Banking and finance in Vietnam

Allen & Overy LLP

Allen & Overy LLP has a pre-eminent banking practice covering the full scope of traditional finance work for an array of clients including  Vietnamese conglomerates and large international banks. Jointly led by specialist banking practitioner Adam Moncrieff and Duc Tran, the group is skilled in complex finance transactions, including syndicated loans, restructuring mandates, particularly in the energy sector. The team is also proficient in undertaking cross-border work facilitated by its many offices across the Asia-Pacific region such as in Singapore and Hong Kong. Senior associate Thuy Huynh supports on project finance matters.

Practice head(s):

Duc Tran; Adam Moncrieff

Key clients

International Finance Corporation

Standard Chartered Bank

BNP Paribas

Work highlights

  • Advised Standard Chartered Bank as arranger of an onshore syndicated financing to a subsidiary of Nam Long Investment Corporation.
  • Advised a global financial institution on a syndicated $500m financing to Vingroup and Vinfast, with an additional $100m green shoe facility.
  • Advised the joint lead managers and trustee on the $1.163bn repackaging of the project financing for Mong Duong 2 power project through a combination of project bonds and traditional bank debt.

Allens

Allens handles a wide range of banking and finance matters, including multi-million-dollar cross-border financing transactions. Led by Robert Fish, the practice has a focus on international and domestic project-related dealswhich Bill Magennis and Melissa Keane handle from Hanoi, and corporate M&A transactions which Linh Bui, is the key contact for.  The group's alliance with Linklaters LLP allows it to advise on multi-jurisdictional deals across the region, with support from offices in Singapore and Hong Kong. Clients include global financial institutions and asset managers, among others.

Practice head(s):

Robert Fish

Other key lawyers:

Bill Magennis; Melissa Keane; Linh Bui

Key clients

Vietcombank

Bangkok Bank Public Company Limited

International Finance Corporation (IFC)

BIM Group

United Overseas Bank (UOB)

Kasikorn Public Bank (KBANK)

ADM Capital

Commonwealth Bank of Australia (CBA)

Australia & New Zealand Banking Group (ANZ)

SeA Bank

Techcombank

Deutsche Bank

HSBC

Bank of Tokyo-Mitsubishi, UFJ

JPMorgan

Goldman Sachs

First Rand Bank

CLSA

National Australia Bank

Sumitomo Mitsui Banking Corporation (SMBC)

Work highlights

  • Advised Vietcombank on the entry into an exclusive 15-year bancassurance partnership with FWD.
  • Advising Bangkok Bank Public Company Limited on the financing of two solar projects.
  • Advising International Finance Corporation on the subscription of redeemable preference shares in Nafoods.

VILAF

Landmark cross-border banking transactions is a core feature of the caseload at VILAF.Jointly led by Vo Ha Duyen in Ho Chi Minh City and Nguyen Quang Hung in Hanoi, the practice is skilled in advising on a number of high-value finance deals in the renewable energy space, as well as in construction. In Hanoi, Phong Tran is the name for project financing mandates and acts for both sponsors and lenders, whilst counsel Nguyen Thanh Tung assists on regulatory issues and has M&A expertise in the industry.

Practice head(s):

Nguyen Quang Hung; Vo Ha Duyen

Other key lawyers:

Tran Phong

Testimonials

‘A long-standing, very capable firm in the Vietnamese market.’

‘Good engagement, afford to reach success. Mr. Vu Le Trung – positive and individual approach.’

 

Key clients

BOCHK Holdings Limited

Credit Suisse

Citibank

Goldman Sachs (Asia) L.L.C.

HSBC

ICBC Hanoi

Standard Chartered Bank

Techcombank

Vietcombank

WP Investments III B.V.

Work highlights

  • Advising Sumitomo Corporation on Van Phong 1 coal-fired power BOT project funded by JBIC, NEXI and commercial banks with successful financial close in 2019.
  • Advising AES-VCM Mong Duong Holdings  in relation to the international bond and commercial loan refinancing of Mong Duong 2 2×600 MW Coal Fired Power Plant on a BOT basis in Vietnam in 2019.

YKVN

YKVN has a reputable banking practice in the Vietnamese market and has expertise in complex and high-value transactional work across the finance space. Truong Quang oversees the practice, which has considerable experience acting for leading clients in the  sector including major Vietnamese and foreign banks, with considerable experience in project finance work. Dzung Vu acts for financial institutions on both domestic and international private equity deals. Over in the Hanoi office, Vu Dieu Huyen and Duong Thu Ha are the key contacts. The group undertakes significant cross-border work and has strengthened its regional offering with the lateral hire of New York-qualified Hyun S. Kim in Singapore who joined from Clifford Chance, where he was managing partner of the firm's Seoul office.

