First Vietnam International Commercial Mediation Centre opens

June 09, 2019 | 17:01

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Vietnam International Commercial Mediation Centre (VICMC) – the first of its kind licensed by the Ministry of Justice – was officially launched on June 7, bringing a time-saving and cost-effective approach to commercial disputes settlement to businesses.

first vietnam international commercial mediation centre opens

Nguyen Hung Quang, president of VICMC

“The mission and vision of VICMC is to build up professionalism and implement non-profit activities in accordance with the principles and the goals of the Vietnam Society of International Law (VSIL) and VICMC,” said Nguyen Hung Quang, president of the VICMC.

“The VICMC will help businesses save cost and time during dispute settlement. At present, a commercial dispute settlement at court takes businesses about 250 days, while that carried out at the VICMC is around one to seven days. VICMC will also keep confidential all the issues related to commercial disputes for the involved,” he told VIR.

Currently, Vietnam has some arbitration centres offering commercial mediation services. The number of commercial disputes settled by commercial mediation remains modest. In facts, businesses in Vietnam are not fully aware of the advantages of commercial mediation.

Dang Hoang Oanh, Deputy Minister of Justice, speaking at the event

“Using mediation to settle civil and commercial disputes is a popular trend in the world. Mediation has a number of advantages in dispute settlement. Thus, Vietnam should follow this,” said Dang Hoang Oanh, Deputy Minister of Justice.

As part of the launch, VICMC signed co-operation agreements with the faculties of law of Hanoi National University and Foreign Trade University to strengthen training in the field.