Fundamental features of commercial arbitration in Vietnam

Abstract

People’s courts and commercial arbitration are current institutions of economic adjudication in Vietnam which both have the function to resolve commercial disputes arising in market economy.  Each instiution, however, has its own features. While people’s courts function as the judicial bodies of the SocialistRepublic of Vietnam, exercising judicial power, commercial arbitration is a social- professional organisation  which functions as a “private court”. The paper focuses on clarifying the features, organisation and procedures of commercial arbitration in comparision with people’s courts and thereby contributes to a more accurate understanding of the nature of commercial arbitration. This will help businessmen select a form of  adjudication which are relevant to their own circumtances and establish a theoretical basis for improving the law on commercial arbitration.