On the afternoon of May 26, the National Assembly discussed in the hall on the Law on Amending and Supplementing a number of articles of the Civil Procedure Code, the Law on Administrative Procedure, the Judicial Law Law, the Bankruptcy Law and the Law on Conciliation and Dialogue at the Court.
Politburo member and Permanent Deputy Prime Minister Nguyen Hoa Binh commented on the content of the specialized court in the financial field.
The Permanent Deputy Prime Minister welcomed the construction of a specialized court in the financial center. The court's task is to specialize in resolving conflicts and disputes arising in the financial center.
The financial center will also have Vietnamese financial institutions, but mainly foreign financial institutions. "We build financial centers to attract international resources to serve the country's economic development," the Permanent Deputy Prime Minister stated.
Accordingly, foreign investors are interested in having their assets and ownership protected in conflict-of-law situations. The institution to protect these assets is the dispute resolution agency within the financial center, including a specialized court.
If the law only resolves the organization and there is a specialized court in the financial center, it will not thoroughly and thoroughly resolve the story of the financial center.
The Permanent Deputy Prime Minister raised a number of issues that need to be considered and discussed.
First, about organizing specialized courts.
Second, the language in the trial. Currently, the Law on Organization of People's Courts requires the court to try in Vietnamese (language, written). However, in the financial center, foreign international institutions will be very difficult to handle in Vietnamese.
Third, about the judge. In the long term, there will be a team of judges with sufficient capacity to resolve international disputes with foreign elements. In the short term, it will not be possible to meet the requirements, so many countries will hire foreign judges.
"Now we are asking about how the judges in the national financial center are", the Permanent Deputy Prime Minister raised the issue.
Next, how is the law applied in a specialized court? Usually, international disputes are subject to the choice of law. The experience of all the world's financial centers will be based on British law to solve.
Thus, if we judge in a financial center based on current Vietnamese law, it will not be enough to resolve disputes and conflicts.
According to the Permanent Deputy Prime Minister, to facilitate the operation of financial centers, it is necessary to discuss other contents. This law amendment can be included to create a complete legal corridor to operate this specialized court in the financial center.
