Banking and finance in Vietnam

Allen & Overy LLP

Allen & Overy LLP's banking team is adept at handling the spectrum of financial services work for an impressive client base which includes large Vietnamese conglomerates and international banks. Adam Moncrieff and Duc Tran lead the team, which is proficient in equity and debt matters, complex restructuring and syndicated loans work. It also undertakes advisory and regulatory work in a local and global setting. Senior associate Thuy Huynh's experience also includes project finance matters. All listed individuals are based in Ho Chi Minh City unless otherwise stated.

Practice head(s):

Adam Moncrieff; Duc Tran

Other key lawyers:

Thuy Huynh

Key clients

Vietjet

HSBC

Standard Chartered Bank

CGIF

BNP Paribas

Work highlights

  • Advised the arrangers and bookrunner on the $950m Euler Hermes-backed export credit loan made available to VinFast, Vietnam’s first wholly domestic car manufacturer.
  • Advised the arrangers and bookrunners of a $400m syndicated loan to VinFast, Vietnam’s first wholly domestic car manufacturer.
  • Advising the sponsors on all aspects of the 1.2GW Nghi Son 2 coal-fired power plant.
  • Advising BNP Paribas on a $200m loan to Hoa Phat Group to finance capital expenditure and working capital requirements of the Hoa Phat Group, a leader in the steel industry in Vietnam.
  • Advised the lenders of a $30m syndicated loan to FLG Group, a Vietnamese conglomerate.

Allens

At Allens, complex, large-scale and cross-border financing transactions in the projects and energy field is a specialty of the team, which is led by Robert Fish. The practice group also includes Linh Bui, who has a strong focus on commercial banking matters and bank M&A, with major project finance work led by the head Bill Magennis out of Hanoi. The team acts for a diverse range of clients which include leading international financial institutions, foreign banks and power projects.

Practice head(s):

Robert Fish

Testimonials

The team provides quick responses and is consistent in their work.’

Key clients

Nghi Son Refinery & Petrochemical Company Limited

Korea Development Bank

Commonwealth Bank of Australia

Asian Development Bank (ADB)

International Finance Corporation (IFC)

Australia and New Zealand Banking Group (ANZ)

Goldman Sachs

Bank of Tokyo-Mitsubishi UFJ

Vinh Tan III BOT Power Project

Vung Anh II Thermal Power JSC

Tetra Pak

Cathay United Bank

Citibank

Nordea Bank

Techcombank

BIM Group

Work highlights

  • Advising the US$9 billion Nghi Son Refinery Project on its financing, among other matters.
  • Advising BIM Group on two joint ventures with Philippines-based AC Energy (part of the Ayala Group) to develop two 30 MW and 300MW solar power projects in Ninh Thuan province, Vietnam.
  • Advised Cathay United Bank on the refinancing of loans made to finance the acquisition of the ILA language schools in Vietnam.
  • Advising Siam Commercial Bank on a proposed multi-billion dollar loan to finance the construction of the Long Son Refinery & Petrochemical Plant.
  • Advising Deutsche Bank on a loan to Lodgis in connection with the acquisition of a majority stake in Ho Tram Resort & Casino.

VILAF

VILAF advises a range of international clients on agenda-setting transactions across the finance space. The practice is co-led by Vo Ha Duyen in Ho Chi Minh City and Nguyen Quang Hung in Hanoi. The team is skilled in handling a significant number of high-profile and high-value cross-border work concentrated in the renewable energy sector. A key name to note in the Hanoi office is Tran Tuan Phong, who has vast expertise situated in project financing, having acted for international sponsors and lenders in large scale project work.

Practice head(s):

Vo Ha Duyen; Nguyen Quang Hung

Other key lawyers:

Tran Tuan Phong

Key clients

ANZ

HSBC

Mizuho Corporation

Rabobank

BNP Paribas

Sumitomo Mitsui Banking Corporation

VIB

Societe General

Shinsei Finance

Bank of China (HK)

Work highlights

  • Advising Marubeni and KEPCO, the project sponsors, on the Nghi Son 2 Power Plant Project.
  • Advising Japan Bank for International Cooperation on the financing of the $2.5bn Vung Ang 2 power projects.
  • Advising Bangkok Bank as the lender in the financing of the CMX Renewable Energy Solar Power Plant project.
  • Advising Long Son Petrochemicals on borrowing a $3.2bn syndicated loan to develop its petrochemical plant in Vung Tau province.

YKVN

The banking team at YKVN has considerable expertise in complex and high-value transactional work in the projects and energy space. The practice group led by Truong Quang advises an arsenal of high-profile clients, including major Vietnamese and foreign financial institutions on both transactional and advisory matters. In Hanoi,  Vu Dieu Huyen and Duong Thu Ha specialise in project finance matters. The group frequently undertakes cross-border work in Singapore and the Philippines.

