VIAC encourages alternative dispute resolutions
The Vietnam International Arbitration Centre organised a workshop on June 6 with the International Finance Corporation to promote the use of alternative dispute resolution methods in the banking and finance sector. The conference, named ‘Benefits and Challenges of Using ADR for Banking Disputes’, focused on the principles, conditions and procedures of commercial mediation as an ADR method, as well as the conditions for establishment of mediation centres in Việt Nam and the implementation of Decree 22 on commercial mediation, which has been in effect since April 15, 2017. According to the decree, the settlement of disputes via trade reconciliation must ensure the principle of voluntarism and equality in terms of rights and duties between parties to the disputes who participate in reconciliation, said Nguyễn Thị Mai, Deputy Head of the Justice Support Department.
