The Legal 500

Allens Arthur Robinson advises borrowers or lenders on project financing, drafts bank documentation, advises on establishing new banks and acts for foreign banks investing in local players such as Commonwealth Bank of Australia’s (CBA) acquisition of a 15% stake in Vietnam International Commercial Joint Stock Bank (VIB). Borrower clients include Harbinger Capital Partners, while on the lender side the team advised a Singapore-based bank on a $100m syndicated loan to a Hanoi developer. Lead banking and finance partner Thomas Miller is highly regarded, with Bill Magennis recommended for project finance. Senior associate Linh Bui and newly promoted partner Hop Dang are also recommended.

‘Very comprehensive and complete’, Freshfields Bruckhaus Deringer has recently advised foreign banks on inter-bank loans to local players and on establishing subsidiaries, as well as transactions and day-to-day business. It mainly advises lenders on project finance, but also represents some borrowers. Clients include Credit Suisse, Deutsche Bank and JPMorgan Chase Bank. The practice centres on counsel Jérôme Buzenet, who is ‘smart, organised and provides quick turnaround’, and ‘knowledgeable and responsive’ associate Bui Thanh Tien, with contributions from renowned managing partner Tony Foster.

‘Particularly good at listening to the client and keen to consider all options’, Gide Loyrette Nouel A.A.R.P.I.’s revitalised group recruited senior associate Pham Bach Duong from Standard Chartered in 2010. Vietnam head Samantha Campbell, who joined in 2009, ‘displays a thorough understanding of what the client is trying to achieve while delivering excellent on-point advice’. Clients say, ‘the service is excellent – the team is extremely responsive and has detailed knowledge of the legal and regulatory framework’. Recent instructions include advising institutions on loans to local banks or companies; advice regarding commercial mortgage loans, fund formation and derivatives; and advising the IFC on its Tier 2 subordinated loan and equity investment into Vietinbank. Other clients include BNP Paribas, Citibank and Société Générale.

‘Top tier in all respects’, Mayer Brown JSM advises extensively on documentation, regulations and transactions, and represents major borrowers on large credit or debt facilities. The group recently advised Vietinbank on a $307m debt and equity investment by the IFC, and advised Vietnam Posts and Telecommunications Group (VNPT) as borrower on a $540m syndicated loan. Its clients include ANZ, Credit Agricole, HSBC, the IFC, Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Banking Corporation, and Techcombank. Hoang Anh Nguyen and Mai Phuong Nguyen are recommended, along with managing partner Dao Nguyen, who ‘can do no wrong – head and shoulders above her peers in the market’.

Vilaf – Hong Duc advises banks and large corporate borrowers on commercial loans and project finance facilities, as well as regulatory and operational advice. It represented the borrower, Sacombank, on a subordinated Tier 2 loan arranged by FMO of the Netherlands, notable as the first loan of that type to a Vietnamese commercial bank. It acted for Standard Chartered as arranger of various syndicated loans, including a $450m term loan facility to PetroVietnam, and, similarly, advised ANZ on a VND600bn term loan facility to Hoa Phat Group. Other clients include ANZ, BNP Paribas, Bank of Tokyo, Citibank and Mizuho Bank. Nguyen Quang Hung, Tran Anh Duc and Tran Tuan Phong are all recommended.

‘A very good firm for banking and finance’, YKVN is particularly experienced advising on financing, ISDA derivative transactions, regulations, and bonds. It continues to advise all four Vietnamese state-owned banks on their equitisation programmes, while international clients include Chinfon Bank, Citibank, JPMorgan, Morgan Stanley, Rabobank, Standard Chartered and UBS. It is advising Ex-Im Bank of Korea and the mandated lead arrangers on the ongoing $1.5bn financing of the Mong Duong 2 power plant, and recently advised Credit Suisse and a bank syndicate on a $200m loan to Vinacomin. It advised Military Commercial Joint Stock Bank on its ISDA derivative transactions with ANZ and HSBC. Truong Nhat Quang is ‘an expert in banking and finance’; Vu Dzung, Duong Thu Ha and of counsel John Davis are also recommended.

Audier & Partners Vietnam L.L.C. advises local and international banks, investment funds, and companies on commercial borrowing and lending, project finance, capital markets and derivatives matters. It has been advising various lenders on Vinashin’s defaults, and advised an Asian development bank on a power project financing, as well as lenders on inter-bank lending. Nicolas Audier, Etienne Laumonier and Hadrien Wolff are recommended, as are senior associates Le Thuy Lan and Sean Conaty.

