Businesses and banks in Viet Nam still resolve disputes through the courts, even though arbitration and mediation remain the most popular methods throughout the world in dealing with banking disputes.

Arbitration in Viet Nam is expected to solve fast disputes in banking and finance areas (Photo arbitration.uslegal.com)

This preference for using courts was discussed by General secretary of the Viet Nam Banking Association Tran Thi Hanh at a recent workshop on the Use of Arbitration and Mediation (A&M) in the resolution of banking and financial disputes in Da Nang.

"Viet Nam's economics has been deeply integrated into the world and the regional economic community, so banking and financial disputes have rapidly become more complicated. These need a quick, easy procedure in solving disputes for businesses and banks," Hanh said.

Lawyer Vu Anh Duong, general secretary of Viet Nam International Arbitration Centre (VIAC), said arbitration and mediation had additional advantages over courts in resolving financial or banking disputes, including providing flexibility, sincerity, honesty, fairness and transparency.

Pham Chi Dung, deputy head of legal affairs under Bank for Investment and Development of Viet Nam (BIDV), said arbitration resolutions in banking and financial disputes offer a less complicated approach for businesses and individuals.

(Source: VNA)