Recognition and Enforcement of Foreign Arbitral Awards in Vietnam
05/12/2023 08:00
In Vietnam, like many other jurisdictions worldwide, international arbitration continues to increase in popularity as a dispute resolution mechanism, as an alternative to court litigation.
Vietnam is a member of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the NY Convention) and the key principles arising from that membership are enshrined in the domestic laws of Vietnam.
Difficulties are, however, often faced by parties who are successful in foreign arbitration, as a result of the necessity to apply to the Court of competent jurisdiction in Vietnam, to have any foreign arbitral award recognised for enforcement in Vietnam. Applications for recognition and enforcement of foreign arbitral awards in Vietnam often fail, most commonly on the grounds that one or more elements of the foreign arbitral award are found to be “…inconsistent with the fundamental principles of Vietnam…”.
We are proud to have acted as lead and coordinating counsel for the claimant, Sojitz Pla-Net Corporation (SPNC), in relation to its successful claims in the Singapore International Arbitration Centre (the SIAC) against Rang Dong Holding Joint Stock Company (RDH). With the assistance of domestic, Vietnamese advocacy counsel who appeared for SPNC before the Vietnamese Courts of competent jurisdiction (briefed by ourselves), SPNC applied for recognition of the SIAC arbitral award for enforcement in Vietnam, but was unsuccessful at first instance. Upon appeal, SPNC was successful and the appellate court recognised the SIAC award for enforcement in Vietnam, in its entirety.
In this article, our authors analyse (based entirely upon facts, matters, and circumstances which are already a matter of public record) the key substantive and procedural aspects of SPNC’s claims against RDH, the SIAC arbitral award, the first instance Court decision to refuse to recognise the SIAC award, and ultimately the appeal Court decision to recognise the SIAC award for enforcement in Vietnam.
This article gives clear, legal and practical insight into some of the key challenges which are faced by successful parties in foreign arbitration proceedings and how the applicable laws of Vietnam (including the NY Convention) operate in practice when they are correctly interpreted and applied in the context of applications for recognition and enforcement of foreign arbitral awards.
Click the titles below to view the article:
English: Recognition and Enforcement of Foreign Arbitral Awards in Vietnam
Vietnamese: Công nhận và cho thi hành Phán quyết Trọng tài Nước ngoài tại Việt Nam
Webinar
We also invite you to our upcoming webinar where we will discuss the case analysis in detail, and address any questions that you may have. Attendance is free but registration is required. You may sign up through the link below.
Date & Time: 3:00 pm, 12 December 2023 (Tuesday)