In contract dispute resolution, the average time to resolve a
commercial contract dispute at the Court in Vietnam, even with the help
of dispute lawyers in
Vietnam whom know well the process would take long time through
multiple proceedings. This period will last longer if there is a foreign party
in the dispute, including service of notarization,
legalization, authentication (or apostile) the documents.
According to World Bank statistics, the cost of resolving a commercial dispute
at the Court accounts for about 29% of the contract value (including attorneys’
fees, court fees, judgment execution fees).
The practice of
resolving the dispute case at the Court appears to face many challenges of time
lengthening and possible effective enforcement leading to cost of time and
money. Therefore, the selection of dispute resolution in the mediation center
is a possible option to resolve this issue.
Vietnam authorities
and international agencies have taken active measures needed to promote the
application of commercial mediation in international contracts, in order to
resolve issues more quickly and effectively in international trade disputes.
The application of commercial dispute resolution at mediation centers in
Vietnam will save time and costs for dispute resolution. In addition, the
dispute resolution at the mediation center will also help the parties maintain the
relationship for future business transactions.
Until Aug 2019, in Vietnam, there are 7
commercial mediation centers licensed by the Ministry of Justice with a team of
domestic and international certified mediators and lawyers who can contribute
to resolving disputes in international trade contracts. The use of
mediation centers in the settlement of disputes in Vietnam with the help of lawyers in Vietnam will help the
parties to find common grounds and together save cost, time, keep
confidentiality of the dispute and could continue to do business with each
other.
ANT Lawyers is a Law firm in Vietnam with
international standards, recognized by Legal500, IFLR1000. We are an exclusive
Vietnam member of Prea Legal, the global law firm network coverig more than
150 juridictions. The firm provides a range of legal services as following
to multinational and domestic clients.
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