Practice head(s):

Truong Quang

Other key lawyers:

Vu Dieu Huyen; Duong Thu Ha;

Key clients

Techcombank

Vinpearl Joint Stock Company/Vingroup Joint Stock Company

No Va Land Investment Group Corporation

GIC Private Limited

Rizal Commercial Banking Corporation

Hoan My Medical Corporation

The PAN Group

China Development Bank

Bank of China

Work highlights

  • Advising a syndicate of international lenders including Bank of China on a coal-fired power project in Nam Dinh province.
  • Advising a syndicate of international lenders, including China Development Bank, on a coal-fired power project in Binh Thuan Province.
  • Acted as Vietnamese law counsel for RCBC in relation to its senior term loan facility to AMI Energy Khanh Hoa Joint Stock Company (AMI), a company operating in solar power sector in Vietnam.
  • Advised Rizal Commercial Banking Corporation on a senior term loan facility to BIM Renewable Energy, a solar power company.

Baker McKenzie

Baker McKenzie handles a range of finance work, including asset finance, structured finance and regulatory matters. The team, which is led by Hoang Kim Oanh Nguyen acts for a range of leading investment and commercial banks on complex transactions and often, cross-border deals. Managing partner and foreign investment specialist Fred Burke and special counsel, Linh Dang in Hanoi undertake considerable advisory work for major banking clients on an assortment of matters such as local law matters and loans. Yee Chung Seck in Ho Chi Minh City is also a noted member of the team, bringing his corporate expertise to matters.

Practice head(s):

Hoang Kim Oanh Nguyen

Other key lawyers:

Fred Burke; Linh Dang; Yee Chung Seck

Key clients

Gulf Energy Development Public Company Ltd

BNP Paribas

Standard Chartered Bank

HSBC

Citibank

Nomura

MUFG /SMBC

First Solar Vietnam Manufacturing Co., Ltd.

Bangkok Bank Public Company

Novus Aviation Ltd.

Work highlights

  • Advised BNP Paribas Singapore branch on the financing of an Airbus A321 owned by Asia Pacific Aviation Leasing Group.
  • Advised Standard Chartered on a loan to Lotte Coralis Vietnam Limited for its refinancing of existing debts borrowed for the development of shopping centres in Vietnam.
  • Advising First Solar Vietnam with its borrowing,  including  liaising with the State Bank of Vietnam to register/report on the loans.

Frasers Law Company

The banking and finance team at Frasers Law Company handles high-value, large scale, and complex matters for international clients, which include major multinational financial institutions and businesses. The practice group led by Mark Fraser handles work that spans multiple jurisdictions such as cross-border lending transactions and project financing. Justin Gisz undertakes corporate advisory work such as market entry advice for clients and senior associate Phung Thi Thanh Thao has extensive expertise in merger work. Nguyen Thi Lang left the firm to join as partner at Duane Morris Vietnam LLC.

Practice head(s):

Mark Fraser

Other key lawyers:

Justin Gisz; Phung Thi Thanh Thao

Key clients

Family Mart

EFG-Hermes UAE Limited

Ascina Capital

Ambient Digital

Cushman Wakefield

Deccan Value

VinaCapital

IPS International Polysacks GmbH

Advantage Partners

ON Semiconductor/V Trac

Theodore Alexander

Willis Towers Watson

Work highlights

  • Advised VinaCapital Holdings on borrowing HK$390m from SkyRanch Investments.
  • Advised Grant Thornton on its appointment as receiver over Soleman Services SA’s subsidiary in Vietnam.
  • Advised EFG Hermes on its proposed cooperation agreement with ACB Securities, a Vietnamese investment bank.

Mayer Brown

At Mayer Brown, the team has a robust banking practice with strong links with the Hong Kong office led by Richard Stock. David Harrison in Ho Chi Minh City is the key name to note in Vietnam, handling a wealth of high-value transactions across Southeast Asia pertaining to capital markets, foreign investment and leveraged finance. The group has a cross-sector approach and acts for clients in the banking, energy and real estate space. Experienced senior associate Orsolya Szotyory-Grove has expertise in corporate matters and securities. Former Hanoi managing partner Hoang Anh Nguyen has departed the firm to set up his own practice.

Practice head(s):

Richard Stock; David Harrison;

Other key lawyers:

Orsolya Szotyory-Grove

Key clients

GuarantCo Ltd

Standard Chartered Bank (Vietnam) Limited

responsAbility Participations AG

SBI E-Vietnam

Carrix, Inc.

