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On June 25, 2024, ASL LAW, in collaboration with the Singaporean law firm WongPartnership LLP (one of the Big 4 law firms in Singapore), organized the seminar “Experiences in Resolving Disputes Through International Arbitration in Singapore and Enforcing Arbitral Awards in Vietnam.”
Following the presentation by WongPartnership’s representative, Mr. Vu Tuan Anh from ASL LAW shared his experiences in resolving disputes through commercial arbitration in Singapore and the enforcement of foreign arbitral awards in Vietnam.
The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards
Mr. Vu Tuan Anh began his presentation by introducing the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Vietnam has been a signatory to the New York Convention since 1958, and thus, the recognition and enforcement of foreign arbitral awards in Vietnam are carried out based on the provisions of this Convention.
In cases where specific methods for resolving particular issues are not detailed in the Convention, the recognition and enforcement of foreign arbitral awards in Vietnam are implemented in the spirit of the New York Convention. This includes recognizing the validity of written arbitration agreements and ensuring that Vietnamese courts will refuse to hear cases where the disputing parties have an existing arbitration agreement.
Mr. Tuan Anh emphasized that, under the Convention, foreign arbitral awards will be recognized and enforced in Vietnam, except for certain specific cases explicitly stipulated in the Convention.
Non-Recognition of Foreign Arbitral Awards in Vietnam
According to statistics from the Vietnamese Ministry of Justice, as of 2020, Vietnam has recognized approximately two-thirds of the foreign arbitral awards requested for enforcement within the country. However, the non-recognition rate of foreign arbitral awards stands at 33%, a significant figure that adversely affects the rights and interests of the involved parties, including both Vietnamese and international businesses.
Mr. Tuan Anh explained several key reasons for the refusal to recognize foreign arbitral awards in Vietnam. These reasons include violations of Vietnam’s public order, non-compliance with fundamental procedural principles, and the failure to ensure that the parties in the dispute were adequately protected during the arbitration process.
Experiences in Resolving Disputes Through Commercial Arbitration in Singapore
In his sharing on the experiences in resolving disputes through commercial arbitration in Singapore, Mr. Vu Tuan Anh highlighted the professionalism and transparency in the arbitration process in this country. Singapore has established an effective and reliable arbitration system that is internationally recognized. This has attracted many international businesses to choose Singapore as the venue for resolving commercial disputes.
Mr. Vu Tuan Anh also shared several valuable lessons from Singapore’s experiences that Vietnam can learn from, including enhancing the capacity of arbitration centers, increasing training for arbitrators, and improving the mechanisms for enforcing arbitral awards.
The seminar on “Experiences in Resolving Disputes Through International Arbitration in Singapore and Enforcing Arbitral Awards in Vietnam” attracted the participation of many legal experts and representatives of businesses from both Vietnam and abroad interested in dispute resolution. It provided much useful information and, most importantly, created a forum for parties to exchange experiences and methods for resolving disputes for their businesses or clients.
The recognition and enforcement of foreign arbitral awards in Vietnam is a crucial issue that impacts the country’s business and investment environment. It is hoped that, with efforts to improve the legal system and learn from experienced countries like Singapore, Vietnam will increasingly enhance the effectiveness of enforcing foreign arbitral awards, better protecting the rights and interests of the involved parties.
ASL Law is a leading full-service and independent Vietnamese law firm made up of experienced and talented lawyers. ASL Law is ranked as the top tier Law Firm in Vietnam by Legal500, Asia Law, WTR, and Asia Business Law Journal. Based in both Hanoi and Ho Chi Minh City in Vietnam, the firm’s main purpose is to provide the most practical, efficient and lawful advice to its domestic and international clients. If we can be of assistance, please email to [email protected].
ASL LAW is the top-tier Vietnam law firm for litigation and dispute resolution. If you need any advice, please contact us for further information or collaboration.
