SHORTCOMINGS OF COMMERCIAL ARBITRATION LAW VIET NAM AND SOLUTIONS TO COMPLETE

Abstract

In the process of increasingly deep integration into the international economy, the occurrence of disputes in commercial business activities is inevitable. Currently, there are many methods of dispute resolution, but dispute resolution by arbitration is being highly regarded in the international market. In Vietnam, disputes are mainly resolved through the Court system. However, the disputes occurring today are diverse in type, complicated in nature, and have many complicated details, requiring many methods of dispute resolution to meet practical requirements in society. It can be seen that the Law on Commercial Arbitration 2010 has been and is a very good support tool for dispute resolution by arbitration and this is also the main legal document regulating arbitration activities over the past time. On the other hand, the implementation of the Law on Commercial Arbitration 2010 in recent years has revealed a number of limitations that have significantly affected the effectiveness of dispute resolution by arbitration in practice. Therefore, based on practical needs, the improvement of the Commercial Arbitration Law to contribute to improving the effectiveness of dispute resolution outside the Court is extremely necessary today. This article will focus on analyzing some shortcomings and limitations in the practical implementation of the Commercial Arbitration Law, thereby proposing some related solutions to improve legal regulations to improve the effectiveness of the implementation of the law on resolving commercial disputes by Arbitration in Vietnam.