The Law No.54/2010/QH12 on Commercial Arbitration was passed by the National Assembly of the Socialist Republic of Vietnam on 17 June 2010 to replace the Ordinance on Commercial Arbitration No. 08/2003/PL-UBTVQH11.
This Law provides for the competence of commercial arbitration, arbitration forms, arbitration organizations, arbitrators; arbitration proceedings; rights and obligations of the parties on the arbitral proceedings; competence of courts with regards to arbitration activities; organization and operation of the foreign arbitrations in Vietnam, and enforcement of arbitral awards.
According to the new Law, the competence of commercial arbitration shall extend beyond the disputes arising out from commercial activities to cover also those involving at least one party having commercial activities and other disputes as stipulated by law.
Regarding arbitrator's qualifications, the new Law allows in some special cases experts with high professional knowledge and practical experience to act as arbitrators even though they have not earned bachelor degree nor have at least five years of experience.
This Law takes effect from 1st January 2011.
by Lawyers of Bizconsult Law Firm