Tiếng ViệtThe Supreme People’s Court of Vietnam is seeking public comments on the Draft Law on Specialized Courts at International Financial Centers. This draft introduces major innovations in the judicial architecture supporting investment and business activities within IFCs in Vietnam.
🔑 Key Highlights from the Draft:
• Specialized Courts will be established in IFCs (starting from an IFC in H CM City) and will comprise a Trial Court, an Appellate Court and supporting units.
• They’ll perform six core functions: resolving disputes in IFC investment/business; handling IFC-related requests; summarizing case law and ensuring consistency; applying foreign law, precedents and international commercial customs; executing judgments; and other powers as provided by law.
• Two options are proposed for judges:
Option 1: Allows foreign judges, or foreign lawyers/specialists (≥10 years’ relevant experience) to serve.
Option 2: Restricts to Vietnamese judges only.
In both cases, judges must have high legal competence and English language ability; appointment by the President or Chief Justice; term of 5 years.
• Jurisdiction is defined in two draft methods:
Approach A: Disputes among IFC members, or between members and others, including those involving foreign courts/arbitration.
Approach B: More extensive scope including regulators, state agencies and labor disputes within IFCs.
📌 Implications for Businesses & Investors:
Vietnam signals its ambition to establish a specialized, globally-aligned court system within IFCs—enhancing legal certainty and international investment climate. The allowed participation of foreign judges (under Option 1) may mark a milestone in Vietnam’s judicial evolution.
Businesses should monitor the consultation process and prepare for how the final law will impact IFC operations, governance and dispute resolution.
📄 Details pls refer to the Draft Document Attached.
🔗 Source: Official draft published on the legislative database of the Supreme People’s Court of Vietnam – https://vbpq.toaan.gov.vn/
📝 This draft law is currently open for public comments. THE LAM LAW LLC – Your legal need, Our Mission will continue to provide insights as the legislative process unfolds.
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