Finality and Justice in Recognition and Enforcement of International Arbitral Award in China and Vietnam - Thesis Example

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Finality and Justice in Recognition and Enforcement of International Arbitral Award in China and Vietnam
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"Finality and Justice in Recognition and Enforcement of International Arbitral Award in China and Vietnam"

Download file to see previous pages lity of foreign arbitration award on Vietnam in particular, where the writer is of the view that only those foreign awards are acceptable in Vietnam, which maintain the condition of reciprocity in their nature and scope. Hence, if Vietnam has already developed and signed reciprocal recognition of the arbitration award with some country, the decisions made by such a country while issuing the award could be enforced in Vietnam. On the other hand, the countries having no legal relationship with Vietnam with regards to entering into the contract of internationally accepting the arbitration would not have any validity in their scope altogether. The same is observed and followed in the light of the New York Convention 1958, where Vietnam had signed as the party to foreign arbitration awards (FAA), along with several other countries and states of the world (1-2).
The author, in his study, has mentioned the vital points associated with FAA, to which he maintains “three pillars of arbitration award”, which include (i) the Ordinance on recognition and enforcement of foreign arbitration awards, September 14 1995 (the Ordinance); (ii) the Civil Procedure Code, June 15 2004; and (iii) the Law on Enforcement of Civil Judgment, November 14 2008. One of the most distinguished features of the FAA includes that the issuance of the arbitration awards within the Vietnamese jurisdiction would be made by some arbitrator other than a Vietnamese, while the same being observed outside of Vietnam would be observed by some impartial arbitrator, on which the parties to the contract have already agreed. However, the agreement of the parties serves as an essential matter, which is witnessed by each and every corporate firm and forum at local, regional and international scales. Consequently, it endorses the validity of the award and all the provisions associated with it as well (2).
The author has further described the procedural rule attributed to the international arbitration awards, ...Download file to see next pagesRead More
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