The largest arbitration centre in the Middle East has expanded its reach to Vietnam.
Dubai International Arbitration Centre (DIAC) has entered into an agreement with the Vietnam International Arbitration Centre (VIAC) to expand its reach and reinforce its position as a global hub for dispute resolution.
The agreement was formalised during the recently concluded Ho Chi Minh City International Construction Arbitration Conference (HICAC) 2024, where representatives from the institutions signed a Memorandum of Understanding (MoU).
The MoU is one of over 12 signed with local and global stakeholders within the arbitration ecosystem, according to a statement. Most recently, in September 2023, DIAC signed an MoU with the Hong Kong International Arbitration Centre (HKIAC).
The DIAC-VIAC alliance aims to enhance the scope and effectiveness of arbitration as a preferred method of dispute resolution, while also establishing a framework for collaboration for both institutions, according to the statement.
DIAC executive director Jehad Kazim 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,” she said.
Established in 1994, DIAC is the region’s largest arbitral institution, dedicated to the practice of arbitration and other forms of alternative dispute resolution beyond traditional judicial mechanisms.
Last year the DIAC reformed its court and expanded its board of directors, and updated Arbitration Rules introduced in 2022.
