The Vietnam International Arbitration Centre (VIAC) has organised a workshop with the International Finance Corporation (IFC) to promote the use of Appropriate Dispute Resolution (ADR) methods in the banking and finance sector.
The conference dubbed, “Benefits and challenges of using ADR for banking disputes,” focused on the principles, conditions and procedures of commercial mediation as an ADR method.
It also focused on the conditions for the establishment of mediation centres in Vietnam, as well as and the implementation of Decree 22 on commercial mediation, which has been in effect since April 15, 2017.
According to the decree, the settlement of disputes via trade reconciliation must ensure the principle of voluntarism and equality regarding rights and duties between parties to the disputes who participate in reconciliation, said Nguyễn Thị Mai, Deputy Head of the Justice Support Department.
In recent years, global banks and financial institutions have considered many ADR methods like Meditation and Arbitration as an efficient manner to resolve disagreements.
According to Trần Hữu Huỳnh, VIAC’s Chairman, this trend arose due to the need for a customised dispute resolution mechanism for the financial sector which must also ensure efficiency and promptness.”
Source: mediationworld.net