Practice head(s):

Truong Nhat Quang

Other key lawyers:

Vu Dzung; Vu Dieu Huyen; Duong Thu Ha 

Key clients

Bank of China

China Development Bank

Military Commercial Joint Stock Bank (Military Bank)

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)

Vietnam Export and Import Commercial Joint Stock Bank (Eximbank)

Exim-Import Bank of Thailand (Eximbank Thailand)

Sunflower Sunny Investment Company Limited

Bangkok Bank Public Company Limited (BBL), Singapore Branch and Hanoi Branch

CIT Finance Limited Liabilities Company

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advised Bank of China on the Nam Dinh 1 Build-Operate-Transfer (BOT) Thermal Power Plant Project. The plant will be located in Hai Hau district of Nam Dinh province, Vietnam.
  • Advising international lenders on the financing of the 1,980 MW Vinh Tan 3 BOT Power Plant in Binh Thuan Province.
  • Advised Military Bank, one of the leading commercial joint-stock banks in Vietnam, regarding its private placement of $75m new shares and sale of $25m treasury shares to a group of foreign investment funds.

Baker McKenzie

Baker McKenzie has strength in handling a range of financing work, particularly in real estate and projects. Housed in Ho Chi Minh City, the banking practice is led by Oanh Nguyen and managing partner Frederick Burke , and acts for an array of financial institutions including investment and commercial banks. Structured finance matters also feature in the caseload, as does cross-border work, and Yee Chung Seck's practice straddles corporate and banking expertise. Over in Hanoi, the key contact remains special counsel Linh Chi Dang who is recommended for advisory work to leading banks and continues to be known for her expertise in derivatives.

Practice head(s):

Oanh Nguyen; Frederick Burke

Other key lawyers:

Yee Chung Seck; Linh Chi Dang

Key clients

Maybank

Standard Chartered Bank

HSBC

CIMB

A&A Green Phoenix Joint Stock Company

The Korea Development Bank

Mars Vietnam Company Limited

Kennametal (Singapore) Pte. Ltd.

Work highlights

  • Acting as legal counsel for Standard Chartered Bank (Vietnam) as lender in a number of loan facilities, including by a group of onshore lenders to finance several projects of Ho Chi Minh City Power Corporation and six separate term loan facilities granted to Southern Power Corporation.
  • Acted as legal counsel to HSBC Singapore in a revolving facility granted to In Do Trans Logistics Corporation, a Vietnamese joint stock company.
  • Assisting First Solar Vietnam Manufacturing with its borrowing activity, including drafting the loans and liaising with the State Bank of Vietnam to register/report on the loans.

Frasers Law Company

The 'client-focused' banking practice at Frasers Law Company advises investors and financial institutions on large-scale project-related transactions. Led by Mark Fraser, the team has cross-border experiences in high-value financing mandates for international clients and provides corporate advisory work - Justin Gisz is the name for this and supports new operations on market entry in Vietnam. Elsewhere, senior associate Phung Thi Thanh Thao lends her expertise in banking industry work.

Practice head(s):

Mark Fraser

Other key lawyers:

Justin Gisz; Phung Thi Thanh Thao

Testimonials

‘I really appreciate the commitment from Justin Gisz. He is highly responsive and very hands-on, and he takes ownership of the process if things do not move quickly enough or challenges arise.’

The team is very client-focused. They anticipate our needs well and work hard to find solutions to the challenges that arise.’

Mayer Brown

The banking practice at Mayer Brown has a focus on the full scope of financial matters and handles capital market transactions for a global roster of clients. In Ho Chi Minh City, 'top foreign lawyerDavid Harrison is the key name and is noted for his strength in leading high-value transactions across the banking, projects and energy space. The team also contains experienced senior associate Orsolya Szotyory-Grove who has expertise in securities law and the emerging trend of cryptocurrency use in Vietnam.

Practice head(s):

Richard Stock

Other key lawyers:

David Harrison

Testimonials

Mayer Brown has been established in Vietnam for a number of years and as a result are well adverse in the ever-changing and evolving Vietnamese legal environment.’

