It has been said that: “[a]s Vietnam solidifies its position as a highly attractive destination for investment, it is expected that the inflow of investments would be even greater, and with it, an increasing demand for international arbitration as a means of dispute resolution”(Asian International Arbitration Journal, Volume 18 Issue 1, L Chen & Nguyen S V, Rising Giants: Charting the Growth of Arbitration in Vietnam and China).
Of the arbitral institutions commonly used in disputes with a Vietnamese nexus, the International Chamber of Commerce (ICC), Singapore International Arbitration Centre (SIAC), and Vietnam International Arbitration Centre (VIAC) are the most prominent. No doubt sophisticated parties will consider the differences between the arbitral rules before deciding on the most suitable one for each transaction.
We take a closer look at the VIAC Rules in this article. The current VIAC Rules were released in February 2017, and introduced new provisions on consolidation and expedited procedure. 2023 is an apt time to rethink the 2017 Rules. Of which, three aspects may merit a rethink.