Vietnam

Audier & Partners advised a major international bank and other lenders on a $250 million secured syndicated loan to PetroVietnam to provide funding in connection with the Dung Quat refinery. Nicolas Audier and Nicolas Picard advised AFD, the French development bank, and five other development banks on the review of the draft law, which is seen to have impact on their financing operations in the country, in preparation for the joint portfolio performance reviews (JPPR) with the Vietnamese government.

DFDL’s banking and finance group has a solid track record advising on complex financing operations in the energy and mining sectors, often representing institutional investors and banks. Jerome Buzenet advised a major private commercial bank in Vietnam involving a special arrangement between a local bank and an international life insurance company, considering the incomplete legal framework for the arrangement.

EPLegal advised Cathay Bank United, one of the syndicated lenders, in providing a facility of up to $210 million for PVGAS for general capital expenditure requirements applied for the infrastructure of a oil and gas project. The firm also advised Vietinbank on its $30 million term loan facility to SOFEL to build two chemical tanks. Tony Nguyen and Van Cuong Nguyen are the partners to note.

Justin Gisz at Frasers Law Company acted for LifeStyle Project Management, the Timo digital banking platform operator in Vietnam, in its issuance of a strategic equity stake to Sun Life Assurance Company of Canada through a series of redeemable convertible preference shares equivalent to 25% of the total issued share capital of the client. This matter is significant because the business model is unprecedented in Vietnam – no developer or supplier has been able to make available to banks in Vietnam turnkey digital banking solutions technology together with deployment and management services. “We appoint the Fraser’s team where we need a solid firm that we know will provide pragmatic solutions that balance international standards with local practicalities,” says a client.

Led by Net Le, the banking and finance team at LNT & Partners acted for Joint Stock Commercial Bank for Foreign Trade of Vietnam – Hai Phong Branch when it granted a $203 million loan to International Container Terminal Company (HICT) for the construction of Hai Phong City’s international gateway port. The team assisted from drafting and reviewing the loan agreement to negotiating with HICT.

Kent Wong and Tuan Phung lead the banking and finance practice at VCI Legal. Wong and Phung advised EVNNPT and Asian Development Bank when it confirmed the project finance for 3374-VIE: Power Transmission Investment Program - Tranche 3, which is legally effective and binding on both parties.

VILAF’s banking and finance practice is led by Duyen Vo Ha and Anh Dang Duong. Vo Ha advised the Japan Bank for International Cooperation (JBIC) on the financing of the $2.5 billion Vung Ang 2 build-operate-transfer (BOT) power project as the arranger. Phong Tran Tuan advised Marubeni Corporation and KEPCO, the sponsors, on the Nghi Son 2 Power Plant project which is considered to be one of the first large-scale power projects in Central Vietnam. The team assisted the client in preparing and drafting relevant documents and obtaining an investment licence.

Vision & Associates advised Cam Lo – Tui Loan Bt Investment Company on a $560 million loan financed by a group of Japanese banks. The team acted for the World Bank as a regulatory consultant for a project to set up a pilot City Infrastructure Financing Facility to finance municipal infrastructure in Vietnam. 

One of the largest and the strongest full service law firms in Vietnam, YKVN has an excellent reputation in dealing with important domestic and foreign financial institutions and banks such as China Development Bank, An Binh Joint Stock Commercial Bank and HSBC. Vu Dzung acted for lenders including China Construction Bank Corporation, Export-Import Bank of China and Industrial and Commercial Bank of China in the financing of Jaks Hai Duong Power Company for the development of a 1.2 gigawatt (GW) coal-fired thermal power plant. This is one of the biggest private sector power projects undertaken in Vietnam as well as one of the first BOT project financings by Chinese lenders.

ZICOlaw acted for AXIS Bank Limited, Hong Kong Branch (as lender) in relation to their $6 million offshore lending to a Vietnamese entity. Phuong Nguyen and Nguyen Mai Phuong are the key contacts.

