Vietnam recently held a grand opening ceremony for its Vietnam International Arbitration Centre (VIAC).  The ceremony took place on May 29^th and the center will be operated under the support of the International Finance Corporation (IFC), which is a member of the World Bank Group.

The country has been extensively engaged in world trade issues and has signed a number of free trade agreements with a variety of different countries.  In addition to the opportunities these free trade agreements allow, there have been a number of disputes that have emerged as a result.  Often, settling these agreements can be difficult, especially when it is so important for both sides to preserve their relationship despite the dispute.

According to the president of the VIAC, Tran Huu Huynh, “Vietnam is considered a country with high and stable economic growth in the region and in the world.  The Vietnamese Government has made a number of strong commitments and actions to reform in a more facilitative fashion, aiming to build a favourable business climate for investors, including the finalisation of a legal framework for the methods of settling trade disputes. ”

At the opening ceremony, the basic principles of mediation were shared with the onlookers.  The center intends for the mediation procedures at the VMC fully meet the principles of a typical mediation procedure in the world.

Additionally, the code has been carefully assessed by experts regarding legal proceedings in the country.  This is in order to ensure that the procedures comply with the frameworks of the Decree No. 22/ND-CP on trade mediation, and could operate well in Vietnam’s reality.