New schedule of arbitration cost of VIAC

On March 24^th 2014, the VIAC’s President signed Decision No.137/VIAC to promulgate the new Schedule of Arbitration Costs, in force as from 24 March 2014 and applicable to arbitral proceedings commenced from 24 March 2014. There are 3 outstanding prominences:

- First, to meet the demand for dispute resolution by arbitration and to share difficulties with the business community, the minimum arbitration costs is 15,000,000VND for disputes with monetary value of 100,000,000VND or less while the minimum arbitration costs was 45,000,000VND under the old Schedule. The new Schedule also provides more ranges of value in disputes.

- Second, to encourage the parties to resolve disputes by a Sole Arbitrator, the arbitration costs shall be as 70% as the arbitration costs of 3-Arbitrator Tribunal for the same value in dispute.

- Finally, the Schedule provides more circumstances for the refunding of arbitration costs.