In the legal landscape of Vietnam, the presence of arbitration centers plays a pivotal role in providing an effective and alternative mechanism for dispute resolution. These centers offer a platform where parties can resolve conflicts outside the traditional court system, promoting efficiency, expertise, and a streamlined process through an optimized arbitration system.
Arbitration centers are responsible for organizing and coordinating dispute resolution activities through arbitration proceedings, as prescribed by the arbitration rules, and provide administrative, office, and other assistance to arbitrators during the arbitration process.
a) A proposal for establishment;
b) A draft charter of the arbitration center according to the template issued by the Ministry of Justice;
c) A list of the founders and accompanying documents proving their qualifications as prescribed in Article 20 of the Law on Commercial Arbitration.
Within 30 days from the date of receiving the License for Establishment, the arbitration center must register its activities with the Department of Justice of the province or centrally-affiliated city where the arbitration center is headquartered. If the arbitration center fails to register within this period, the license becomes invalid.
The Department of Justice issues a Certificate of Activity Registration for the arbitration center within a maximum of 15 days from the date of receiving the registration request.
a) The name and address of the arbitration center’s headquarters;
b) The scope of activities of the arbitration center;
c) The number of the Certificate of Activity Registration, the issuing authority, the date of issuance;
d) The commencement date of the arbitration center’s activities.
The Board of Management of the arbitration center includes a Chairman, one or more Vice Chairmen, and a possible Secretary-General appointed by the Chairman. The Chairman of the arbitration center is also an arbitrator.
An arbitration center has the following rights and obligations:
The activities of an arbitration center terminate in the following cases:
The Government stipulates the specific cases of revocation of the License for Establishment, Certificate of Activity Registration, and the procedures for terminating the activities of arbitration centers.
In the journey of business development, facing disputes is unavoidable. The crucial aspect is how we effectively and professionally resolve these disputes. ASL LAW has emerged as a reliable guide in the field of business consultation and dispute resolution. Understanding […]
Vietnam employs a diverse tax system with various regulations and separate policies for Vietnamese businesses. This creates a complex legal framework, demanding a deep understanding from businesses to comply with tax obligations when operating in Vietnam. The following article will […]
Compliance with financial standards is crucial for Vietnamese businesses to protect their reputation and avoid administrative penalties while operating. I. Financial Reporting According to Industry Specifics In Vietnam, businesses operating in various sectors often have unique characteristics, leading to diversity […]