Vietnam: Principles of dispute settlement by commercial arbitration

Nguyen Trinh

08:54, 01/01/2014

Commercial arbitration means a mode of dispute settlement agreed by the parties and to be conducted under the Law on Commercial Arbitration 2010 of Vietnam.

According to Article 4 of the Law on Commercial Arbitration 2010 of Vietnam, dispute settlement by commercial arbitration must comply with the following principles:

One, arbitrators must respect the parties agreement if such agreement neither breaches prohibitions nor contravenes social ethics.

Two, arbitrators must be independent, objective and impartial and shall observe law.

Three, disputing parties are equal in their rights and obligations. The arbitration council shall create conditions for disputing parties to exercise their rights and fulfill their obligations.

Four, dispute settlement by arbitration shall be conducted in private, unless otherwise agreed by the parties.

Five, arbitral awards are final.

View more at the Law on Commercial Arbitration 2010 of Vietnam issued on June 17, 2010 and officially effective from January 01, 2011.

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