What is the difference between arbitration and conciliation?
For arbitration, the parties shall select arbitrators. The selected arbitrators then shall resolve the dispute and render an arbitration award which is final and binding. For conciliation, a third party shall play the role of a conciliator helping the parties to resolve dispute through negotiation. The conciliator is not allowed to directly resolve the dispute and render a decision, […]
How long is the limitation period for initiating proceedings for dispute resolution by arbitration?
The limitation period for initiating proceedings for dispute resolution by arbitration is stipulated in Article 33 of The Arbitration Law 2010 as follow: The limitation period for initiating proceedings for dispute resolution by arbitration shall be two (2) years from the date of infringement of legal rights and interests, unless otherwise stipulated by specialized law. […]
Do the parties have the freedom to choose the law applied in the arbitration proceedings to resolve the dispute?
The applicable law in dispute resolution by arbitration are provided in Article 14 of The Arbitration Law 2010 as follow: 1. For disputes without foreign elements, the arbitration tribunal shall apply the law of Vienam in order to resolve the dispute. 2. For disputes with foreign elements, the arbitration tribunal shall apply the law chosen […]
What are qualifications to become an arbitrator? Who are not allowed to act as an arbitrator?
According to Article 20 of The Arbitration Law 2010, a person with all the following qualifications may act as arbitrators: a. Having full civil legal capacity as prescribed in the Civil Code; b. Having a university qualifications and at least five years’ work experience in the discipline which he or she studied; c. In special […]
How is the legal value of an arbitral award? Does one party, who disagrees with the arbitral award, have the right to bring a petition to the court?
The arbitral award is final, and all parties are bound by such award. If when the time-limit for carrying out an arbitral award expired, the award debtor has not voluntarily carried out the award and has not requested that the award be set aside, the award creditor shall have the right to request the competent […]
During the process of arbitration proceedings, could the court order an interim relief to protect the rights of parties in the dispute?
Under Article 48 of The Arbitration Law 2010, Parties in dispute shall have the right to request the arbitration tribunal or a court to order an interim relief. A request to a court to order an interim relief shall not be deemed to be a denial of the arbitration agreement or a waiver of the […]
During the arbitration proceedings, is conciliation by parties recognized? How will the decision recognizing successful conciliation be enforced?
Pursuant to Article 9 of The Arbitration Law 2010, during the process of arbitration proceedings, Parties shall have the freedom to negitiate and reach agreement with each other to resolve their disputes, or to request the arbitration tribunal to conduct mediation in order for the parties to reach an agreement and resolve their dispute. If […]
Please provide some information about the arbitration fees of VIAC.
According to the website of the Vietnam International Arbitration Centre (VIAC) at the Vietnam Chamber of Comerce and Industry, since January 1st 2012, VIAC will apply a new schedule of arbitration costs. I. Basis to calculate arbitration fees 1. Statement of Claim and Counterclaim indicate the value of the dispute Units: Vietnam dong Value of […]
Are parties required to select arbitrators within the list of arbitrators of VIAC when the dispute was agreed to be settled in accordance with the Rules of Arbitration of VIAC?
According to the Rules of Arbitration of VIAC, Parties are required to appoint arbitrators within the list of arbitrator of VIAC to resolve disputes without foreign elements. But Parties are free to appoint arbitrators outside the list of arbitrators to resolve disputes with foreign elements. If you would like further information on Are parties required […]