Audier & Partners, which has been involved in many recent capital markets transactions in Vietnam including IPOs, listings and the equitisation of, or conversion into a public limited company or corporation, of major state-owned enterprises, advised the government on a $1 billion sovereign bond offering, the country’s first issuance since 2005. The team also advised a foreign investment bank on a potential subscription of US dollar-denominated convertible bonds from a Vietnamese listed utility company.

VILAF has been engaged in most offshore listing transactions involving Vietnamese corporations, either as counsel for the issuer or the book runner.  Hien Nguyen Truc advised Novaland, a real estate developer listed on the Ho Chi Minh City Stock Exchange (HOSE), and Techcom Securities on their issue of D1.55 trillion ($68.2 million) in domestic bonds. Phong Tran Tuan acted for the Bank of Investment and Development of Vietnam, the arranger of Becamex’s two-phase D2.03 trillion bond issue.

Vision & Associates, a full service law firm, acted as counsel to underwriters, corporations and bond issuers including ISDN Holdings, Franklin Templeton Investments and DWS Vietnam Fund. Luu Tien Ngoc and Xuan Bac Pham Nghiem are the leading partners at the firm.

YKVN led by Quang Truong advised State Capital Investment Corporation on its divestment of a 5.4% stake in Vietnam Dairy Products JSC, the largest listed company in Vietnam by market capitalisation, through an auction process at the HOSE. This sale was the largest equity market monetisation in South Asia in 2016. Truong and Ha Duong advised the government  on its $1 billion bond issuance to be listed on the Singapore Stock Exchange which was more complex than other cases due to the new constitution and a series of new laws passed recently.

Audier & Partners regularly advises developers, construction companies and financial institutions on projects such as office buildings, shopping centres, and power and energy infrastructure. Etienne Laumonier and Pham Viet Anh advised Neovia, a global leader in the animal feed sector, on an industrial development project, from a review of the land and construction law issues  to negotiation with the industrial zone and the Vietnamese authorities. Laumonier and Nguyen Cong To assisted a hospitality services operator on a major hospitality and real estate development in Phu Quoc Province containing several residential projects, entertainment and hotel facilities.

BD Law advised Viettel Group on putting its high-end office building in Ho Chi Minh City into operation by drafting several agreements such as a marketing service agreement, office lease agreement and management service agreement. Kien Nguyen Trung acted for the Thuy Duong Group on the transaction structuring and preparation, and negotiation of a business cooperation contract with a 100% foreign owned company in Vietnam to develop a complex comprising apartments, offices and commercial areas for total investment capital of $60 million.

Frasers Law Company earns praise for its understanding in the market and the interaction between legal framework and commercial requirements. “Frasers have one of if not the, strongest property teams in the market. Dr Lang’s understanding of the property sector is outstanding. The team is able to provide both legal and commercial advice that assists my firm with obtaining a desired outcome,” says a client. Mark Fraser and Lang Nguyen Thi are key partners to note.

“One of the leading firm in construction and real estate”, Rajah & Tann LCT Lawyers advised Mapletree Investments, one of Asia’s largest property developers, on its acquisition of Kumho Asiana Plaza Saigon, a prime complex with retail shops, A-grade offices and hotels and apartments managed by the Intercontinental Hotel Group. Thuy Hoang Thi Thanh advised Nam Long Corporation on its joint venture with Hankyu Realty and Nishi-Nippon Railway, two Japanese investors,  to develop Kikyo Residence comprising 110 villas and 234 apartments.

Tilleke & Gibbins advised Fruit of the Loom, an US apparel company, in structuring and negotiating the purchase of two parcels of land in Vietnam. The team also advised M Arthur Gensler & Associates, an international design and architecture firm, on the regulations for foreign contractors in Vietnam, assisting with procedures for foreign contractor permits and obtaining construction operating permits.

The partners at VILAF win high praise from clients for their “vast practical experience and well-verse in real estate law”. VILAF is well-known for advising foreign investors in the development of residential projects and integrated multipurpose real estate projects. Hien Nguyen Truc, co-head of the construction and real estate practice, advised Capitaland (Vietnam) Holdings on its $120 million acquisition of a residential complex in District 1 of Ho Chi Minh City through equity acquisition and debt financing from VINACON and ATP Group. Total investment in the project has been set at $300 million. Ngo Thanh Tung advised Gamuda Land in an M&A transaction relating to the Celadon City Project.

