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 arbitration and mediation.
VIAC is an independent and non-profit organisation. The objective of VIAC is to promote the dispute resolution method of arbitration or alternative dispute resolutions (ADR). VIAC has a strong desire of building up an objective, impartial and reliable method of dispute resolution which also ensures the effectiveness and convenience. VIAC has been considering as a reputable arbitration institute in Vietnam and gains much of reliance of domestic and international business communities. The organisation has about 170 arbitrators and 50 mediators. -VNA
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