Vietnam strengthens global dispute resolution with new arbitration hub
Vietnam is bolstering its legal infrastructure for international dispute resolution. Permanent Deputy Prime Minister Nguyễn Hòa Bình recently engaged with Dr Marcin Czepelak, Secretary-General of the Permanent Court of Arbitration (PCA), in Hà Nội. The discussions centered around amplifying support for Vietnam’s nascent International Arbitration Centre (IAC).
The meeting underscored Vietnam’s drive to cultivate the IAC, which will function within the International Financial Centre (IFC). The specialized tribunal will adhere to English common law and execute judgments within the IFC. Disputants will enjoy options: mediation, arbitration via the IAC, or litigation before a dedicated court.
The partnership between Vietnam and the PCA will amplify the IAC’s capability and prestige. More hearings in Vietnam and a dedicated PCA office indicate stronger bonds. The center’s inauguration signifies a pivotal stride in the country’s rule-of-law endeavors.
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