under Article 12 of the Law on Investment, any dispute to which one disputing party is a foreign investor or an enterprise whose investment capital is owned by foreigners, or any dispute between foreign investors shall be resolved by one of the following tribunals and organizations:
(a) A Vietnamese court;
(b) A Vietnamese arbitration body;
(c) A foreign arbitration body;
(d) An international arbitration body;
(e) An arbitration tribunal established in accordance with the agreement of the disputing parties.
Any dispute between a foreign investor and the State administrative body of Vietnam relating to investment activities in the territory of Vietnam shall be resolved by a Vietnamese court or an arbitration body.
The regulation is inapplicable to the cases in which representatives of competent State bodies of Vietnam and foreign investors reached other agreement contained in the contract they signed or in an international treaty of which the Socialist Republic of Vietnam is a member./.