For a dispute involving no foreign element, the arbitration
council shall apply Vietnamese law for settling the dispute.
For a dispute involving foreign elements. the arbitration council
shall apply the law selected by the parties. If the parties have no agreement
on the applicable law, the arbitration council shall decide to apply a law it
sees the most appropriate.
When the Vietnamese law or law selected by the
parties contains no specific provisions concerning the dispute, the arbitration
council may apply international practices for settling the dispute, provided
such application or consequence of such application does not contravene the
fundamental principles of Vietnam law.
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