The Ministry of Justice (MoJ) is working on a draft decree on trade conciliation, the method that has been proved in reality as being more expedient in settling trade-related disputes than arbitration and tribunal.

MoJ in coordination with the US Agency for International Development’s Star Project Office organised a conference in Ho Chi Minh City on July 10 to discuss various aspects of the Decree.

Amid growing number of trade disputes recently, putting the decree into life as soon as possible will enable firms having disputes to settle their thorny problems flexibly and efficiently in a prompt and convenient way.

Conciliation can help businesses wrap up their disputes with win-win outcomes whilst saving their time and costs, said the MoJ’s Department of Judicial Assistance.

Participants at the event, however, pointed to a lack of a system of legal regulations, workforce, expertise and infrastructure to roll out conciliation procedures in reality.

The draft Decree is divided into four chapters detailing scope of trade disputes, conciliators, procedures, information privacy, evidences and fees, among others.-VNA