The UK supports Vietnam in improving the recognition and enforcement of foreign abritral awards in Vietnam
The British Embassy in Hanoi and the Ministry of Justice announced that they will work together to improve recognition and enforcement of foreign arbitral awards in Vietnam.
British Ambassador Giles Lever and Vice Minister of Justice Nguyen Khanh Ngoc at the signing ceremony on 20 July, 2016
Under a new project funded by the UK Government’s Prosperity Fund- Project “Supporting the implementation of international arbitration standards to increase Vietnam’s economic development through its improved business investment environment”, the two parties will seek to enhance the capacity of the Ministry of Justice and other stakeholders through the establishment of guidelines on the recognition and enforcement of foreign arbitral awards in Vietnam. A long-term action plan will also be developed for the Ministry of Justice to carry out its tasks as the National Agency responsible for the implementation of the New York Convention in Vietnam. In addition, a report on co-operation and monitoring mechanism among relevant agencies will be drafted in order to enhance the recognition and enforcement of foreign arbitral awards in Vietnam.
Giles Lever, British Ambassador said:
I am very pleased that Vietnam is among the first countries to benefit from the new £1.3 billion Prosperity Fund announced by the UK Government in November 2015. The Project “Supporting the implementation of international arbitration standards to increase Vietnam’s economic development through its improved business investment environment” will provide a funding of £85.340 to the Ministry of Justice. One of the priorities of the Fund is to improve the business environment for domestic and foreign firms by promoting regulatory reform and improved legal and arbitration frameworks. The UK has long standing experience in arbitration and a worldwide reputation for the quality of its work in this field with its legal system built on the rule-of-law principle. With support from UK expertise, I strongly believe that the Ministry of Justice as the agency assigned by the Prime Minister to monitor the implementation of the New York Convention in Vietnam will successfully implement this project leading to a positive long-term impact on Vietnam’s performance in recognizing and enforcing foreign arbitral awards.
Mr Nguyen Khanh Ngoc, Vice Minister of Justice said:
I am very pleased and appreciate the support from the Foreign Commonwealth Office to the Ministry of Justice of Vietnam to implement a project in the legal and judicial areas. The Grant Contract Signing Ceremony today is the result of great efforts from both sides and a good start for implementation of project activities in order to achieve project purposes. I strongly believe that the Project “Supporting the implementation of international arbitration standards to increase Vietnam’s economic development through its improved business investment environment” will be effectively implemented, making contributions to efforts of Vietnamese agencies in improvement of capacity of relevant agencies and individuals in recognition and enforcement of foreign arbitral awards including relevant departments under the Ministry of Justice, court staffs, judgment enforcement officers, businesses, lawyers; improvement of the monitoring and statistic system in dealing with requests on recognition and enforcement of foreign arbitral awards. With its activities, the Project will contribute to improvement of business investment environment in Vietnam in general and effective settlement of requests on recognition and enforcement of foreign arbitral awards in order to ensure enforcement of the New York Convention 1958 on recognition and enforcement of foreign arbitral awards of which Vietnam is a signatory party.