YKVN led by Minh Dang and Thi Loc Le advised Keppel Land on entering into a complex joint venture structure for the functional equivalent of the development of Pudong in Shanghai. Dieu Huyen Vu and Ngoc Thuy Nguyen advised Vietcombank on the financing for the construction of a residential project in the suburbs of Hanoi sponsored by Comaland Investment and Development Real Estate Joint Stock Company.

“ZICOlaw is the strongest in construction and real estate field. They are truly outstanding in this practice,” says a competitor. David Lim worked for the buyer on one of the most high-profile M&A deals in the hotel sector in 2016, the acquisition by HPL Hotel and Resorts, a Singapore-based hospitality management company, of the Nam Hai hotel in Da Nang. The team worked on the due diligence, negotiations and advising on and amending the transaction documents.

Audier & Partners, which advises corporations and other investors on all types of transactions including joint ventures, equity investments and private placements, was on the other side of the Big C Vietnam transaction. Nicolas Audier, Nicolas Picard, Bernadette Fahy and Etienne Laumonier acted for the Casino Group on Big C’s sale for Ä1 billion to Central Group, one of the main family-owned groups in Thailand, as well as the Vietnamese competition law and compliance requirements in relation to the cross-border merger. A client comments the firm has “excellent track record in Vietnam with a seasoned team of veterans”. The team advised Accor, a leading global hotel chain, on the establishment of a nationwide hotel chain in Vietnam.

BD Law advised Hyundai Aluminium on obtaining an amended investment certificate and business licence for distribution of a number of materials. Ha Nguyen Thanh advised Fujiken Himlambc on its joint venture with a Japanese investor to obtain the necessary permits and licence for construction of a villa development project in Hanoi and distribution of service. The firm has been cooperating with Deloitte Tax to provide legal advice for the establishment and restructure of several foreign invested companies.

DFDL has built a reputation for international experience and local expertise in the developing Asia region. Jerome Buzenet and Tran Thi Vu Hanh advised Decathlon Vietnam on the structuring, strategies and implementation to obtain the necessary licences and permits for the launch of its first retail business in Vietnam. Buzenet acted for Orchid Capital Investments on its block trade sale of 44.7 million shares in Masan Group Corporation which is equivalent to nearly a 6% stake.

“Frasers Law Company has been our trusted adviser who always provides comprehensive advice and practical solutions thanks to their business-minded lawyers’ solid background and deep understanding of local practice,” says a client. Justin Gisz and Lang Nguyen Thi have been complimented for their incredible expertise and solutions with a high level of practicality. One client notes: “Justin is such a farsighted lawyer. He often views and assesses matters from very different angles to point out many issues which are not easily found by ordinary approach. That’s extremely helpful for complex transactions and long term business structure.” The firm has advised Portek International, Flight Centre Travel Group and Vietnam Infrastructure on various corporate matters in the past 12 months.

“Confident, active and well experienced”, Net Le is one of the main corporate partners at LNT & Partners. Le advised Hanoi Beer Alcohol and Beverage Joint Stock Corporation, one of Vietnam’s biggest brewers, in its listing on the HOSE with a starting price of $5.65 per share and total value of $1.3 billion. 

“Rajah & Tann LCT Lawyers’ turn-around time is efficient and provide clear advice for our management to make decision,” says a client. Clients frequently mentions the firm’s integrity, high commitment and great expertise with local connections as the reasons why they particularly like the firm. Que Vu Thi advised Kajima Corporation, one of Japan’s largest construction companies, on its acquisition of Indochina Riverside Towers, the largest mixed-use complex in Da Nang, Vietnam, comprising an office tower and shopping mall.

