The Vietnam Lawyers Association on April 21 inaugurated the Vietnam Lawyers’ Commercial Arbitration Center (VLCAC), a not-for-profit independent non-governmental organization.
The launch of the VLCAC will help satisfy enterprises’ demand for a reliable and effective institution which aims at settling disputes through equal, convenient and prompt arbitration and guaranteeing lawful interests of disputing parties, said Deputy Prime Minister Truong Hoa Binh.
The center should elaborate annual training programs and plans for arbitrators to improve their professional qualifications, legal knowledge and dispute settlement skills in such fields as investment, international trade, finance and banking, Binh suggested.
With 58 arbitrators who are lawyers and specialists having professional qualifications and experience in dispute settlement, the VLCAC upholds free agreement by disputing parties.
Lawyer Nguyen Van Hau, Chairman of the VLCAC and also Vice Chairman of the Ho Chi Minh City Lawyers’ Association, said the center has adequate capacity and competence to settle disputes arising from commercial activities, disputes among parties at least one of which is engaged in commercial activities, and other disputes prescribed by law to be settled by arbitration.
In the coming time, the VLCAC will mobilize enterprises to rely on arbitration in settling their disputes, Hau said.- (VLLF)