According to the Politburo’s Conclusion, one specialized court will be established at the international financial centre within the people’s court system and located in Ho Chi Minh City. This court is tasked with settling disputes and requests arising from the operation of the international financial centre.
The specialized court is oriented to be organised following a modern, professional, and advanced model that is consistent with international standards and practices. Its core function is to adjudicate disputes and requests related to investment and business activities at the International Financial Centre; subject to appropriate conditions, further studies will be conducted to expand its jurisdiction so that the specialized court may consider other disputes and requests arising at the International Financial Centre.
The Politburo’s conclusion also emphasises the requirement to design a distinct and superior dispute settlement mechanism that is compatible with international standards and practices while ensuring consistency with Viet Nam’s specific conditions. This is regarded as a key factor in strengthening the confidence of investors, financial institutions, and enterprises, both domestic and foreign, when engaging in activities at the international financial centre.
A notable point in the Conclusion is the policy of expanding the sources of appointment for judges of the specialized court. Accordingly, judges of the specialized court may be foreigners or Vietnamese nationals, provided that they fully meet the prescribed criteria and conditions.
This policy aims to leverage high-quality human resources with extensive practical experience in resolving international financial–commercial disputes and with solid knowledge of international laws and practices, thereby enhancing the quality of adjudication and improving the competitiveness of Viet Nam’s international financial centre compared with other centres in the region.
Regarding procuracy activities, the Politburo concludes that the People’s Procuracy will not supervise the operations of the specialized court. With respect to matters relating to public interests or the State’s interests, the competence for resolution will fall under the people’s courts in accordance with current law.
The Party Affairs Committee of the Supreme People’s Court is assigned to study and propose options for handling and establishing mechanisms to resolve difficulties, obstacles, and issues that may create disadvantages for Viet Nam arising from the operation of the specialized court, thereby ensuring the protection of sovereignty and national interests while respecting international commitments and practices.
To institutionalise the Politburo’s policy, the Party Affairs Committee of the National Assembly and the Party Affairs Committee of the Supreme People’s Court are assigned to lead and direct the study, development, and submission to the National Assembly for promulgation of the Law on the Specialized Court at the International Financial Centre. This Law will serve as the highest legal basis governing the organisation, jurisdiction, procedures, and special mechanisms of the specialized court, ensuring consistency, transparency, and feasibility in its implementation.
In addition, Party committees and Party organisations at all levels are required to, based on their assigned functions and tasks, lead and direct the establishment and operation of the specialized court in alignment with the roadmap for implementing the international financial centre in Ho Chi Minh City and Da Nang in accordance with the Politburo’s policy.
The Politburo assigns the Party Affairs Committee of the Supreme People’s Court to take the lead and coordinate with relevant authorities in organising the implementation of the Scheme and the Conclusion; and to promptly consolidate and report any difficulties or obstacles arising so that competent authorities may consider and settle them in accordance with regulations.
The Politburo’s approval of the policy to establish a specialized court at the international financial centre demonstrates the determination of the Party and the State to build and perfect the socialist-oriented market economy institution, enhance the quality and effectiveness of judicial activities, and create a transparent, safe, and investor-friendly legal environment.
When implemented in synchrony with the policies for developing the international financial centre in Ho Chi Minh City and Da Nang, the specialized court is expected to become an important “legal anchor”, contributing to attracting high-quality investment inflows, promoting the development of financial services, and gradually affirming Viet Nam’s position on the map of regional and global financial centres.
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