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Vietnam boosts legal framework for commercial mediation

Vietnam has stepped up efforts to address any disputes via commercial mediation over the past years and pledged to promote a legal framework for this field, heard a workshop in Ho Chi Minh City on March 7.
Vietnam boosts legal framework for commercial mediation ảnh 1At the workshop (Photo VNA)

HCM City (VNA) – Vietnam has stepped upefforts to address any disputes via commercial mediation over the past yearsand pledged to promote a legal framework for this field, heard a workshop in HoChi Minh City on March 7.

The workshop on Vietnam’s existing legalframework for commercial mediation and lessons learnt from international bestpractices was jointly organised by the International Finance Cooperation (IFC)of the World Bank Group and the Vietnam International Arbitration Centre(VIAC).

According to Nina Mocheva, a senior financialexpert from the World Bank Group’s Finance, Competitiveness & InnovationGlobal Practice, more Vietnamese partners, including organisations, individualsand State management agencies made commitments to promote the settlement ofcommercial disputes based on legal regulations.

In recent years, commercial medication has beengradually legalised in Vietnam, she said.

The Southeast Asian country has worked outmeasures to improve the legal institution and encourage involved parties toresolve disputes via commercial mediation to maintain their trade relations.

Vice Chairman of the VIAC Vu Xuan Phong saidtrade and investment activities have been developing in Vietnam. The number ofcommercial disputes has been on the rise. Therefore, it is necessary to have effectivecommercial mediation solutions based on legal regulations, he added.

On February 24, the Vietnamese Government issuedDecree No.22/2017/ND-CP on commercial mediation, which dispute resolutionthrough commercial mediation must ensure that parties voluntarily participatein the mediation process and on equal grounds regarding rights and obligations.-VNA
VNA
#Vietnam #address disputes #commercial mediation #legal framework #International Finance Cooperation (IFC) #World Bank Group #Vietnam International Arbitration Centre (VIAC) #World Bank Group’s Finance #Competitiveness & Innovation Global Practice #legal regulations #Vietnamplus #Vietnam News Agency
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