The arbitration award of the International Arbitration Center is final.

The meeting took place right after the Conference on implementing the National Assembly 's Resolution on International Financial Transparency in Vietnam on August 2 in Ho Chi Minh City.

According to the representative of the Department of International Law (Ministry of Justice), the draft Decree only regulates the authority of the International Information Center under the International Information Center.

Regarding the dispute resolution process at the International Arbitration Center under the International Arbitration Center, according to the provisions of Article 28 of the Law on Commercial Arbitration and Arbitration Practice, the International Arbitration Center is authorized to issue arbitration procedural rules to promulgate the dispute resolution process, ensuring that the dispute resolution process is transparent, fair and effective.

To ensure the enforcement of arbitration awards, the International Arbitration Center was established under the Vietnamese commercial arbitration law, so the arbitration awards of this Center are final and enforceable, without having to go through the recognition and enforcement procedures at the Vietnamese Court as prescribed in Article 61 of the Law on Commercial Arbitration, unless one of the disputing parties requests the competent court to consider annulling the award.

Regarding the authority to resolve disputes, the International Arbitration Center under the International Arbitration Center has the authority to resolve disputes according to the agreement of the disputing parties, except for disputes related to the implementation of State power. Accordingly, the authority of the International Arbitration Center is not only related to commercial disputes but also extends to other disputes, except for disputes related to State agencies.

Concluding the meeting, Deputy Minister Nguyen Thanh Tinh requested the units to clarify the goals and orientations of the International Information Center, which are not only to resolve disputes but also to have an international competitive orientation, competing with major centers in the world such as Singapore and Hong Kong...

The goal is for foreign investors to use Vietnam's center when they have disputes instead of going abroad. Regarding the standards of arbitrators, although the establishment of arbitrators is subject to the Law on Commercial Arbitration, the decree can make recommendations on standards such as experience, foreign language proficiency, and reputation.

Source: https://www.sggp.org.vn/phan-quyet-trong-tai-cua-trung-tam-trong-tai-quoc-te-la-chung-tham-post806962.html