TENDENCY IN RESOLVING COMMERCIAL BUSINESS DISPUTES IN THE INTERNATIONAL LAW AND THE IMPROVEMENT FOR VIETNAM’S LAW

Author: Mai Thu Hang

ABSTRACT

In a market economy, trade disputes are inevitable due to fierce and diverse competition among economic sectors. When the prices of goods and services depend on supply and demand, businesses are forced to compete not only domestically but also in the international market. Therefore, resolving trade disputes becomes an urgent requirement to maintain stability, minimize economic losses and ensure a sustainable business environment. In the world, most countries focus on building a legal corridor and diversifying dispute resolution methods, from state jurisdiction channels such as the Court to non-state mechanisms such as negotiation, conciliation and commercial arbitration. In Vietnam, since the market economy was formed at the end of the 20th century, the legal system on competition in commercial business has been increasingly improved, creating conditions for businesses to choose appropriate settlement mechanisms for both domestic and foreign disputes. The article presents trends in resolving trade disputes in the world and solutions to help developing countries like Vietnam improve their commercial business laws, enhance competitiveness and strengthen the confidence of the domestic and foreign business community.

Keywords: Trade disputes, developing countries, international trade law.

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