Apart from the lawsuit, the parties can select one of the forms of alternative dispute resolution specified in the Vietnam Law on Trade as follow:
– Negotiations between the parties;
– Conciliation between the parties by organization or individual selected by the parties to act as the conciliation mediator;
– Resolution by the Arbitration.
When settling disputes by arbitration, the parties may agree on issues: e.g.
Indicated arbitration center,
Place of settlement, language, and applicable law.
Vietnam encourages the voluntary implementation of the arbitral award. When the term of implementation of the arbitral award is expired, if the loser does not voluntarily implement or require the cancellation of such arbitral award, then the winner shall be entitled to request the civil enforcement authority to implement this arbitral award.
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