Guaranteeing the recognition and implementation of foreign arbitral judgement in Vietnam
On July 20th, Vietnamese Ministry of Justice and the British Embassy in Vietnam signed Project “supporting the implementation of international arbitration standards to increase Vietnam’s economic development through its improved business investment environment”.
According to the Project, two Parties will cooperate to improve the abilities of the Ministry of Justice and relating agencies through the formulation of guiding documents about the recognition and implementation of arbitral judgement in Vietnam. A long term plan will also be built to assist the Ministry of Justice as the national focal agency in implementing the 1958 New York Convention in Vietnam. Furthermore, proposal reports of coordination and monitoring mechanism between relevant agencies will also be drafted in order to guarantee the efficiency of the recognition and implementation of foreign arbitral judgement in Vietnam.
Speaking at the signing ceremony, Deputy Minister of Justice Nguyen Khanh Ngoc stated that Vietnam is very concerned with improving business investment environment through completing the arbitral mechanism. He hoped that the Project will have positive impact on the implementation of arbitral judgement in Vietnam in the future.
The Ambassador of British Embassy in Vietnam, Giles Lever confirmed that the United Kingdom have many experience and experts in the arbitration field with a well built legal system bases on the rule of law. Mr. Ambassador believed that with the cooperation between two parties, the Project will be successful and its results will have long term impact on the formulation of legal policies and regulations, which will improve the efficiency of the recognition and implementation of foreign arbitral judgement in Vietnam.