On 30 August 2023, as a part of an event in the framework of the Singapore Convention Week 2023, a Memorandum of Understanding (MOU) Signing Ceremony was conducted between the Vietnam Mediation Centre (VMC) and the Singapore International Mediation Centre (SIMC).
Mr. Phan Trong Dat – Acting Director of VMC – and Mr. George Lim – Chairman of SIMC signed the MOU
The MOU marked a milestone in the cooperative relationship between SIMC and VMC; furthermore, it initiated opportunities for developing commercial mediation in Vietnam. As for 2023, Singapore has been the largest investor to Vietnam’s market for three consecutive years, thus emphasizing the stand of Vietnam as a strategic economic partner and a “magnetic force” to Singaporean investing capital. For years, Vietnam has been recognized as ideal for foreign investors due to its stable investing environment and positive recovery of the economy after the global pandemic; thus, to maintain such a position, Vietnam has not only implemented business and investment incentives but also actively facilitated the legal framework. These movements have been serving the purpose of attracting investment flow and reassuring foreign investors of a reliable and efficient legal framework.
Prior to the MOU Signing Ceremony with SIMC, VMC had a discussion and signed an MOU with the Korea International Mediation Centre (KIMC). On 06 September 2023, at the Head Office of VMC, Professor Nohyoung Park – Chairman of KIMC – had a visiting and working session in which representatives of VMC and KIMC discussed mediation legislation and practices in its respective jurisdictions. The discussion covered several promotion methods for mediation to approach more Vietnamese and Korean enterprises and attorneys, thus encouraging them to use mediation to resolve disputes occurring in their businesses.
VIAC/VMC warmly welcomed Professor Nohyoung Park – Chairman of KIMC
Accordingly, SIMC and KIMC, as the leading mediation centers in Singapore and Korea, are expected to cooperate with VMC to actively carry out activities to promote commercial mediation and advance their service provision quality to better assist enterprises and enhance their knowledge about mediation.
Signing MOUs with international mediation centers, namely SIMC, KIMC, and other leading institutions, VMC reiterates its effort to extend international cooperative networking, facilitate the risk management system for enterprises – including domestic, foreign, and Singaporean and Korean-FDI, consequently improve mediation in Vietnam toward aligning with international-standard mediation.