Tilleke & Gibbins is described by its clients as “a law firm with a clear approach and very constructive”. The firm is particularly strong in the franchising area, with deep expertise in advising on regulations and market entry, drafting and reviewing franchise disclosure documents as well as agreements and registration. The firm advised clients including Gap, Tesco, Cole Haan International, Fossil and Godiva. Michael Lee is the key partner to note. 

VILAF led by Duyen Vo Ha and Quynh Pham Si Hai advised ANZ in a bidding process to sell its local retail banking business to Shinhan Bank, the successful bidder. The team assisted the client in the bidding process, the customer migration and negotiation of the sale agreement with Shinhan Bank. Anh Bui Ngoc advised ANA Holdings, Japan’s largest airline group, in its $105 million acquisition of 8.8% shares of Vietnam Airlines. This is the first time Vietnam Airlines had been opened to foreign investment since its IPO in 2014. This deal was complex since it was the first time a stake in the state-owned airline was equitised and purchased by a foreign strategic investor.

Vision & Associates is a “very good firm for local corporate, commercial and contractual issue based advice,” according to a client. Xuan Nguyen Thi Thanh is mentioned for her “impressive knowledge of local laws and clarity in communication”. Key clients of the practice include Duxton Asset Management, VinaCapital Opportunity Fund and Keppel Land Vietnam.

Dzung Vu and Thi Loc Le at YKVN advised Central Retail Corporation on the substantive deal structuring, due diligence, tax-efficient structuring and merger control related to its purchase of Big C Vietnam for Ä1 billion ($1.2 billion) from Casino, a French retailer. Nhat Quang Truong and Vinh Nhan Phan advised Masan Nutri-Science Corporation and Masan Group Corporation, its parent company, on the $250 million investment from KKR, a global investment firm. This was the biggest and one of the most complex PE investments in Vietnam in 2016.

ZICOlaw focuses on acquisitions, corporate structuring and investments in real estate sectors such as hotels and resorts, land developers and investment firms. David Lim leads the practice. He and his team win high praise from clients: “David Lim and his team was very responsive, proactive and on-the-ball throughout our year-long engagement. Advice that was provided was very practical, relevant to the local jurisdiction and commercial.”

Audier & Partners has an “excellent team who are well connected at government level and always prepared to go the extra mile”, says a client. The firm is best known for its dispute resolution practice and is described by peers as “the strongest dispute resolution firm in Vietnam”. The team notably acted for the Vietnamese government in major international arbitration proceedings and also represented leading energy companies and a top-state-owned enterprise in arbitration under the International Chamber of Commerce’s rules. Nicolas Audier, Bernadette Fahy and Tran Trong Binh advised one of the leaders in the global trade of an unnamed commodity headquartered in Switzerland in its application for the recognition and enforcement of seven foreign arbitral awards for a total amount of about $21 million through the Vietnamese courts.

LNT & Partners acted for Unilever Asia Private and Unilever Vietnam International in a dispute resolution case against Chan Thuan Thanh Plastic Mechanical Trading (CTT) concerning the client’s decision to terminate a purchasing agreement with CTT because of underperformance. CTT demanded a 36 month extension with Ä900,000 in investment indemnification from the client. Net Le and his team successfully argued that CTT’s requirements were unfounded and lacked legal basis. 

Tilleke & Gibbins represented Western Digital in a domain name dispute against two local infringers. The team advised the client on a combination of administrative action and civil action and won both cases by retrieving all domain names. Thomas Treutler is the head of the practice and the main contact.

Spearheaded by Pham Nghiem Xuan Bac, the dispute resolution and litigation practice at Vision & Associates represents a range of industry leaders including LG Electronics Vietnam, Hyundai RNC Ha Tay and Chevron Lubricants Vietnam. Quynh Anh Le acted for Hyundai RNC Ha Tay in a dispute against a Vietnamese individual over the termination of a house and purchase contract.

YKVN acted for the Pham Family in an international arbitration and Vietnam litigation against one of the largest pharmaceutical companies. Tien Dzung Luu advised the Czech Export Bank on the recognition and enforcement of a bankruptcy decision made by the Municipal Court in Prague, declaring the bankruptcy of Trade BGM, the sole owner of Quang Binh Bohemia Kaolin Company incorporated in Vietnam. This was the first-ever request for recognition of a foreign bankruptcy decision in Vietnam.

