KCAB INTERNATIONAL is delighted to announce that following the approval of the Ministry of Justice of the Socialist Republic of Vietnam, the Korean Commercial Arbitration Board (KCAB) has officially opened its overseas liaison office (Overseas Office) in Hanoi, Vietnam. KCAB is the first foreign arbitral institution approved to open an Overseas Office in Vietnam. The Overseas Office will function as a front line to promote the KCAB’s services as well as arbitration and alternative dispute resolution (ADR) in Vietnam. The Overseas Office will be staffed by Ms. Seung Won Her.
The Opening Ceremony took place on Tuesday, 17 December 2019 at the InterContinental Hanoi Landmark72. Welcooming Remarks were provided by Mr. Ho-won Lee (President, KCAB) with Congratulatory Remarks from Woojin Jung (Consul General, Korean Embassy in Vietnam), Hanyong Kim (President, KORCHAM) and Sangho Yoon (President, Korean Association in Hanoi). Hong Bae Yi (Partner, Yulchon LLC) conducted a seminar on the legal system and arbitration in Vietnam. Attendees included Anh Duong Vu (Secretary General, Vietnam International Arbitration Center), Nguyen Manh Dzung (Of Counsel, Dzungsrt & Associates LLC), Huyen Doan (Director General, Ministry of Justice of Vietnam) and Mr. Heehwan Kwon, Mr. Sangyup (Sean) Lee, Ms. Jae-Hee Jeon and Ms. Youngok (Amy) Kim of KCAB INTERNATIONAL in Seoul, Korea.
The opening of KCAB’s Overseas Office in Vietnam takes place as the two countries march forward in their special relationship. Trade between the two countries increased 34-fold since 2000. Since 2014, the Republic of Korea has been the top source of foreign direct investment in Vietnam and in 2015, Vietnam and South Korea officially signed the Vietnam-Korea Free Trade Agreement. Korean and Vietnamese economic and cultural collaboration continues apace, with Korean smart phones built in Vietnam and a Korean citizen even serving as coach of Vietnam’s national soccer team. In total, approximately 7,000 Korean firms are operating in Vietnam, employing more than 700,000 workers and contributing 30% of Vietnam's export value.
Prof. Hi-Taek Shin, Chairman of KCAB INTERNATIONAL, said, "We are honored to be the first international arbitral institution to open an office in Vietnam and we look forward to promoting international arbitration and ADR as part of KCAB’s services. We look forward to the continued development of our economic and cultural ties to Vietnam through this Overseas Office."
Founded in 1966, KCAB is the sole arbitral institution in Korea that is statutorily authorized to settle disputes under the Korean Arbitration Act, under the auspices of the Ministry of Justice. Over the past 50 years, KCAB has handled about 7,000 arbitration cases and 15,000 conciliation cases, marking itself as a leading alternative dispute resolution center.
KCAB INTERNATIONAL was established on 20 April 2018 as an independent division of KCAB to meet the growing demand for cross-border commercial dispute resolution. KCAB INTERNATIONAL specializes in international arbitration to ensure that disputes are resolved in a cost-effective and time-efficient manner within a streamlined process. Enlisted with leading experts and professionals with abundant experience and expertise in international dispute resolution and works to further enhance the standing of Korea as a premier international dispute resolution center in Asia and beyond.
For more information, please contact firstname.lastname@example.org.