International Investment Bank

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)

Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)

Work highlights

  • We represented Standard Chartered Bank (Vietnam) Limited as placement agent in relation to an inaugural bond issuance of approximately US$100 million by Refrigeration Electrical Engineering Corporation (REE), one of Vietnam’s 30 largest public companies.
  • Our Vietnam and Singapore offices represented GuarantCo Ltd in relation to its guaranteeing of up to VND 1,150 billion corporate bonds due 2029 of Ho Chi Minh City Infrastructure Investment JSC (CII) on a private placement basis in Vietnam.
  • We represented SBI E-Vietnam as the lead investor of the Sen Do Series B funding round,
  • We represented FMO as the lead investor in the second tranche of a Series B funding round for Validus Capital, one of Singapore’s leading P2P lending platforms.
  • We represented a climate fund managed by responsAbility Investments AG on a US$10 million loan to Nam A Bank, a privately held commercial bank in Vietnam,

EPLegal Limited

EPLegal Limited's banking practice has experience in handling complex syndicated loans work and project finance. Led by Tony Nguyen, the team also has experience of advising financial institutions and private sector clients. Managing partner Annie Ngo is noted for her commercial expertise.

Practice head(s):

Tony Nguyen

Other key lawyers:

Annie Ngo

Key clients

Vietjet Aviation Joint Stock Company

Lexcomm Vietnam LLC

Lexcomm Vietnam LLC's banking and finance team is led by new partner and capital markets expert Nguyen Ngoc Quy in Hanoi, who joined from Allen & Overy Legal (Vietnam) LLC. The group has experience in project finance, corporate finance and regulatory work. Managing partner Pham Ba Linh in Ho Chi Minh is skilled in the energy and project space, advising clients on complex financing and acting for foreign investors.

Practice head(s):

Nguyen Ngoc Quy

Other key lawyers:

Pham Ba Linh

Key clients

BNP Paribas

HSBC

ING

Natixis

UBS

ABN AMRO BANK

SOCIETE GENERALE

Rabobank

Daiwa Securities

VP Bank Finance Company

Rajah & Tann LCT Lawyers

At Rajah & Tann LCT Lawyers, the banking team handles a wide range of high-value project financing work, corporate lending and regulatory matters. The team which includes practice heads Trinh Minh Duc and Vu Thi Que act for major financial institutions in Asia and also have fin-tech expertise. Senior associate Huynh Thi Thu Thuy is notable for transactional work in the financial services sector, among other matters. 

Practice head(s):

Vu Thi Que; Nguyen Dinh Nha

ZICO Law

At ZICO Law, Hanoi-based practice head Phuong Nguyen leads the banking team, which handles medium-to-high-value transactions for foreign clients and multinational corporations. Tay Zi Li in Ho Chi Minh City also undertakes advisory work for major financial institutions and real estate developers.

Practice head(s):

Phuong Nguyen

Other key lawyers:

Tay Zi Li

ATS Law Firm

ATS Law Firm's banking practice is led by Vu Thi Thu Ha and handles an assortment of work for financial institutions surrounding high-value loan transactions, often concerning corporate finance.

Practice head(s):

Vu Thi Thu Ha

DFDL Legal & Tax

DFDL Legal & Tax's banking practice is co-led by Jérôme Buzenet in Ho Chi Minh City and Hoang Phong Anh in Hanoi. The team handles restructuring, financing and advisory matters for a number of clients in the Southeast Asian region which includes banks, private investors and insurance companies. Tran Thi Vu Hanh , who leads the Ho Chi Minh City office, is also recommended for her international experience.  

Practice head(s):

Jerome Buzenet; Hoang Phong Anh

Other key lawyers:

Tran Thi Vu Hanh

Key clients

Louis Dreyfus / Molenbergnatie

American International Group (AIG)

Standard Chartered Bank (SCB)

Australia and New Zealand Banking Group Limited

Work highlights

  • Advised ANZ Bank on a regional restructuring.

Hogan Lovells International LLP

At Hogan Lovells International LLP, the team handles significant banking transactions and advisory work for global investment banks. Ho Chi Minh City-based senior associate Long Huynh undertakes cross-border work for foreign investors. English-qualified associate George Williams in Hanoi specialises in development finance.

Practice head(s):

Samantha Campbell

Other key lawyers:

Long Huynh; George Williams

Key clients

Asian Development Bank (ADB)

International Finance Corp. (IFC)

Tilleke & Gibbins

Tilleke & Gibbins has experience advising major financial institutions and leading regional banks on cybersecurity, regulatory and project financing matters. Led by Vinh Quoc Nguyen, the practice group also includes foreign attorney Waewpen Piemwichai in Hanoi, who has expertise in corporate and M&A.

Practice head(s):

Vinh Quoc Nguyen

Other key lawyers:

Waewpen Piemwichai