Resolution No. 113/2020/QH14 recognition of final awards of the dispute settlement body

RESOLUTION

On recognition and enforcement in Vietnam of awards of investment dispute settlement agencies under the Investment Protection Agreement between the Socialist Republic of Vietnam and the European Union and its member states^[1]

______________

THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam;

Pursuant to Law No. 108/2016/QH13 on Treaties;

Pursuant to the National Assembly’s Resolution No. 103/2020/QH14 of June 8, 2020, ratifying the Investment Protection Agreement between the Socialist Republic of Vietnam and the European Union and its member states;

Pursuant to the President’s Report No. 02/TTr-CTN of April 18, 2020, on the ratification of the Investment Protection Agreement between the Socialist Republic of Vietnam and the European Union and its member states;

At the proposal of the Government in Report No. 227/TTr-CP of June 4, 2020, on the National Assembly’s draft resolution on recognition and enforcement in Vietnam of awards of investment dispute settlement agencies under the Investment Protection Agreement between the Socialist Republic of Vietnam and the European Union and its member states;

After considering the Government’s Explanatory Report No. 207/BC-CP of May 13, 2020; the National Assembly Committee on Judicial Affairs’ Verification Report No. 2532/BC-UBTP14 of June 5, 2020, and the National Assembly deputies’ opinions,

RESOLVES:

Article 1.Scope of regulation

This Resolution provides the recognition and enforcement in Vietnam of final awards on financial obligations made by investment dispute settlement agencies (below referred to as awards) in accordance with Section B, Chapter 3 of the Investment Protection Agreement between the Socialist Republic of Vietnam, as one party, and the European Union and its member states, as the other party (below referred to as the Agreement).

Article 2.Recognition and enforcement of awards

1. An award made within 5 years from the date the Agreement takes effect or within a longer period of time under a decision of the Committee established under Article 4.1 of the Agreement to which the respondent is the Socialist Republic of Vietnam shall be regarded as a foreign arbitral award. Competent Vietnamese courts shall apply the provisions of the Civil Procedure Code on procedures for recognition and enforcement in Vietnam of foreign arbitral awards in accordance with the 1958 New York Convention on Recognition and Enforcement of Foreign Arbitral Awards in order to consider recognizing and enforcing in Vietnam or refuse to recognize awards regarding the respondent being the Socialist Republic of Vietnam.

2. Awards made after the time limit specified in Clause 1 of this Article regarding the respondent being the Socialist Republic of Vietnam shall be recognized as legally effective judgments of Vietnamese courts. Provincial-level people’s courts of localities where judgment debtors have their property shall issue decisions on recognizing and enforcing awards in the Vietnamese territory upon written requests of judgment debtors.

3. From the date the Agreement takes effect, awards made against the respondent being the European Union or its member states shall be recognized as legally effective judgments of Vietnamese courts. Provincial-level people’s courts of localities where exists property of award debtors shall issue decisions on recognizing and enforcing awards in the Vietnamese territory upon written requests of judgment debtors.

4. Awards mentioned in this Article shall be executed in accordance with the law on execution of civil judgments.

Article 3.Organization of implementation

1. The Supreme People’s Court shall guide the implementation of Clauses 2 and 3, Article 2 of this Resolution.

2. The Ministry of Foreign Affairs shall promptly notify the Supreme People’s Court of the expiration of the time limit prescribed in Clause 1, Article 2 of this Resolution.

Article 4.Effect

This Resolution takes effect on the effective date of the Agreement.

This Resolution was passed on June 18, 2020, by the XIV^th National Assembly of the Socialist Republic of Vietnam at its 9^th session.-

Chairwoman of the National Assembly
NGUYEN THI KIM NGAN