DISPUTES SETTLEMENT IN THE BANKING SECTOR THROUGH COMMERCIAL ARBITRATION: AN ANALYSIS OF LEGAL REGULATIONS AND ITS APPLICATION IN VIETNAM
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Abstract
Commercial mediation and commercial arbitration are dispute resolution methods that have many advantages in resolving commercial disputes, especially when Vietnam is integrating into global trade. However, these dispute resolution methods still have certain limitations in the banking sector in Vietnam, where the rate of banks choosing to resolve disputes through arbitration is lower than that resolved through the court. In this study, the authors will point out limitations of Vietnamese law in relation to (i) Validity of commercial arbitration in settling disputes arising in the banking sector, (ii) Procedures for receiving and processing arbitral awards, (iii) legal issues related to annulment of arbitral awards..., by using exploratory, qualitative, inductive and deductive methods. This study will focus on analysing the limitations of commercial arbitration in settling disputes arising from the banking sector in Vietnam, as well as propose some recommendations to improve the law on dispute resolution through commercial arbitration in the future.
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