Frasers Vietnam Arbitration Guide 2021
30 August 2021
We are pleased to announce the publication of our Frasers Vietnam Arbitration Guide, which has been written by Frasers Head of International Arbitration, Earl Rivera-Dolera.
As cross-border trade and business ventures increase, the use of arbitration grows exponentially as well as being a preferred mode for dispute resolution for disputes arising from such cross-border business relationships. In the 2021 International Arbitration Survey by the Queen Mary University of London, a whopping 90% of respondents preferred international arbitration as a method for resolving cross-border disputes largely because of:
1) party autonomy to choose the language, governing law, procedural law, arbitral institutions, the appointment procedure for arbitrators, the seat of arbitration, among other elements of arbitral proceedings significant to the nature of the contract, the dispute and the requirements of the disputing parties;
2) procedural flexibility;
3) legal and judicial support of the seat of arbitration;
4) cross-border enforcement mechanism pursuant to the New York Convention, among others.
Frasers’ Head of International Arbitration, Earl Rivera-Dolera, writes this Arbitration Guide for potential and existing arbitration users via the lens of the Vietnamese legal framework. We highlight the analysis of 85 petitions for enforcement of foreign arbitral awards, 30 of which had been rejected in “Part 5: Review of the rejected petitions for recognition and enforcement of foreign arbitral awards”, and see if there may be a trend in the past couple of years that Vietnam’s enforcement record may be becoming more arbitration-friendly.
Following a brief introduction and for a better understanding of the principles, the Frasers Vietnam Arbitration Guide is divided into the following parts:
1) Overview of arbitration practice in Vietnam;
2) Legal framework for arbitration in Vietnam;
3) Recognition and enforcement of arbitral awards in Vietnam; and
4) Review of rejected petitions for recognition and enforcement of foreign arbitral awards.