On the morning of 11/12, the National Assembly approved the law establishing a specialized court at the International Financial Center. This law designates the specialized court as part of the People's Court system, with jurisdiction over cases arising within the international financial center.

The President will appoint judges to the specialized court from foreign nationals who meet specific criteria: they must be reputable experts with relevant professional knowledge, possess at least 10 years of experience in adjudicating and resolving investment and business disputes, be no older than 75 years old, and be proficient in English.

Vietnamese citizens, including judges, civil servants, lawyers, arbitrators, university lecturers, scientists, and reputable experts, can also be appointed if they possess good moral character, relevant professional knowledge, and meet the same conditions.

The Supreme People's Court explained that Vietnam's International Financial Center will feature specific, superior policies concerning foreign exchange, banking, and taxation, along with a specialized dispute resolution mechanism. Disputes arising within international financial centers are complex and specialized, necessitating particular regulations for legal application, procedural order, language, and judicial qualifications. Current Vietnamese courts are unable to meet the demands for resolving these disputes according to international standards and practices.

Chief Justice of the Supreme People's Court Nguyen Van Quang. Photo: Hoang Phong

The Supreme People's Court believes that establishing a specialized court will be an important factor in perfecting the investment and business environment. This will enhance the competitiveness of Vietnam's International Financial Center against other financial centers regionally and globally.

During discussions, some proposed that the procedural order and procedures for dispute resolution at the specialized court should be stipulated directly within this law, with more specific and detailed procedural regulations in its articles.

Chief Justice of the Supreme People's Court Nguyen Van Quang explained that procedural rules for courts at international financial centers abroad are highly detailed, specific, and differ significantly from Vietnam's current procedural law. The law mandates the Supreme People's Court to develop the procedural rules for this specialized court. This approach aligns with international practice and ensures the flexibility, specificity, and superiority of the specialized court's procedures under the common law system.

Stipulating all detailed procedural orders and procedures for resolving cases according to the common law system within this law would not ensure feasibility or align with the flexible, effective procedural standards and international practices.

The law takes effect from 1/1/2026.

Son Ha