VTIAC WORKED WITH BIDV SUMI TRUST
On the morning of April 6, 2023, at the Headquarters of BIDV SuMi TRUST Leasing Co., Ltd (BSL), the Vietnam Trade and Investment Arbitration Center (VTIAC) had a meeting with BSL to discuss the solution to eliminate difficulties in the dispute settlement process, which helped to resolve quickly and effectively arising disputes.
(The building where the headquarters of BIDV SuMi Trust is located)
Dr. Nguyen Thanh Nam - Permanent Vice Chairman and the General Secretary, and Lawyer Nguyen Trong Quang - Deputy General Secretary of VTIAC represented the Center and participated in the meeting. On the side of BIDV Sumi TRUST, there was Ms. Luu Thuy Linh - Head of the Legal and Compliance Department, Ms. Vo Thi Thu Thuy - Head of the Risk Management Department, and other officials.
Dr. Nguyen Thanh Nam shared VTIAC's experiences in resolving disputes through commercial mediation and commercial arbitration proceedings, pointing out the advantages of these methods compared to other forms of dispute settlement: Three methods of dispute resolution, which are mediation, arbitration, and court, all require the participation of a third party to act as an intermediary. Court proceedings shall follow strict processes and procedures as the law stipulated, and the judgment of the court may be appealed; therefore, it often takes a long time. Moreover, in court proceedings, the information of the people concerned will of course not be confidential, and they will also be pushed into a state of tension that no longer maintains the goodwill to cooperate. Commercial mediation is quite flexible and effective because it is run by an experienced professional mediator without any required legal proceedings. The mediation decision will also be guaranteed to be performed after being recognized and allowed by the court. For the method of dispute resolution by arbitration, the information of the parties is kept confidential, the arbitral award will be the final decision, and the time for resolving disputes is also much shorter than that one at a court. In addition, Dr. Nguyen Thanh Nam also answered questions from BSL representatives about the process of resolving disputes through commercial mediation and commercial arbitration.
The parties also mentioned many other potential activities such as performing training, and sharing experiences among arbitrators, and mediators of VTIAC with employees who work in resolving disputes in BSL.
The meeting is the first step to creating a cooperation basis between VTIAC and BSL in the future.
Khong Thao.