The workshop on Vietnam’s existing legal framework for commercial mediation and lessons learnt from international best practices was jointly organised by the International Finance Cooperation (IFC) of the World Bank Group and the Vietnam International Arbitration Centre (VIAC).
According to Nina Mocheva, a senior financial expert from the World Bank Group’s Finance, Competitiveness & Innovation Global Practice, more Vietnamese partners, including organisations, individuals and State management agencies made commitments to promote the settlement of commercial disputes based on legal regulations.
In recent years, commercial medication has been gradually legalised in Vietnam, she said.
The Southeast Asian country has worked out measures to improve the legal institution and encourage involved parties to resolve disputes via commercial mediation to maintain their trade relations.
Vice Chairman of the VIAC Vu Xuan Phong said trade and investment activities have been developing in Vietnam. The number of commercial disputes has been on the rise. Therefore, it is necessary to have effective commercial mediation solutions based on legal regulations, he added.
On February 24, the Vietnamese Government issued Decree No.22/2017/ND-CP on commercial mediation, which dispute resolution through commercial mediation must ensure that parties voluntarily participate in the mediation process and on equal grounds regarding rights and obligations.