Viet Nam to set up specialized Court for dispute resolution at International Financial Center
VGP - Legislators passed the Law on Specialized Court at the International Financial Center (IFC) at the on-going 10th session of the 15th National Assembly on December 11.
The law, taking effect from January 1, 2026, regulates Specialized Court, members of the International Financial Center, investors, agencies, organizations, and individuals involved in resolving cases under the jurisdiction of the Specialized Court.
The court, located in Ho Chi Minh City, includes the court of first instance, the court of appeal, and supporting administrative units. It consists of a chief judge, deputy chief judges, heads and deputy heads of divisions, judges, court clerks, other civil servants, and employees.
The law stipulates that judges of the Specialized Court may be foreigners or Vietnamese citizens.
Foreign judges must meet various criteria and conditions, such as having served or currently serving as a judge in another country; being reputable lawyers or experts with good ethical qualities and appropriate expertise; having a solid understanding of investment and business law; and possessing at least 10 years of experience in adjudicating or resolving cases related to investment and business activities.
Foreign judges must also be proficient in English for adjudicating cases at the Specialized Court, and must be under 75 years old and in good health to fulfill assigned duties.
Vietnamese judges must be reputable, possess good ethical qualities, appropriate expertise, and a solid understanding of investment and business law; and have at least 10 years of experience in adjudicating or resolving cases related to investment and business activities.
Notably, the law requires that they must have English proficiency sufficient to adjudicate and resolve cases at the Specialized Court.
Judges are appointed by the President of Viet Nam based on the recommendation of the Chief Justice of the Supreme People's Court, and each judge's term of office is five years from the date of appointment.
The IFC in Ho Chi Minh City, covering an area of 899 hectares, will serve as a large-scale financial hub, with strong development in the stock market, bonds, banking, fund management, and listing services.
Covering an area of 300 hectares in Da Nang City, the IFC will focus on developing financial services related to logistics, maritime activities, free trade, and industrial-agricultural supply chains./.
