The proposal for a specialized court model to resolve disputes at the International Financial Center was presented to the National Assembly on December 4.
Presenting the proposal on the draft Law on Specialized Courts at the International Financial Center, Chief Justice of the Supreme People's Court, Nguyen Van Quang, emphasized the necessity of a dispute resolution system that meets international standards, speed, and transparency due to the international nature and complexity of financial transactions at the center.
"These disputes often involve large-scale, complex investment and business transactions, necessitating a court that operates according to international norms," he said.
The specialized court is designed to be part of the People's Court system but with more flexible organizational and operational mechanisms. It is granted autonomy in proceedings and applies advanced rules to meet the needs of both domestic and international investors.
The specialized court will be located in Ho Chi Minh City, with jurisdiction over disputes and requests arising at the International Financial Center in both Ho Chi Minh City and Da Nang.
Its structure includes a trial court, an appellate court, and supporting staff. Judges can be appointed from various sources, including judges from the People's Court, lawyers, experts, arbitrators, law lecturers, and foreigners. This diverse human resource pool is expected to effectively address international disputes.
The court will operate based on key principles such as independent adjudication by judges, ensuring transparent and fair litigation, flexible procedures focusing on efficiency and speed, and maximizing the parties' autonomy. The language used in court proceedings will be English or English with Vietnamese.
Notably, the draft allows parties to choose foreign laws, international commercial practices, or international treaties when foreign elements are involved, a breakthrough step to build investor confidence. The appellate decision is final, with no further review or retrial, aligning with international commercial court practices.
Presenting the verification report on the draft law, Chairman of the NA Committee on Legal and Judicial Affairs, Hoang Thanh Tung, stated that regarding procedural proceedings, the Committee generally concurs with the design of a streamlined and flexible model.
However, the Committee recommends further specification regarding certain regulations, such as: decisions on case resolution; mechanisms for the submission, presentation, and disclosure of evidence; expert evidence; provisional emergency measures; appellate procedures; and the enforcement of judgments rendered by the Specialized Court
During discussions, NA Chairman Tran Thanh Man emphasized that the "rules of the game" must align with international standards to attract capital when establishing an international financial center.
Deputy Do Duc Hong Ha from Hanoi praised the draft law for its ambitious legal thinking, noting that allowing the use of English and foreign laws demonstrates Vietnam's acceptance of international standards.
Deputy Le Thanh Phong from Ho Chi Minh City suggested replacing the appointment regime with a contract-based selection mechanism to attract high-quality personnel more easily.
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