international finance human resources education and training.

The city, which has been designed as a hub for green finance, financial technology and digital services, is planning a 9.7ha site to develop 33 fintech services and an additional land fund of 62ha for the IFC's infrastructure development to attract investors.

A series of Memorandums of Understanding were signed on educational cooperation and developing Da Nang's IFC between partners including Makara Capital, Newtechco Group, Deutsche Bank Vietnam, United Oversea Bank, JP Morgan Chase, Terne Holdings, TMC Academy Singapore, Yuan Ze University in Taiwan, the Institute of Chartered Accountants in England and Wales and the Vietnam Blockchain Association./.

VNA
#APEC Vietnam International Commercial Arbitration Centre Da Nang #dispute settlement in central Vietnam Da Nang
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