Vietnam > Legal market overview
High inflation and interest rates, exchange rate fluctuations, and a ban on dollar loans (leading to a lack of liquidity) all contributed to uncertainty in Vietnam in 2010 and 2011, but underlying economic growth was good: around 6% GDP. April 2011 saw Vietnam’s largest private equity deal when KKR bought a 10% stake in Masan Group for $159m, and corporate and real estate lawyers were busy as stakeholders sought to parcel off or restructure assets. Dispute resolution remained small as foreign clients avoid the Vietnamese court system, while the nascent Vietnam International Arbitration Centre (VIAC) is unable to match fees available to arbitrators internationally.
Vilaf – Hong Duc and YKVN remain the standout full-service Vietnamese firms. Allens Arthur Robinson, Baker & McKenzie, Frasers and Freshfields Bruckhaus Deringer are among the best full-service international firms, as are Mayer Brown JSM and Gide Loyrette Nouel A.A.R.P.I., both of which are performing superbly across numerous practice areas. The rankings include Singapore or Hong Kong practices with significant track records relating to Vietnam.
Recent developments include YKVN becoming the first Vietnamese law firm to internationalise when it opened an office in Singapore after recruiting K Minh Dang from DLA Piper Singapore Pte. Ltd.. Gide Loyrette Nouel A.A.R.P.I.’s Samantha Campbell made partner and was appointed head of Vietnam operations, although senior associate François d’Hautefeuille returned to Paris; Thomas Treutler became partner at Tilleke & Gibbins; and Rödl & Partner Ltd’s tax practice diminished following several departures to KPMG. Respected local firm DC Law was renamed VB Law, and