On March 29, 2024, Dr. Vu Tien Loc, Chairman and President of the Vietnam International Arbitration Center (VIAC), along with the delegation of VIAC representatives and the representatives from business promotion and support organizations, visited and worked with Mr. Choi Youngsam – Ambassador Extraordinary and Plenipotentiary of South Korea to Vietnam, and Mr. Min Moon Ki – a Commercial Attaché of the Embassy of South Korea in Vietnam.
This is the second working session between VIAC’s President and His Excellency the Ambassador, focusing on both nations’ economic and trade cooperation. Discussions also revolved around proposals from VIAC and some business support and investment promotion organizations to accompany businesses of the two nations in commercial trading activities.
The Chairman and President of the Vietnam International Arbitration Center (VIAC) and his delegation visit and work with His Excellency Choi Young Sam, Ambassador Extraordinary and Plenipotentiary of South Korea to Vietnam
At the meeting, His Excellency Choi Young Sam, Ambassador of South Korea to Vietnam, welcomed Dr. Vu Tien Loc, President of the Vietnam International Arbitration Center (VIAC), and his delegation to visit and work. The Ambassador also shared that 2023 marked the 30th anniversary of Vietnam-Republic of Korea diplomatic relations. Looking back at the past, the bilateral relationship between the two nations has developed to an astonishing level and has been elevated to the level of Comprehensive Strategic Partnership in 2022. Vietnam is currently the third largest trading partner of South Korea, while South Korea is also the country with the largest foreign direct investment in Vietnam. South Korean enterprises have been present and effectively operating in 58 out of 63 provinces and cities in Vietnam with a variety of investment fields. Accordingly, the Embassy also has high expectations for the government's policies and the support of organizations to create favorable conditions for South Korean enterprises to invest and do business in Vietnam.
Representing VIAC, Dr. Vu Tien Loc, President of the Vietnam International Arbitration Center (VIAC), shared his joy that Vietnam and South Korea have been and are each other's leading important partners. With a large number of trade transactions between the two countries being implemented over the past many years and still continuing to increase and expand in scale in the near future, it is inevitable that disputes may arise, especially in the context of uncertain world.
He added that in 2023, VIAC set a new record of 427 new disputes cases filed in one year. This is a large number, showing the development of arbitration as an alternative dispute resolution method besides the court, as well as the trust that the business community operating and doing business in Vietnam has in VIAC. Statistics also show that the parties to the dispute from South Korea are always in the top three nationalities of the parties to the dispute at VIAC, with complex disputes, diverse fields and large dispute values.
As a long-standing and pioneering arbitration organization in Vietnam, VIAC understands its mission and is always committed to becoming a neutral dispute resolution forum, ensuring the organization and operation of arbitration procedures meet international standards in a professional and prestigious way for the business community in both Vietnam and South Korea. From there, it helps ensure contract enforceability and promotes trade and investment between the two countries. In addition to providing private dispute resolution services, VIAC has also made efforts to work with organizations in South Korea to implement many activities to help the business community manage risks and prevent disputes that may arise in trade, while also promoting dispute resolution by arbitration and other alternative dispute resolution (ADR) methods.
Panorama of the meeting and working session
Throughout the meeting, Ms. Vu Thi Hang, Deputy Director of Secretariat cum Head of International Cooperation Department of the Vietnam International Arbitration Center (VIAC), also highligted some implemented activities that VIAC has coordinated with partners from South Korea over the past few years.
Accordingly, in the field of commercial arbitration, VIAC has been working with the Korean Commercial Arbitration Board (KCAB) since 2016. The two parties have maintained a good cooperative relationship in professional exchange activities as well as coordinating the organization of international seminars on Arbitration and some typical dispute areas such as construction, purchase and sale, and mergers and acquisitions, etc. between businesses of the two countries. As the leading arbitration organization in each country, the two sides share the common goal of promoting arbitration in each country and in the region as a whole in order to support and promote trade and investment between the two economies. In addition, VIAC and the Korean Chamber of Commerce in Vietnam (KOCHAM) also signed a cooperation agreement in 2023 with commitments to implement a variety of new activities aimed at improving the capacity of businesses to prevent legal risks and resolve disputes effectively through out-of-court mechanisms. Thereby creating favorable conditions for the effective settlement of commercial disputes arising from the investment and business activities of enterprises.
In addition, VIAC regularly welcomes delegations from large South Korean law firms such as Bae, Kim & Lee, Lee & Ko, Kim & Chang, Joon & Jang, Yulchon, etc. to visit and discuss the legal framework for business investment and arbitration in Vietnam as well as the dispute settlement practice at VIAC. The information at these working sessions will help Korean law firms provide better advice and support for Korean businesses and investors when investing and doing business in Vietnam. For Korean businesses in Vietnam, VIAC has also coordinated to organize specialized internal training for the leadership team and legal staff of the enterprise. Notably, in 2022, VIAC and Samsung Complex co-organized an internal Seminar on Dispute Avoidance & Dispute Resolution by Arbitration and Mediation in Hanoi with the participation of senior personnel in charge of departments and branches of Samsung Complex across Vietnam, offering invaluable insights into dispute prevention and resolution.
Dr. Vu Tien Loc – President of the Vietnam International Arbitration Center (left), and His Excellency Choi Youngsam - Ambassador of South Korea to Vietnam (right)
Following that, VIAC put forward proposals, expressing the desire for His Excellency the Ambassador and the South Korean Embassy to serve as the bridge between the South Korean investor and business community with Vietnam. VIAC also suggested establishing a suitable mechanism for collaboration with VIAC to facilitate and enhance trade and investment activities between the two business communities.
Exchanging with VIAC’s President, His Excellency the Ambassador highly appreciated the activities that VIAC has been and is implementing. Through the working session, His Excellency the Ambassador expressed his gratitude towards Dr. Vu Tien Loc and VIAC for their support and accompany with South Korean businesses in Vietnam. Therefore, the Embassy looks forward to VIAC's collaboration in forthcoming activities towards the business community.
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