Viet Nam, U.S. sign MoU on strengthening commercial and investment alternative dispute resolution ecosystem
VGP - Deputy Minister of Justice Nguyen Khanh Ngoc and United States Agency for International Development (USAID) Viet Nam Mission Director Ann Marie Yastishock have signed a Memorandum of Understanding to improve Viet Nam’s Commercial and Investment Alternative Dispute Resolution Ecosystem.
USAID Viet Nam’s Mission Director Ann Marie Yastishock (5th from right) and Deputy Minister of Justice Nguyen Khanh Ngoc (4th from right) sign the MoU, Ha Noi, March 8, 2022
The MoU aims to improve related legislation, such as the adoption of international standards and best practices, strengthening capacity and skills of stakeholders, reinforcing partnerships among stakeholders, and raising awareness among local businesses and other stakeholders of the benefits of alternative dispute resolution.
“Creating an effective alternative dispute resolution ecosystem is critical for developing an enabling business environment that helps spur economic growth,” said USAID Mission Director Yastishock.
She expressed her hope that the long-term trust and goodwill built through past cooperation will extend to this new collaboration on improving the alternative dispute resolution environment in Viet Nam.
The demand for alternative dispute resolution in Viet Nam has increased along with the country's strong economic growth and active integration into the global economy.
Viet Nam is a signatory to more than 60 bilateral investment treaties and many free trade agreements with investment protection provisions that subject investor-state disputes to arbitration.
In 1995, Viet Nam adopted the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, requiring it to recognize and enforce foreign arbitration judgments.
USAID has successfully collaborated in the past with the Ministry of Justice on the USAID Support for Trade Acceleration Plus (STAR Plus) and USAID Governance for Inclusive Growth (GIG) projects./.
