Update knowledge on dispute resolution by commercial arbitration for businesses

Attending the conference were Ms. Phan Thi Hoan - Member of the Provincial Party Executive Committee, Secretary of the Provincial Business Bloc Party Committee and comrades in the Standing Committee of the Bloc Party Committee.

Also attending were representatives of provincial departments and branches, members of the Inspection Committee and nearly 200 representatives of grassroots Party committees, leaders and legal officers of enterprises; and local law offices.

Speaking at the opening of the conference, representativeProvincial Business Bloc Party CommitteeHighlighting the need to supplement knowledge and legal regulations on dispute resolution mechanisms by commercial arbitration as our country increasingly integrates deeply into the international economy.

In Nghe An, with an increasingly open investment attraction policy, the province is attracting many FDI projects to do business, so the risk of businesses facing international trade disputes or disputes with foreign elements is increasing... Litigation and disputes are something that no business wants, but businesses need to be proactive and ready to choose a solution.

Next, the conference was introduced by Dr. Tran Minh Son - Member of the Management Board, Head of the Office of the Inter-sectoral Legal Support Program (Ministry of Justice), Chairman of the Advisory Board of the Asia-Pacific International Commercial Dispute Arbitration Center, about specific situations regarding internal disputes or intellectual property rights, brand value, etc. that businesses often encounter in practice; Answering questions about the implementation of the law on resolving contract disputes by commercial arbitration; The process of accepting and resolving requests related to commercial arbitration; Commercial arbitration law on arbitration organization and proceedings; Legal system on commercial mediation in Vietnam; Dispute resolution by online arbitration in the field of e-commerce, etc.

In addition to answering practical situations that businesses have suggested, experts also analyze and clarify the advantages and disadvantages of current commercial arbitration dispute resolution.

According to Vietnamese law, when a dispute occurs, there are three ways to resolve it: court, conciliation and arbitration. However, Vietnamese enterprises often choose court, so they have to wait a long time. On the other hand, some arbitration centers are still unprofessional and ineffective; enterprises are still confused when disputes occur, especially when they are resolved by arbitration; currently, thee-commerce transactions developincreasingly diverse but businesses seem not ready…

The Law on Commercial Arbitration was passed by the 12th National Assembly in 2010. After 12 years of implementation, the country has 42 Commercial Arbitration Centers with about 700 arbitrators, including a number of foreign arbitrators; 01 representative office of the Korean Commercial Arbitration Committee registered in Vietnam./.