May 17, 2024
The region’s largest arbitral institution, Dubai International Arbitration Centre (DIAC), has announced the signing of a Memorandum of Understanding (MoU) with the Vietnam International Arbitration Centre (VIAC). This agreement was formalised last week at the renowned Ho Chi Minh City International Construction Arbitration Conference (HICAC) 2024 in Vietnam, an event co-organised by VIAC, Ho Chi Minh City University of Law, and the Society of Construction Law – Vietnam.
As part of DIAC’s strategy launched in early 2023, this agreement represents one of over 12 MoUs signed with key local and global stakeholders within the arbitration ecosystem, reinforcing DIAC’s vision to make Dubai the global destination for dispute resolution. The strategic alliance aims to enhance the scope and effectiveness of arbitration as a preferred method of dispute resolution while also establishing a framework for collaboration between both institutions.
Jehad Kazim, Executive Director of DIAC, who also participated in a panel discussion on confidentiality and transparency in international construction arbitration at HICAC 2024, said: ” This MoU is a testament to DIAC’s commitment to promoting arbitration’s efficacy on a global scale. By partnering with VIAC, we aim to foster a deeper understanding and broader adoption of arbitration, ensuring that it remains relevant and responsive to the international business community’s needs.”
This MoU aligns with the ongoing efforts of the UAE and Vietnam in deepening their economic ties by providing a reliable framework for resolving commercial disputes swiftly and efficiently, thereby fostering a conducive environment for sustained business expansion and growth.
