On the morning of June 30, 2026, the seminar “VIFC-DN: Building Institutions – Shaping the Next Generation of Capital Flows” was successfully held at Novotel Danang Premier Han River Hotel. The event was jointly organized by VietnamFinance Magazine, the Executive Agency of the Vietnam International Financial Center in Da Nang (VIFC-DN), and the Vietnam Financial Consultants Association (VFCA).
The seminar served as a high-level policy dialogue, bringing together government officials, leading economists, financial institutions, and domestic and international investment funds to discuss breakthrough institutional mechanisms that will position VIFC-DN as a gateway for attracting global capital.
During the in-depth panel discussion on “Building Institutions,” moderated by economist Vo Tri Thanh, Dr. Le Thi Dung, Managing Director of Siglaw and an experienced international commercial and investment arbitrator, delivered a highly practical presentation entitled:
“How Should the Dispute Resolution System and Arbitration Centers at VIFC-DN Be Independently Established and Operated in Accordance with International Standards to Inspire Investor Confidence?”
Drawing upon her extensive experience in international dispute resolution, Dr. Dung emphasized that an international financial center can only attract next-generation capital if its dispute resolution framework prioritizes practicality, cost efficiency, and speed. Her presentation focused on four key recommendations:
Respect Party Autonomy to the Greatest Extent Possible
International investors require assurance that all lawful agreements between contracting parties will be fully respected under Vietnamese law. Transactions conducted within the international financial center-regardless of the legal status of the parties-should be allowed the freedom to choose the applicable governing law (such as English law) and the arbitration language (including English, Korean, Chinese, and other widely used international languages).
Enhance Arbitrator Standards and Foster an Open Administrative Framework
Arbitrators at VIFC-DN should not merely apply statutory law mechanically but must also possess the expertise to interpret and apply internationally recognized commercial practices and rules, including the ICC Rules, the UNIDROIT Principles of International Commercial Contracts, Incoterms, and the UCP.
In addition, Da Nang should pioneer flexible policies on work permits, visas, and taxation to attract distinguished arbitrators from major arbitration hubs such as Singapore, Hong Kong, and London, enabling them to conduct proceedings without unnecessary administrative barriers.
Advance Electronic Arbitration Procedures and Strengthen Interim Measures
VIFC-DN should lead Vietnam in implementing a fully digital arbitration system-from online case filing and electronic case management to virtual hearings as the default mode of proceedings.
More importantly, interim measures-particularly asset-freezing orders issued by arbitral tribunals-should be enforced promptly by banks and relevant authorities in Da Nang, instead of being delayed for months under conventional enforcement procedures.
Establish a Supportive Relationship Between Local Courts and Arbitration Institutions
An international arbitration center cannot thrive if domestic courts intervene excessively or frequently set aside arbitral awards based on minor procedural defects.
Dr. Dung proposed that the People’s Court of Da Nang establish a specialized chamber dedicated to international finance and arbitration, staffed by judges with advanced expertise in international commercial law. Rather than acting as a body that overturns arbitral awards, the court should serve as a strong judicial partner by assisting with witness compulsion, evidence collection, and award enforcement.
Concluding her presentation, Dr. Le Thi Dung shared a compelling insight that reframed the discussion:
“Investors do not choose jurisdictions with the fewest disputes. They choose jurisdictions where, if a dispute arises, they already know how the process will unfold, how long it will take, how much it will cost, and who will decide the case.”
She emphasized that VIFC-DN can build lasting investor confidence only by creating an arbitration system that is transparent, efficient, predictable, and fully aligned with international best practices.
Dr. Dung’s presentation received high praise from the organizing committee, city leaders, and fellow experts, further reinforcing Siglaw’s position as a pioneering legal partner contributing to Vietnam’s institutional and legal reforms in support of the country’s future international financial center.
