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Overview
Vietnam’s economy continues to grow despite the global slowdown, and it remains an attractive target despite a period of inflationary pressure – year-on-year inflation reached 28% in July 2008 but cooled to 3.9% by June 2009. Although the economic climate cast doubt on the equitisation processes of some formerly state-owned entities, law firms continue to handle a diet of smaller matters. In particular, as part of its WTO commitments, since the beginning of 2009 Vietnam has allowed 100% foreign ownership of distribution companies, fuelling a new line of work.
There remains a relative shortage of Vietnamese lawyers of international calibre, but global economic pressures have led some firms to reduce numbers and afforded others the opportunity to hire available talent. Local and international fee structures differ substantially, and this is a winning point for domestic practices of proven quality. International fee structures remain typically beyond the means of domestic clients.
Baker & McKenzie and Freshfields Bruckhaus Deringer have the most established presence of the big international firms, although Mayer Brown’s merger with Johnson Stokes & Master to form Mayer Brown JSM gives the US law firm instant credibility. Australian firm Allens Arthur Robinson remains a heavyweight, despite a marked downsizing of the Vietnam team. DFDL Mekong is building its reputation, and in 2009 recruited Konrad Hull from LWA Vietnam.
Gide Loyrette Nouel A.A.R.P.I. has a new managing partner, Jacques de Servigny, following the departure of Nicolas Audier, who left with several colleagues to form Audier & Partners Vietnam L.L.C., which has established a preferential referral agreement with Allen & Overy (Thailand) Co, Ltd.
Ngo, Migueres & Associés withdrew from Vietnam, while LWA Vietnam (formerly Lucy Wayne & Associates) closed down. France-based Vovan & Associés divested its Vietnam operations to INDOCHINA LEGAL LAW FIRM LIMITED. Shipping specialist Dzungsrt & Associates reopened following a sabbatical by its principal, Dzung Nguyen.
YKVN and Vilaf – Hong Duc remain the best-known local law firms. Vision & Associates and DC Law are also well respected, although the latter lost former managing partner Le Cong Dinh, whose lawyer status was revoked following his arrest for political activity. Bizconsult Law Firm, Bizlink Lawyers & Consultants, Leadco, Vietnam Legal Counsellors and LuatViet Legal Consultants enjoy good reputations. D&N International, Invenco, Lê & Lê and Pham & Associates are well-respected IP firms.
Lovells LLP opened a Hanoi office in January 2009 to complement its Ho Chi Minh City team. Tilleke & Gibbins Consultants Limited continues to build, Frasers is well respected and has an association with Freehills, and PricewaterhouseCoopers Legal offers a useful adjunct to PwC accountancy firm.
Several firms provide Vietnam services through an offshore strategy, among them DLA Piper Singapore Pte. Ltd. and Orrick, Herrington & Sutcliffe in Hong Kong, and Shearman & Sterling LLP in Singapore. Watson, Farley & Williams LLP recruited Chris Muessel from Duane Morris Vietnam LLC to lead cross-border work from Singapore.