The projects, infrastructure and energy practice group at Audier & Partners acted for a Vietnamese client on the Phu My 2.2 gas-fired power plant (700MW) project on the basis of a concession / BOT-type structure, including development, financing and construction. The team also advised a major European oil company on a $250 million bitumen project in the south of Vietnam.

DFDL has an outstanding reputation for legal advice on the development of energy, mining and infrastructure projects across South Asia because of its international and local capabilities, and deep industry knowledge. Jerome Buzenet advised Dragon Capital on the Mekong Brahmaputra Clean Development Fund, its clean energy fund, to develop a solar photovoltaic utility leasing and operating business in Vietnam. Buzenet also advised QPI Vietnam, a subsidiary of Qatar Petroleum International, on its sale of a 25% stake in Long Son Petrochemicals for $36.1 million to Siam Cement Public Company via its Vietnamese subsidiary Vina SCG Chemicals.

Lexcomm’s energy and natural resources practice is widely recognised for one of the most experienced groups of energy lawyers and specialists. “Lexcomm is growing very fast, I can only say they are the firm that deserves an outstanding tier,” says a competitor. The firm is developing its prominence in advising on the renewable sector, especially wind and solar projects. Pham Ba Linh and Nguyen Viet Ha are the key contacts.

Companies such as PetroVietnam, Electricity Vietnam and JAKS Pacific Power use LVN & Associates, which is led by Linh Quynh Doan. She advised major energy development companies as borrowers in the $2.5 billion 1,200 MW Nam Dinh 1 BOT coal-fired thermal power project, a greenfield independent power project that will be developed on a BOT basis. The team also advised Toyo Ink Group on the development and financing of the $2.6 billion 2 x 1000 MW Song Hau 2 coal-fired BOT thermal power project. This is expected to be the first ultra-supercritical coal-fired power plant in Vietnam with a capacity of 2,000 MW.

VILAF continues to play a dominant role in cross-border transactions in the energy and natural resources sector. Phong Tran Tuan advised Marubeni Corporation on the 600W Thai Binh 1 coal-fired thermal power plant with Vietnam Electricity (EVN), which the Japanese government will support through the Japan International Cooperation Agency (JICA). The team particularly advised the client on the engineering, procurement and construction (EPC) contract with EVN. Tran Tuan also advised Sumitomo as sponsor for the 2600MW Van Phong Thermal Power Plant 1.

YKVN advised PetroVietnam on its follow-on work from the acquisition of three Bermuda companies that held all of Chevron’s Vietnamese oil and gas assets. The team assisted PetroVietnam with the liquidation of the three Bermuda companies and the repatriation of their assets. Minh Dang is also advising PetroVietnam on the exercise of statutory rights and rights under the production-sharing contract for two blocks offshore Vietnam.

D&N International acted for FVG regarding the refusal of the registration of its trade mark by the National Office of Intellectual Property (NOIP) on the ground that the mark is confusingly similar to a prior mark. Thuy Dang and Hang Dang argued that a prior mark might not have been in use in Vietnam since 2009 and successfully registered the client’s trade mark. Nga Doan, Hue Dang and Thanh Do Do are the rising stars to note.

Tilleke & Gibbins is a well-established full service law firm particularly respected for its intellectual property practice. “Both trademark, prosecution and enforcement teams [at the firm] are highly efficient and provide outstanding results, with perfect reporting,” says one client. Xuan Le Loc and Nguyen Trung win praise for their “exceptional knowledge and experience that leads to perfect result”. The team acted for Cartier on registration of its 3D iconic “Red Box” mark. This case is unique because of the rarity of registering 3D marks in Vietnam. Thao Thi Phuong Nghiem successfully advised Vox Amplification on its trade mark prosecution which was refused back in 2015 due to its mark being considered descriptive.

Trung Thuc has been the Yamaha Motorcycle Company’s patent representative for many years in Vietnam, advising the company on a range of patent prosecution work including drafting, filing and representation in opposition and invalidation cases. Yen Thieu and Viet Thang Nguyen are joint-heads of the practice.

