The Vietnam International Commercial Mediation Centre (VICMC), founded under a licence of the Ministry of Justice, has officially launched in Hanoi.
According to lawyer Nguyen Hung Quang, president of the VICMC, as a member of the Vietnam Society of International Law (VSIL), the centre is established and operates for non-profit purposes, bringing another approach to the non-litigation settlement of commercial disputes between businesses and investors.
“The mission and vision of the VICMC is to build up professionalism and implement non-profit activities in accordance with the principles and the goals of the Vietnam Society of International Law and VICMC,” he said.
Commercial dispute settlement in courts in Vietnam currently takes about 250 days. The VICMC hopes to cut this down to between one and seven days.
Currently, Vietnam has some arbitration centres offering commercial mediation services, but the number of disputes they settle remains low, and many businesses in Vietnam are not yet aware of the advantages of commercial mediation.