Arbitration in Vietnam: Current Status
In 2003, arbitration became an official mechanism for resolving disputes arising from "commercial activities" with the passage of the Ordinance on Commercial Arbitration ("Arbitration Ordinance"). On 17 June 2010, the Vietnam National Assembly passed the Law on Commercial Arbitration No. 54-2010-QH12, which took effect on 1 January 2011 ("Arbitration Law" or "Law") and replaced the Arbitration Ordinance.
The Arbitration Law is aimed at encouraging dispute resolution by arbitration and facilitating the development of commercial arbitration activities in Vietnam in accordance with the country's ongoing socio-economic development.