Vietnam accelerates preparations for arbitration centre linked to new financial hub

Vietnam accelerates preparations for arbitration centre linked to new financial hub

On January 27, the Ministry of Justice (MoJ) held a working session on establishment of an international arbitration centre under Vietnam’s international financial centre (IFC).

The meeting was chaired by Deputy Minister of Justice Nguyen Thanh Tinh

Le Xuan Hong, director general of the Department of Judicial Support, and relevant departments under the MoJ convened a meeting with the Executive Authority of the IFC and leading Vietnamese arbitrators nationwide. The meeting aimed to exchange views, discuss and reach consensus on concrete plans concerning the establishment of the centre, its organisational structure, senior leadership and administrative personnel, as well as facilities and other necessary conditions to ensure its effective operation.

The arbitrators expressed strong support for the policy to establish the centre, viewing it as an important contribution to enhancing the effective operation of Vietnam’s IFC. Moreover, they put forward some recommendations to ensure that it develops into a professional adjudicatory institution with strong credibility and international competitiveness.

To ensure that the centre can be launched by February 9, the arbitrators proposed prioritising the establishment of the centre itself. Other internal operational processes, such as the development of rules and internal regulations, will continue to be studied and finalised in the coming period.

Most of Vietnam’s leading arbitrators are currently serving at the Vietnam International Arbitration Centre (VIAC). However, VIAC regulations prohibit them from concurrently serving as members of another centre. Therefore, if they are to serve simultaneously as founding members and arbitrators of the new centre, the MoJ would need to engage with VIAC to seek an exception in this specific case.

From the perspective of the IFC in Ho Chi Minh City, representatives of the Executive Authority agreed in principle to support the operation of the arbitration centre. For specific support measures, the authority will consolidate proposals and submit them to Ho Chi Minh City People’s Committee for consideration, based on recommendations from the MoJ and relevant agencies.

The Department of Judicial Support has proposed seeking guidance on several tasks that must continue to be implemented to ensure the international arbitration centre can be launched on February 9, concurrently with the inauguration of the IFC.

At the meeting, Deputy Minister of Justice Nguyen Thanh Tinh said, "The establishment must be regarded as a key political task, closely linked to national responsibility." He stressed the need to strictly ensure coordinated and timely execution.

Currently, a Steering Committee chaired by the prime minister has been established, alongside an Executive Council chaired by Permanent Deputy Prime Minister Nguyen Hoa Binh, with the MoJ deputy minister serving as a member.

"This clearly defines the responsibilities of the MoJ and relevant units. While the judiciary has been proactive in its implementation, the MoJ must act with equal initiative to avoid delays," Tinh added.

The deputy minister agreed that the proposed list of eight arbitrators is appropriate, ensures quality, and provides a solid initial foundation for the centre.

Tinh called for focus on several key tasks. These include finalising invitation letters to be sent individually to each arbitrator, clearly outlining the government’s policy, requirements under the relevant decree, the spirit of coordination, and emphasising that participation represents a contribution to the country’s overall development.

In parallel, the MoJ should continue discussions with Ho Chi Minh City People’s Committee, requesting maximum support for the arbitration centre in terms of office premises, equipment, and initial financial support, anticipated over a five-year period. The MoJ also underscored that all procedures are being fully implemented, with completion required before February 9 to ensure readiness for the official launch.

With regard to the leadership of the arbitration centre, the MoJ will report to Permanent Deputy Prime Minister Nguyen Hoa Binh to seek further guidance. Both proposed leadership options have their respective merits and will be fully presented for consideration by senior leadership.

On implementation, the deputy minister noted that all documentation and procedures for establishment must be completed by February 5, with close coordination with the Department of Organisation and Personnel to report to the minister.

VIR