This statement was raised at a seminar “Commercial Arbitration - Increasing confidence in foreign direct investment (FDI)” co-organized by the Vietnam International Arbitration Center (VIAC) and the International Court of Arbitration of the International Chamber of Commerce (ICC) in Hanoi recently.

At the seminar

The event offered an opportunity for FDI companies, enterprises doing business with FDI partners, lawyers, and experts to discuss and share knowledge to better understand and more effectively use the commercial arbitration method.

Speakers at the seminar held that Vietnam has been achieving sustained a high economic growth in the region and the world as well, considerably contributed by FDI activities in the country. Thus, in order to prevent FDI losses due to legal risks, commercial arbitration is a top choice for businesses. One of the advantages of the commercial arbitration method is that parties will have the freedom, during the process of arbitration proceedings, to negotiate and reach agreements with each other to resolve their disputes.

VIAC Secretary General Vu Anh Duong underlined that the Vietnamese Government has made efforts to ensure legal benefits and rights for foreign firms operating in Vietnam, viewing their business success as being the success of the government and its policies.

In the coming time, Vietnam should further improve the quality of the institutional and legal system, ensure businesses’ rights to choose suitable means to address disputes, and guarantee the enforcement of judgments of arbitration, he concluded.

Translated by Minh Anh