Vision & Associates’s IP team led by Quang Hung Do represented Charles & Keith against genuine handhelds bearing the mark “Charles & Keith” due to increased competition between authorised distributors and unauthorised sellers. “V & A [the firm] always provides practical and sharp resolutions and always achieve intended results,” says a client.

Audier & Partners advised Central Group Vietnam, a leading retail and property group, on restructuring its e-commerce activity in the country. Nicolas Picard, Le Thuy Lan, and Antoine Logeay assisted on aspects such as licensing procedures, drafting contractual documentation for the restructuring of the corporate vehicle of Zalora e-commerce website and other e-commerce activities.

DFDL focuses on its telecoms practice under Jerome Buzenet’s leadership. He advised Ironshore Insurance on M&A insurance coverage in relation to the sale of Southeast Asia Telecommunications Holdings, a Vietnam telecom towers business in Vietnam, by VinaCapital to OCK Group, a Malaysian telecoms network provider, and other investors.

Rajah & Tann LCT Lawyers advised iflix, one of Asia’s most prominent video-on-demand (VOD) services, on the launch of its OTT (over-the-top content – delivered over the internet as a standalone product) service in Vietnam through a joint venture and cooperation with a prominent Vietnamese businessman. The team assisted the client in its sophisticated tie-up arrangements, including in drafting key cooperation agreements that incorporate complex financing, investment and exit models.

Tilleke & Gibbins maintains strong relationships with global IT and telecoms companies and routinely advise clients on data privacy and security regulations in Vietnam. Michael Lee jointly leads the practice with Jim Dao. “Tilleke is a go-to firm for this area, no other firm can substitute them,” a client notes.

Vision & Associates has a strong clientele in its IT, telco and media practice including IBM, Microsoft, Motorola and Baidu. Tuan Anh Le assisted PCCW Media in reviewing the terms and conditions and privacy policy applicable to its digital online music services based on the Vietnamese laws in force. Le also advised Baidu, the largest Chinese web services company, in its plan to launch online services in Vietnam, including opining on IP and regulatory matters.

Rajah & Tann LCT Lawyers acts for many of the world’s leading companies across industries including IT, pharmaceuticals, luxury brands and media on various labour and employment matters. Que Vu Thi, the head of practice, advised Grab on the hiring of its new country manager in Vietnam, including on the development of the relevant labour agreements and in obtaining the work permit for the individual.

Headed by Michael Lee, Tilleke & Gibbins consolidates its ranking for its excellent performance in labour and employment matters. The firm regularly advises Lenovo, Microsoft and Merck Sharp & Dohme as a local counsel on all aspects of labour and employment issues including labour contracts, registering new staff members and dismissal, and preparing and registering its internal labour regulations.

With clients such as JP Morgan Chase, Synergy Worldwide, Turkish Airlines and Boston Consulting Group, Vision & Associates has broad experience in the labour and employment market. Tien Ngoc Luu advised Bayer on transfers of HR data among different entities and with third-party service providers. Tuan Anh Le advised United Insurance Company of Vietnam on the termination  of a labour contract with the employee, who failed to comply with the employer’s salvage process by dismissal or mutual agreement.

Audier & Partners led a study of the legal environment for BOT projects in Vietnam, providing information from existing Vietnamese regulations to identify the main legal and tax issues concerning foreign investors in relation to BOT projects. Lawyers at the firm acted for Agence Française de Développement (AFD), in relation to a direct non-sovereign concessional loan to Vietnam Electricity (EVN) for the financing of a power project in the North of Vietnam.

Led by Linh Quynh Doan, LVN & Associates is especially respected for its projects and infrastructure practice. “LVN & Associates has unrivalled project experience and provides solution driven advice,” says a client. Doan advised JAKS Pacific Power on a $1.9 billion 2 x 600MW coal-fired thermal power project in Hai Duong Province, commissioned by the Ministry of Industry and Trade of Vietnam (MOIT). Doan also advised MOIT on the 1200MW Nghi Son 2 coal-fired power project, one of the first power facility projects funded by the JBIC in Vietnam on a non-recourse basis.

