What are Principles of Dispute Settlement in Arbitration?

Dispute resolution methods include litigation, negotiation, mediation, and arbitration. Handling disputes requires experienced Vietnam dispute lawyers who possess the legal expertise to resolve complex cross-border, commercial, and civil matters effectively.

According to Article 4 of Vietnam Law on Commercial Arbitration, the following principles must be adhered to during dispute settlement in arbitration:

Arbitrators must respect the parties’ agreement if such agreement neither breaches prohibitions nor contravenes social ethics.

Arbitrators must be independent, objective and impartial and shall observe law.

Disputing parties are equal in their rights and obligations. The arbitration council shall create conditions for disputing parties to exercise their rights and fulfill their obligations.

Dispute settlement by arbitration shall be conducted in private, unless otherwise agreed by the parties.

The arbitral awards are final.

Arbitration has become an extremely popular method of dispute resolution, as many businesses prefer it over the high costs of litigation.

Arbitration counsel in Vietnam at ANT Lawyers can provide strategic legal advice in complex disputes and guide clients throughout the arbitration process. This includes advising on the selection of arbitrators, applicable arbitration rules, the choice between ad hoc and institutional arbitration, the seat of arbitration, and the enforcement of arbitral awards.