Southern Trade Arbitration Centre (STAC)
License No. 17/BTP/GP dated November 01, 2021 of the Ministry of Justice
T he Southern Trade Arbitration Center (STAC) was established under Decision No. 799/QD-BTP dated June 5, 2017 of the Ministry of Justice, License No. 17/BTP/GP dated June 5, 2017 of the Ministry of Justice and Operation Registration Certificate No. 14/TP/DKHĐ-TT issued by the Department of Justice of Ho Chi Minh City on June 30, 2017, that serves the function of resolving disputes by Trade Arbitration or Trade Mediation for:
- Disputes between the parties arising from trade activities;
- Disputes arising between parties in which at least one party is involved in trade activities;
- Other disputes between the parties as prescribed by law shall be resolved by Arbitration.
With the rapid economic development, the relationships between business entities in society are becoming more and more diverse and complex. That is the reason why disputes related to the process of production and trade of goods and services are increasing day by day. Besides the traditional method of dispute resolution, instituting a lawsuit in court, another approach of dispute resolution carried out by a Trade Arbitration or Trade Mediation is deemed as a quick and effective way and widely accepted by many enterprises which are chosen because of the two main advantages: quickness and effectiveness.
Trade Arbitration is a method of dispute settlement agreed upon by the parties. Such a method has existed for a long time and is popular in developed countries around the world. Trade Arbitration is a method of dispute settlement agreed upon by the parties. Such a method has existed for a long time and is popular in developed countries around the world. In Vietnam, with the policy of the State of encouragement on dispute settlement by arbitration, combined with the transformation in awareness of organizations and entrepreneurs in the era of integration and development, throughout recent years, the number of acceptable cases services settled in Arbitration Centers has been gradually increasing. It can be said that this is an effective dispute resolution method in trade business activities and is suitable for outstanding features such as convenient and flexible procedures; Purich is accurate, objective; enterprises can protect the confidentiality of the dispute; the arbitral award is legally binding and is the exercising of the final decision of the court.
Besides commercial arbitration, commercial mediation is also a method of dispute resolution outside the court that is increasingly being chosen by many businesses. With the help of a neutral -third party (Mediator), the disputing parties voluntarily agree to settle their dispute in accordance with the law, social and ethical traditions. Besides the advantages of procedural flexibility and high confidentiality, dispute resolution by this method also helps the parties maintain their relationship and can completely choose another dispute resolution method in case mediation does not succeed.
With such the outstanding pros of dispute resolution by Trade Arbitration and Trade Mediation, STAC was established to meet the needs of the business community for a reliable dispute resolution institution, equity, and independence in Vietnam. Many businesses choose STAC as a place to settle disputes for the following reasons:
- The dispute resolution process at STAC is professional, flexible, and in compliance with The Law on Trade Arbitration and Trade Mediation.
- A staff of prestigious and highly qualified arbitrators and mediators. The secretariat is professional and well-trained.
- Soft and flexible procedure as agreed by parties foster parties to settle their dispute faster, and save money.
- All stages of arbitration are confidential; hence, by using arbitration, entrepreneurs’ reputation in the marketplace is maintained.