VILAF has extensive experience in structuring and drafting documents for project finance transactions, along with its top reputation in the finance market. Phong Tran Tuan advised Sumitomo, sponsors for the 2600MW Van Phong Thermal Power Plant 1. The team assisted in preparing relevant documents and negotiating with the Vietnamese authorities to sign a BOT contract over 25 years. The firm is also advising several private equity funds and foreign investors on the legal due diligence and advisory stages for several potential solar and wind power projects in Vietnam.

With industry specific knowledge and expertise, clients such as Ministry of Transport, Cam Lo-Tuy Loan Bt Investment Company and An Khanh New City Development are pleased to work with Vision & Associates. Clients appreciate its “excellent local knowledge, pro-active and professional work ethics”. The firm continues to provide services for internationally-funded projects on infrastructure and power plant development, especially renewable energy, covering all phases from approval, submission, location, procurement and construction.

YKVN acted for the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the lender, in the financing of the Nam Mo Vietnam Hydropower Company to develop the Nam Mo 2 hydropower project in Laos. Thu Ha Duong advised the lenders led by Vietcombank in the financing of the am Ranh International Terminal Joint Stock Company for the construction of an international terminal at Cam Ranh International Airport in the central province of Khanh Hoa of Vietnam. This is one of the biggest projects of its type in Vietnam at present.

“We selected EPLegal because the firm has worked with us in many projects and they understand our technicalities, with a small but highly experienced team. EPLegal could deal with the practical situation with flexibility and high professionalism,” a client notes. Tony Nguyen and Linh Giang Nguyen advised Triyards Holdings on, for example, its loan structure, preparation and negotiation of financing documents for the development of two chemical tanks. Tony Nguyen acted for SOFEL regarding its credit contract with ABBank in which the client proposed to mortgage its vessels as the guarantee of obligations. He also advised the client on registration of a ship which was bought from Triyards.

VILAF, led by Duyen Vo Ha, represented BNP Paribas and AWAS in the financing of a number of Airbus aircraft for Vietjet. The transaction involved secured loan facilities, a lease arrangement and a sub-lease arrangement in several jurisdictions.

Vison & Associates advised Turkish Airlines on its retainer agreement including reviewing and revising employment contract template, a Tan Son Nhat Airport office lease agreement and application procedures for the issuance of a work permit. Tien Ngoc Luu advised Sky Cargo Service Company on its listing on the Hong Kong Stock Exchange. The firm’s main clients include Cathay Pacific Airways, Lufthansa Technik, Southern Waterborne Transportation Corporation and Gefco.

“DFDL tax team has a complex approach to each issue, since the team consists from foreign lawyers with long experience in Vietnam, and local lawyers with international experience and understanding. They are on client’s side to elaborate solutions for mitigating the risk,” says a client. Managing director, Jerome Buzenet is praised for his strong local understanding and practical approach while putting forward innovative solutions. Clients appreciate senior tax manager Lieu Phan Thi: “Her tax intelligence is exceptional, both from statutory/legislative and financial implication point of view.”

Frasers Law Company acted for Vietnam Infrastructure, Vietnam’s largest infrastructure fund, on its divestment of a corporate group consisting of more than 10 companies, collectively owning and operating nearly 2,000 mobile telephony BTS (base transceiver station) towers in Vietnam. This transaction involved many complex cross-border taxation issues that had to take into account the structure of the client and other key aspects of the transaction. “Frasers provides clear explanation of legal risks and merits/demerits in respect of Vietnamese laws which are not always clear,” a client remarks.

The tax practice group at Vision & Associates has particular experience in obtaining tax incentives for its clients’ new investment projects as well as obtaining clarification of tax incentive schemes. Xuan Bac Pham Nghiem, the managing partner, advised a foreign multinational on compiling a tax matrix outlining local tax considerations for the transfer of direct and indirect shares for local subsidiary for its reorganisation.