In a stride towards fostering international commercial arbitration and enhancing trade relations, the Vietnam International Arbitration Centre (VIAC) and the SCC Arbitration Institute (SCC) signed a Cooperation Agreement in January 2024. This Agreement signifies the joint dedication of the Parties to not only promote arbitration but also to extend their efforts beyond it.
As the leading Vietnamese arbitration & mediation institution with international credibility, VIAC’s mission is to vitalize effective mechanisms of arbitration and mediation for the contract enforcement, contribute to improve the business environment for investors and enterprise in Vietnam. SSC, in its turn, is a non-profit and independent entity within the Stockholm Chamber of Commerce. The SCC provides dispute resolution revises, facilitates trade and builds good relations between the world’s countries and regions creating better conditions for global sustainable development.
As outlined in the Agreement, the Parties are dedicated to fostering the effective resolution of commercial disputes through international commercial arbitration and other alternative dispute resolution (ADRs). This involves offering mutual assistance in arbitration procedures as required. Moreover, VIAC and the SCC are committed to exchanging updates regarding notable advancements in arbitration laws and practices related to alternative dispute resolution (ADR). In line with this commitment, both institutes will collaborate on organising joint conferences, seminars, and training sessions to facilitate collaborative learning and promote the exchange of knowledge.
The Cooperation Agreement between VIAC and SCC represents a step towards enhancing cooperation in international commercial arbitration and fostering stronger ties between Vietnam and Sweden. By leveraging each other's expertise and resources, the Parties aim to promote the wider use of arbitration as an efficient procedure for the settlement of commercial disputes that would facilitate trade and economic transactions between parties in Vietnam, Sweden and in other countries.
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