Third-party funding in international commercial arbitration - International experience and implications for Vietnam

Abstract

International commercial arbitration is a dispute settlement mechanism with many advantages. However, the most significant disadvantage of this mechanism is the very high cost of international commercial arbitration. This makes it difficult for the parties to access arbitration if they are not financially stable and, simultaneously, makes it burdensome for them to access justice for the dispute. In recent years, "third-party funding" has emerged as a solution to remove financial burdens and make it easier for parties to access international commercial arbitration procedures. The following article studies the approaches of France and Singapore to "third-party funding" in international commercial arbitration, thereby offering some suggestions for Vietnam.