I. Current situation of arbitral settlement of business disputes in VietnamBroadly speaking, in comparison with the court (i.e.juridical) settlement of business disputes, dispute settlement through arbitration have certain advantages and strong points such as the right to self-determination of the parties concerned is most secured as seen from various aspects (including initiation of a lawsuit, selection of arbitration body and individual arbitrators, submission of claims, choice of procedures and methods of dispute settlement etc.), single and private handling of the dispute through simplified, flexible and prompt procedures.As a result, commercial confidentiality may be ensured, time consumption is reduced, litigation costs are affordable to the businesspersons.Furthermore, arbitral awards, if respected, will much likely be honoured by the disputing parties.It helps to bring about a high level of practicality and enforceability of the awards.In international trade, the geographical distance and difference in the political regimes, legal systems and customs and so on become a serious obstacle to foreign businessmen.In case where a dispute arises over interests, the parties concerned tend to rely on those modes of dispute settlement that are considered fairer and closer to international standards or capable of offering a better chance of self-determination for the parties.Arbitral procedures can, by themselves, meet these expectations and since arbitral procedural rules in a large majority of countries were developed based on the model arbitral rules of UNCITRAL 1985, arbitral procedures are fundamentally uniform.
Tri Uc Dao (2002) studied this question.