David Harrision is a well-balanced commercial lawyer with in-depth experience and knowledge relating to Vietnamese M&A deals. David has assisted us to commercially navigate through the legal gauntlet of frontier markets.’

‘Mayer Brown Vietnam has expertise in cross-border debt and equity investment in Vietnam with particular expertise in project finance and infrastructure.’

David Harrison is perhaps the top foreign transaction lawyer working in Vietnam today. He has a depth of experience in the country and world-class legal expertise. He is invariably my first call for all things Vietnam related.’

Key clients

DEG-Deutsche Investitions-und Entwicklungsgesellschaft (DEG)

Standard Chartered Bank (Vietnam) Limited

Guotai Junan

International Investment Bank (IIB)

Global Climate Partnership Fund

Work highlights

  • Advised DEG, a leading international Development Finance Institution based in Germany, with respect to its investment in The Thai Credit Retail Bank Public Company Limited.
  • Represented Standard Chartered Bank (Vietnam) as the sole global coordinator, bookrunner and lead manager on the issuance of VND 1,150 bn ($50m) bond with a 10-year tenor by Vietnam Electrical Equipment Joint Stock Corporation.
  • Advised Guotai Junan, one of China’s leading securities companies, on a 51% acquisition in Vietnam Investment Securities Company.

EPLegal Limited

EPLegal Limited's banking team has expertise in handling complex project finance matters across the energy sector, as well as structuring financial transactions. Tony Nguyen leads the practice, which  has experience of advising domestic and international financial institutions and private sector clients. Managing partner Annie Ngo is another key name and handles numerous financial instructions for oil and gas sector clients.

Practice head(s):

Tony Nguyen; Annie Ngo

Key clients

VietJet Aviation Joint Stock Company

Work highlights

  • Advising Mizuho Bank on a financing project with its partner.
  • Advising Binh Son Refining and Petrochemical Joint Stock Company on financial activities and capital arrangements of its project.
  • Advising Vietjet Aviation Joint Stock Company on its lease transactions and sale and leaseback transactions.

Lexcomm Vietnam LLC

At Lexcomm Vietnam LLC, the banking and finance practice is co-led by capital markets expert Nguyen Ngoc Quy in Hanoi, and head of projects Pham Ba Linh in Ho Chi Minh City. The team has significant expertise in all aspects of financing transactions, including project finance, asset finance and leveraged finance deals, with expertise in acting for both borrowers and lenders. Also in Hanoi is Nguyen Viet Ha, who is a key name for complex, high-value, and often cross-border financing mandates for energy sector clients.

Practice head(s):

Nguyen Ngoc Quy; Pham Ba Linh

Other key lawyers:

Nguyen Viet Ha

Key clients

Standard Chartered Bank

MUFG Bank

Sumitomo Mitsui Banking Corporation

UniCredit Bank AG

BNP Paribas

HSBC

ING

Natixis

UBS

ABN AMRO BANK

SOCIETE GENERALE

Rabobank

Work highlights

  • Vietnamese counsel to a group of international energy companies on all aspects of the development and $9bn refinancing of a landmark oil refinery project.
  • Advised mandated lead arrangers on the Vietnam law aspects of a complex refinancing of a $300 million multi-tranche syndicated secured borrowing base facility.

Rajah & Tann LCT Lawyers

Rajah & Tann LCT Lawyers is skilled in the project financing arena, advising both lenders and borrowers on high-value transactional matters. Jointly managed by Nguyen Dinh Nha and Vu Thi Que, the practice is experienced in corporate lending work, advising on regulatory matters, and has a thriving fintech space. Operating from Ho Chi Minh City, the team is able to handle cross-border work with its offices across Southeast Asia including Thailand and Singapore. Special counsel Huynh Thi Thu Thuy is a key member of the team and recommended for structuring transactions for banking clients.

Practice head(s):

Nguyen Dinh Nha; Vu Thi Que

Work highlights

  • Acted as Vietnamese counsel to CMX Sunseap in the project financing for a $150m solar farm in Ninh Thuan Province, Vietnam.
  • Acting for DBS Bank in its $10m loan to QL Farms (Tay Ninh) Liability Limited Company.
  • Acted for Mitsui Banking Corporation in its VND 2.32 trillion facility to Viet Hung Phu Real Estate.

ZICO Law

At ZICO Law, the banking team is overseen by Hanoi-based Phuc Nguyen and Tay Zi Li in Ho Chi Minh City. The group has experience in handling mid-value acquisition finance and project finance work, and is proficient in market entry advice for leading Asian banks.

