The Dubai International Arbitration Centre (DIAC) has signed a Memorandum of Understanding (MoU) with the Vietnam International Arbitration Centre (VIAC) at the Ho Chi Minh City International Constructions Arbitration Conference in early May.
DIAC is the largest alternative dispute resolution centre in the UAE. It was established in 1994 as the Dubai Chamber of Commerce & Industry's Commercial Conciliation and Arbitration Centre, before evolving into DIAC under Decree No. (10) of 2004. In 2021, DIAC's size increased after it acquired the former DIFC Arbitration Institute (i.e. the DIFC-LCIA) and the Emirates Maritime Arbitration Centre.
VIAC similarly has a long-standing history with its establishment dating back to 1993. It is the leading Vietnamese institution for dispute resolution and the only one known to adjudicate international disputes.
The MoU between DIAC and VIAC is one of over 12 MoUs signed by DIAC with various stakeholders in international arbitration and underscores efforts by DIAC to establish itself as a global destination for alternative dispute resolution.
There are many benefits to litigants in DIAC's mutual cooperation with other arbitral centres globally, including knowledge sharing, enhancing dispute resolution mechanisms, and reciprocal enforcement of arbitral awards granted in the relevant jurisdictions.
If you are interested in further advice in this regard or on any matters relating to international arbitration, please get in touch with our UAE Dispute Resolution team.