Baker & McKenzie provides regulatory support and advises lenders and borrowers on upper-end commercial loans, asset and real estate project finance. Recent highlights include advising SP-SSA International Container Services JSC as borrower for parallel loans to finance construction of a new container port terminal. It advised VIB on CBA’s strategic investment via the acquisition of a 15% stake. Practice head Oanh HK Nguyen is excellent, and pragmatic managing partner Frederick Burke is also recommended.

Frasers advises banks on documentation, commercial activities and regulations. It recently advised a foreign bank on establishing a Vietnamese subsidiary; several lenders on loans to Vinashin, the financially troubled state-owned shipbuilder; and a major Asian bank on project finance lending. Nguyen Viet Ha and Luu Xuan Trang lead the practice along with managing partner Mark Fraser, who is ‘extremely knowledgeable in Vietnam law and process’.

Hogan Lovells International LLP represents banks and companies on commercial lending and borrowing or substantial asset finance transactions, and advises several investment funds. Consultant Nasir PKM Abdul is the key contact in Vietnam.

Leadco Legal Counsel has a particular niche in asset finance, and is advising Euler Hermes and ECA lenders on Vietnam Airlines’ purchase of eight new Airbus A321-300 aircraft. It is local general counsel to several banks including CBA and OCBC. Other clients include Crédit Agricole CIB, HSBC, and JPMorgan Chase Bank. Alex Larkin and Phan Nguyen Toan lead the practice.

Vision & Associates’ core practice is advising large Asian banks on documentation and regulations pertaining to syndicated loans and other facilities to clients. Luu Tien Ngoc and Ngo Trung Hieu are well regarded.

Bizlink Lawyers & Consultants advises financial institutions and fund managers on regulations and documentation for loans and other facilities. Vietcombank is a key client. Vu Cat Tuong and Do Trong Hai are recommended.

‘A fast-growing local firm that meets the requirements of many foreign investors in view of breadth of expertise, response time and reasonable fees’, LCT Lawyers recently helped to establish a Korean finance corporation in Vietnam. It also advised major client Vietcombank as lender on various loans and as borrower on a syndicated inter-bank loan, and advised PetroVietnam Finance Corporation on a $100m ISDA foreign exchange swap with HSBC. Natixis is also a client. Practice head Le Net is ‘a very capable lawyer with deep knowledge of Vietnam law’.

PricewaterhouseCoopers Legal Vietnam Company Limited provides due diligence on transactions, and handles bank set-up and restructuring. Senior associate Tina LeDinh is the primary contact.

Russin & Vecchi, LLC advises international banks on derivatives trading, and acts for borrowers and lenders on project finance. The ‘outstanding’ Sesto Vecchi is recommended, along with Nguyen Huu Minh Nhut and Mai Thi Minh Hang.

Tilleke & Gibbins regularly advises State Bank of Vietnam. It also recently advised Standard Chartered on revising home loan documentation, and advised a foreign lender on a securitised offshore loan. Senior associates Vinh Quoc Nguyen, who joined from Russin & Vecchi, LLC in 2010, and Michael Lee co-head the group.

Bizconsult Law Firm advises banks on loans and bond issuances, and represents private equity investors and fund managers. Clients include ANZ and SEAF Blue Waters Growth Fund. Nguyen Dang Viet and Nguyen Anh Tuan are the main contacts.

DFDL Mekong is able to advise banks and construction industry clients on financing facilities. Thierry Gougy is the primary contact.

InvestConsult Legal Services provides operational advice and commercial lending support to banks including ANZ and Citibank, and also represents borrowers.

Kelvin Chia Partnership represents several Asian banks in Vietnam. It has been assisting DBS Bank on establishing its presence and preparing documentation, and advised Republic Bank of China on project finance lending for a casino. Country manager Le Thi Hoa and Benjamin Yap, who divides his time between Vietnam and Singapore, are the key contacts.

S&B Law Firm advises banks on loans and drafts relevant documentation. It also reviewed PetroVietnam Finance Corporation in preparation for converting to bank status. Tran Trung Kien is the main contact.

Vietbid Law Firm provided due diligence for Indochina Capital on OPIC’s investment into the new Indochina Capital Mekong Renewable Resources Fund. It also advises the Vietnamese government and project sponsors on borrowing. Managing partner Nguyen Thanh Ha is recommended.

The principal strength of Watson, Farley & Williams LLP’s Singapore-based Vietnam practice lies in asset and project finance. Mehraab Nazir, who displays ‘excellent legal knowledge’ and ‘good industry knowledge’, led English law advice to a Vietnamese banking syndicate on the $227m financing of an FPSO for Vietnam’s Chim Sao offshore oil field. Andrew Nimmo (‘quick and thorough’) and Goh Mei Lin are the key contacts. Christopher Muessel left to join Rajah & Tann LLP.