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In 2012, economic growth reached a 13-year low in Vietnam, and the first two quarters of 2013 did not suggest any improvement. Financial gloom has been most apparent in the real estate and capital markets sectors, and in the construction space, the majority of projects remain on-hold across the country. However, more recent signs are encouraging and there is greater hope for the 2014 economic forecast. Foreign interest in the country remains high, and Vietnam continues to attract investment from around the region, particularly South Korea and Japan. Thailand’s decision to introduce a minimum wage has benefited its neighbour as companies have sought alternative markets for cheaper labour costs.
Last year’s entry of Allen & Overy LLP into the Vietnamese market triggered a number of lawyer moves: notably, Dao Nguyen (ex-Mayer Brown JSM) joined as managing partner, and Tran Anh Duc arrived from Vilaf to head the firm’s Hanoi office. Mayer Brown JSM bolstered its team in Vietnam, following the departure of Dao Nguyen, by adding Quynh-Anh Lam and David Harrison from Freshfields Bruckhaus Deringer. Additional moves saw Le Net and a number of other members of local firm LCT Lawyers transfer to the now-defunct AGZI LCT, before founding LNT & Partners in 2013.
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On 6/20/2012, the National Assembly voted to adopt the Law on Price (the "LOP") in response to the public demand for an effective legal framework to control price manipulation from dominant enterprises such as gasoline, electricity, etc. The law will take effect from 01/01/2013 and repeal Ordinance No. 40/2002/PL-UBTVQH10 dated 26/4/2002 of the National Assembly Standing Committee (the "Ordinance"), which is conceived as outdated and containing certain provisions contravening the WTO’s regulation. This article describes the main features of the law and provides some insight into its potential impacts on the Vietnamese economy.
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.