On 7th September 2023, Mr. Phan Trong Dat – Acting Director of Vietnam Mediation Centre (VMC), on behalf of VMC, participated in the Seminar “Practice of FTA and Commerce in Vietnam” organized by Korea Trade-Investment Promotion Agency (KOTRA).
The seminar “Practice of FTA and Commerce in Vietnam”, which had the presence of more than 30 Korean enterprises representatives, is a forum for discussion on the practice of free-trade agreements (FTAs) and international commercial activities in Vietnam. Moreover, the Seminar also approached international dispute resolution through commercial mediation – a topic that attracted the attention of participants.
In the seminar, Mr. Phan Trong Dat, Acting Director of VMC – shared the characteristics of commercial mediation and other relevant topics, including the advantages of this dispute resolution method and the practice of mediation in Vietnam in general and particularly at VMC. Accordingly, commercial mediation is a frequently-used option for enterprises when it comes to resolving disputes and has the potential to further develop in the future. As Korea is the biggest commercial partner and among the leading investment partners of Vietnam, with a total investing capital in 2022 of approximately USD 4.88 billion (1) and about 8,000 Korean enterprises have been investing and operating in Vietnam (2), commercial mediation is expected to thriving and using more frequently by both Korean and Vietnamese businesses.
In the discussion session of the seminar, Korean enterprises expressed their delight and interest in mediation, particularly in asking questions regarding the procedure of this method. Mr. Phan Trong Dat hoped that by attending the seminar, Korean enterprises would have a thorough approach to mediation and, consequently, have an additional option to resolve disputes arising out of their business and commercial activities.
(1) According to the Institute of Financial Strategy and Policy: https://mof.gov.vn/webcenter/portal/vclvcstc/pages_r/l/chi-tiet-tin?dDocName=MOFUCM260960
(2) According to Government Electronic Newspaper: https://mof.gov.vn/webcenter/portal/vclvcstc/pages_r/l/chi-tiet-tin?dDocName=MOFUCM260960
