Lawyer Dang Xuan Hop, an arbiter from the Vietnam International Arbitration Centre (VIAC), said alternative dispute resolution (ADR) is being used more and more.
Arbitration offers great convenience, speed and affordability, and is highly enforceable, he said, adding that the quality of ADR is also on the rise and the Vietnamese Government has been supporting it.
Phan Trong Dat, deputy general secretary of VIAC, said 92% of foreign companies -- polled in a survey by the Vietnam Chamber of Commerce and USAID -- do not prioritise using courts to resolve disputes.
Tran Du Lich, vice chairman of the VIAC, said as Vietnam’s merger and acquisition market grows, so do legal risks and disputes, and resolving them through arbitration is highly recommended.
Truong Nhat Quang, managing partner of law firm YKVN, said disputes relates to mergers and acquisitions in Vietnam typically involve issues such as guarantee violations, compensation, price adjustments (whether they were done correctly) and shareholding.
But he said negotiating is preferable to relying solely on arbitration or the courts.
Besides, firms need to watch out for concepts and terminology in mergers and acquisitions deals that may not be covered by Vietnamese laws yet, he warned.
The conference was organised by the VIAC and the Korean Commercial Arbitration Board.