Practice head(s):

Phuong Nguyen; Tay Zi Li

Testimonials

‘Very responsive to clients’ requests; knowledgeable and creative.’

‘Nguyen Mai Phuong is excellent lawyer: creative and diligent, knowledgeable and considerate. Great to work with.’

Key clients

China Development Bank

NDC An Khang Joint Stock Company

Hong Leong Bank Berhad

RBC Water Sdn Bhd

Strategic Year Holdings Limited

Industrial and Commercial Bank of China

United Overseas Bank

HSBC

CIMB

Oversea-Chinese Banking Corporation

Work highlights

  • Advising China Development Bank, regarding a legal memorandum in relation to setting up of a local representative office for China Development Bank in Vietnam.
  • Advising Hong Leong Bank on a €9m loan to Top Glove (Vietnam) Company Limited.

ATS Law Firm

Based in Hanoi, ATS Law Firm handles transactional work for international financial institutions and domestic banks. Led by managing partner Vu Thi Thu Ha, the group is experienced in a range of corporate finance matters.

Practice head(s):

Vi Thi Thu ha

DFDL Legal & Tax

DFDL Legal & Tax acts for domestic and foreign banking clients on a range of complex restructuring work and corporate lending matters. Jérôme Buzenet in Ho Chi Minh City leads the practice, which acts for both lenders and borrowers on high-value financing transactions and is able to work cross-border with its offices across the region. Huynh Dai Thang advises foreign investors whilst Tran Thi Vu Hanh is the key contact for matters pertaining to Cambodia.

Practice head(s):

Jerome Buzenet

Key clients

AEMAJORIS and Charming Trim & Packaging (Vietnam) Co., Ltd

American International Group (AIG) Asia Pacific Insurance

Quadran International

B. Grimm Power Public Company Limited

Work highlights

  • Represented an international financier to provide an offshore facility to a rooftop solar developer based on their portfolio of private solar deployment projects across multiple jurisdictions.

Hogan Lovells International LLP

Hogan Lovells International LLP's banking practice is overseen by Singapore-based Samantha Campbell and is experienced in undertaking high-value transactional work for banking clients. The team in Ho Chi Minh City advises on foreign lending matters and development finance work, with senior associate Long Huynh being the key name on the ground in Vietnam alongside English-qualified associate George Williams , who advises on project financing. The practice is well-connected in Japan,

Practice head(s):

Samantha Campbell

Key clients

Asian Development Bank

Japan Bank for International Cooperation (JBIC)

International Finance Corporation

Cathay United Bank

Work highlights

  • Acted as lenders’ international legal counsel in connection with the $2.6 billion financing of the Van Phong 1 thermal power plant in Khanh Hoa province, Vietnam.
  • Advised International Finance Corporation, a member of the World Bank Group, and other senior lenders on a $212.5m syndicated green financing of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

LNT & Partners

LNT & Partners has considerable experience advising on international transactions and project financing matters. Based in Ho Chi Minh City, the banking practice is led by Net Le and Minh Vu and handles high-value loans work for international financial institutions and advises foreign investors on corporate matters. The team has expanded its offering with the hire of counsel Duong Thi Mai Hoa from an in-house role.

Practice head(s):

Dr. Net Le; Minh Vu

Work highlights

  • Advised China Construction Bank on a syndicated loan for the development of a $150m fiber textile complex in Tay Ninh (Vietnam).
  • Advised Vietcombank on a $250m syndicated loan to finance real estate projects in Vietnam.
  • Advised Samsung Vina Electronics on the launch of payment app Samsung Pay in Vietnam.

Tilleke & Gibbins

The banking team at Tilleke & Gibbins is able to leverage its regional offering and handle cross-border matters for clients including large financial institutions and foreign investors. Led by Vinh Quoc Nguyen, the group is experienced in handling project financing matters and syndicated loans work. In Hanoi, Waewpen Piemwichai is the key name for fintech work and advises financial services companies on web payment mechanisms.

Practice head(s):

Vinh Quoc Nguyen

Work highlights

  • Assisted a large German bank to draft a security pledge agreement and issue a legal opinion on the validity of the agreement in a syndicated loan of multiple million euros.
  • Prepared shareholder loan agreements and advised on procedures for registration of foreign loan with the State Bank of Vietnam for a solar power plant with investment from a Middle Eastern power company.