International arbitration would be helpful for businesses in settling trade and investment disputes in the context of Viet Nam integrating rapidly into the global economy. — Photo infonet.vn

HA NOI (Biz Hub) — International arbitration would be helpful for businesses in settling trade and investment disputes in the context of Viet Nam integrating rapidly into the global economy, experts said on July 20.

The Viet Nam International Arbitration Centre (VIAC) and Korean Commercial Arbitration Board (KCAB) jointly held the conference in Ha Noi to promote awareness of international arbitration and its development in the region.

Vu Anh Duong, VIAC's general secretary, said that the centre expected to enhance the capacity of businesses to settle disputes through out-of-court resolutions amid the country's rapid economic integration.

As trade and investment was booming in Viet Nam, with the presence of investors from more than 110 countries and territories in the world, arbitration became an important alternative dispute resolution, experts said.

According to Ji Ho Kim, director of KCAB, with the Viet Nam – Korea Free Trade Agreement officially coming into effect at the end of last year, legal activities should be increased to promote economic development, in which international arbitration is considered an effective solution to this problem.

Phan Trong Dat, deputy general secretary of VIAC, said that with the promulgation of the Law on Commercial Arbitration 2010, the legal framework on arbitration of Viet Nam was moving closer to international standards.

He cited statistics which showed that VIEC handled 146 disputes in 2015, increasing by 18 per cent over the same period last year and up from a mere 6 cases in 1993 when the centre was founded. The disputes were related to a variety of sectors, such as sales, finance, construction and insurance.

Pham Manh Dung, former director of the Ministry of Planning and Investment's Legal Department, said that the legal framework on arbitration, enforcement of judgment and reconciliation should be improved. In addition, regulations on transparency and access to information were needed. — VNS