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Local firms urged to brush up on arbitration law

Update: April, 24/2013 - 10:24

HA NOI (VNS)— Domestic enterprises seemed to be vague about arbitration despite the benefits this form of settlement could offer, a conference heard yesterday in Ha Noi.

During the event, organised by the Viet Nam International Arbitration Centre (VIAC), participants emphasised the importance of raising awareness, particularly among domestic enterprises, on the advantages of arbitration.

Arbitration was a suitable form of dispute resolution, especially in the context of Viet Nam's global economic integration, experts said, adding that hiring arbitrators helped businesses save time and money while further easing the burden on the nation's court system.

Established in 1993, VIAC is one of the top arbitration centres in Viet Nam. As of last year, it had settled over 630 disputes. — VNS

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