Tiếng ViệtOn May 03, 2024, the People’s Court of Ho Chi Minh City issued Decision No. 69/2024/QĐ-PQTT, annulling an arbitration award in the dispute between Company C2 and Company N2. Once again, the reason provided is the vague yet familiar phrase: “Violation of the fundamental principles of Vietnamese law.”
This decision raises serious concerns about the blatant interference with the Arbitration Tribunal’s authority by focusing on the substance of the award and language used rather than addressing procedural issues. Instead of upholding the tribunal’s jurisdiction, the court intervened directly in the merits of the case, which undermines the arbitration process.
Notably, the People’s Procuracy of Ho Chi Minh City highlighted that: “The interest rate issue relates to the substance and should not be examined.” This acknowledgment reinforces that the court lacked jurisdiction to interfere with the content of the award.
Yet, the court annulled the award, claiming that the application of the USD overdue interest rate to Euro obligations violated the Commercial Law and Civil Code 2015, particularly the principle of equality between parties.
This outcome continues to pose a significant question for lawmakers regarding the mechanism for supervising judges/courts, especially those with the authority to review requests for annulling arbitration awards.
For further info, please find attached Decision No. 69/2024/QĐ-PQTT.
Link: https://drive.google.com/file/d/1DWjyLKguaupMHvMvStUfdFyYcSSxwU0P/view?usp=sharing
Link: https://drive.google.com/file/d/1DWjyLKguaupMHvMvStUfdFyYcSSxwU0P/view?usp=sharing
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THE LAM LAW LLC
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📞Tel: +84 (0)28 710 58 222 – 6288 3798 – Hotline: +84 (0) 97 309 77 77
✉ Email: info@thelamlawllc.com
THE LAM LAW LLC
🏢Indochina Park Tower, # 4 Nguyen Dinh Chieu Str, Dakao Ward, Dist 1, Ho Chi Minh City.
📞Tel: +84 (0)28 710 58 222 – 6288 3798 – Hotline: +84 (0) 97 309 77 77
✉ Email: info@thelamlawllc.com
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