Ho Chi Minh City Economic Court’s recognition of an award by Australia’s Queenlands State arbitration committee last May has aroused the interest of businesses, especially foreign, here.
It pertained to a commercial dispute over a construction contract of Indochina Hotel at Da Nang between Tyco Services Pte., Ltd – a subsidiary of US giant Tyco International and Leighton Company. This is the first foreign arbitration award recognized and enforced in Ho Chi Minh City.
The legal framework to enable the court’s recognition and enforcement has been available in Vietnam for some time. The Ordinance on recognition and enforcement of foreign arbitration awards dated 14 September, 1995 (1995 Ordinance) regulates all matters in this regard: procedures, application files, competent authority, and all other matters relating to recognition and enforcement of foreign arbitration in Vietnam.
