VIAC Arbitration Rules 2017 released

Thứ Năm, 23/02/2017, 17:10
PSNews - To settle disputes with foreign individuals or organizations, VIAC 2017 can use teleconference or video-conference with the participation of all involved parties, to save time and money for all.  

The Vietnam International Arbitration Center (VIAC) released the new VIAC Arbitration Rules 2017 on February 22nd, in Hanoi.

This event drew the participation of representatives of state agencies, business associations, law offices and leading enterprises in Vietnam.

Speaking at the event, Mr. Tran Huu Huynh, Chairman of VIAC stated that based on the goal of building a tectonic, developmental, clean-fingered and action-oriented Government to serve the people set by the Prime Minister, VIAC researched, modified and added new articles to the VIAC Rules 2017, contributing to minimizing difficulties during the arbitration process.

Accordingly, the 3 new provisions of the VIAC Rules 2017 are Article 6, Article 15 and Article 37. With these added provisions, the disputes originating from several legal relations can be combined into a single case and solved in a single arbitration process, in accordance with the current regulations.

In addition, the arbitration process may be shortened, especially with simple cases relating to disputes in the field of finance and banking, insurance, goods purchasing.

To settle disputes with foreign individuals or organizations, VIAC 2017 can use teleconference or video-conference with the participation of all involved parties, to save time and money for all. 

The VIAC Arbitration Rules 2017 is scheduled to come into effect on March 1st.


By Linh Bui