Decision No. 204-TTg On the establishment of the Vietnam International Arbitration Centre

Pursuant to …;

Regarding the establishment of the Vietnam International Arbitration Centre

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PRIME MINISTER

Pursuant to the Law on the Organization of the Government dated September 30, 1992;

To resolve disputes arising from international economic relations;

At the proposal of the Chairman of the Vietnam Chamber of Commerce and Industry,

DECISION:

Article 1. Permission is granted to establish the Vietnam International Arbitration Centre alongside the Vietnam Chamber of Commerce and Industry, based on the merger of the Foreign Trade Arbitration Council and the Maritime Arbitration Council.

Article 2. Approves the Charter of the Organization of the Vietnam International Arbitration Centre attached to this Decision.

Article 3. This Decision takes effect from the date of issuance.

Article 4. The Chairman of the Vietnam Chamber of Commerce and Industry, Ministers, Heads of Ministries equivalent to Ministries, agencies under the Government, Chairmen of People's Committees of centrally governed cities shall be responsible for implementing this decision.

CHARTER

The Vietnam International Arbitration Centre
(Issued together with Decision No. 204-TTg dated April 28, 1993 of the Prime Minister).

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Article 1. The Vietnam International Arbitration Centre is a non-governmental organization established alongside the Vietnam Chamber of Commerce and Industry.

Article 2. The Vietnam International Arbitration Centre has jurisdiction to resolve disputes arising from international economic relations such as foreign trade contracts, investment contracts, tourism, transportation and international insurance contracts, technology transfer, international credit and payment transactions, etc.

Article 3. The Vietnam International Arbitration Centre has jurisdiction to resolve disputes in the following cases:

1. When one party or parties involved are natural persons or legal entities of foreign countries.

2. If before or after the dispute arises, the parties agree to submit the matter to the Vietnam International Arbitration Centre, or if there is an international treaty binding the parties to submit the dispute to the Vietnam International Arbitration Centre.

Article 4. The Vietnam International Arbitration Centre consists of arbitrators who have knowledge and experience in fields such as law, foreign trade, investment, finance, banking, transportation, insurance, etc., selected by the Standing Board of the Vietnam Chamber of Commerce and Industry.

Foreign experts may be invited to serve as arbitrators of the Vietnam International Arbitration Centre.

The term of office of an arbitrator is four years. After each term, arbitrators may be re-elected.

Article 5. The Vietnam International Arbitration Centre has a President and two Vice-Presidents elected by the arbitrators. The President and Vice-Presidents of the Vietnam International Arbitration Centre have a term of four years.

The President appoints a permanent secretary of the Centre.

Article 6. When submitting a dispute to the Vietnam International Arbitration Centre, each party has the right to choose or request the President of the Vietnam International Arbitration Centre to select on their behalf an arbitrator from the list of arbitrators of the Vietnam International Arbitration Centre. The two arbitrators chosen by both parties will select a third arbitrator from the list of arbitrators of the Vietnam International Arbitration Centre. The three arbitrators chosen form an Arbitral Tribunal tasked with resolving the dispute. The third arbitrator serves as the President of the Arbitral Tribunal.

If the two arbitrators chosen cannot agree on selecting the third arbitrator, the President of the Vietnam International Arbitration Centre will designate the third arbitrator from the list of arbitrators of the Vietnam International Arbitration Centre.

Article 7. The parties may agree to select a single arbitrator, or request the President of the Vietnam International Arbitration Centre to select an arbitrator from the list of the Vietnam International Arbitration Centre. In this case, the first arbitrator selected performs the duties of an Arbitral Tribunal.

Article 8. The decisions of the Arbitral Tribunal and the single arbitrator selected as provided in Article 6 and Article 7 are final and conclusive, and cannot be appealed to any court or other organization.

Article 9. Arbitrators must perform their duties independently, impartially, and objectively throughout the entire process of resolving the dispute.

Article 10. When resolving disputes, the Vietnam International Arbitration Centre has the authority to collect a fee called arbitration fees. The arbitration fees are determined by the Management Board of the Vietnam Chamber of Commerce and Industry in accordance with prevailing practices at international arbitration centers in various countries.

Article 11. The Management Board of the Vietnam Chamber of Commerce and Industry stipulates the procedural rules of the Vietnam International Arbitration Centre.