Capital markets in Vietnam

Allen & Overy LLP

Allen & Overy LLP's capital markets team remains a leader in the Vietnamese market with strong expertise handling high-value work for financial institutions. The team led by Duc Tran in Ho Chi Minh City has a pan-Asian offering, working alongside its Singapore and Hong Kong offices and advises leading investment banks both internationally and domestically, handles a range of debt capital markets transactions. Adam Moncrieff is another key name in the group and acts in debt restructurings, whilst US-qualified Tina LeDinh advises issuers and underwriters.

Practice head(s):

Duc Tran

Other key lawyers:

Tina LeDinh; Adam Moncrieff

Key clients

Standard Chartered Bank

CGIF

BNP Paribas

Work highlights

  • Advised the arrangers on the establishment of the $1bn EMTN programme by VPBank and the debut $300m drawdown.
  • 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.
  • Advised Credit Guarantee and Investment Facility on the guarantee of the VND1.15tn bond issuance by Viet Nam Electrical Equipment JSC (Gelex).

Baker McKenzie

Baker McKenzie's capital markets practice is led by Oanh Nguyen and works in parallel with a strong finance practice and securities expertise. Special counsel Linh Chi Dang in Hanoi is a key member of the team and is particularly noted for handling foreign investment deals, as is associate Thuy Van Pham  who supports practice head Oanh on cross-border matters across Asia, including Singapore. The team also has a flourishing fintech practice.

Practice head(s):

Oanh Nguyen

Key clients

Maybank

Standard Chartered Bank

HSBC

The Korea Development Bank

VILAF

At VILAF, the capital markets practice is jointly led by Ho Chi Minh City-based Vo Ha Duyen and Hung Nguyen in Hanoi. The team is noted for advising and acting for domestic and international issuers and arrangers on the Vietnamese law elements of transactions. In Hanoi, senior partner Tran Phong is a name to note for equity capital markets work, acting for a number of well-known Vietnamese banks in the sector.  Also in Hanoi is Trung Vu who has experience in bonds work. Away from this, the team also has experience of multi-jurisdictional transactional work for Singaporean clients as well as public M&A and block trades.

Practice head(s):

Vo Ha Duyen; Nguyen Quang Hung

Other key lawyers:

Trung Vu; Tran Tuan Phong

Key clients

AES-VCM Mong Duong Power Company Limited

Refrigeration Electrical Engineering Corporation

WP Investments III B.V.

Credit Suisse

Work highlights

  • Advising AES-VCM Mong Duong Holdings B.V. 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.
  • Advising WP Investments, an existing shareholder of Vincom Retail Joint Stock Company in its sale of 98,975,586 ordinary shares of Vincom Retail via the Ho Chi Minh City Stock Exchange.
  • Advising Hong Phong 1 Energy in relation to the Loan from ING and the Bond issue guaranteed by CGIF.

YKVN

YKVN's capital markets team has strength in handling high-value capital markets transactions including sovereign bond issuances. Overseen by managing partner Truong Quang, the team advises global investment banks and acts for Vietnamese issuers in international deals. Vu Dzung is recommended for DCM work, whilst Duong Thu Ha advises a number of well-known international banks. Counsel Nguyen Van Hai has over a decade of capital market experience and is noted for his expertise in the energy sector.

Practice head(s):

Truong Nhat Quang

Other key lawyers:

Duong Thu Ha; Nguyen Van Hai

Key clients

Central Retail Corporation

Military Commercial Joint Stock Bank (Military Bank)

Credit Suisse Singapore Limited

Masan Group Corporation (MSN)

Nui Phao Mining Company Limited

Truong Hai Auto Corporation

Masan Resources Corporation

Work highlights

  • Acted as Vietnamese counsel to the Client Central Retail Corporation (as the issuer) in connection with the initial public offering of shares inside and outside of Thailand.
  • Acting as Vietnam counsel to BNP Paribas and Citi Group in relation to the proposed issue of up to $1bn bonds pursuant to a Euro Medium Term Note Program.
  • Advising one of the top listed banks in Vietnam, on its issuances of $300m convertible bonds which are convertible into the ordinary shares.

Frasers Law Company

Frasers Law Company's capital markets team has a cross-practice approach with its banking and finance group and offers clients the full scope of work including handling both debt and equity capital market transactions. Mark Fraser leads the team, which advises financial institutions, investment banks, and foreign investors. Justin Gisz is also a core member.

Practice head(s):

Mark Fraser

Other key lawyers:

Justin Gisz

Key clients

Ascina Capital

Herbert Smith Freehills

VinaCapital Group

Barun Law for G.U.D. Hondings Limited

EFG-Hermes UAE Limited

IPS International Polysacks GmbH

Work highlights

  • Advised EFG-Hermes UAE Limited on the proposed cooperation agreement for an initial fixed term for implementation and upgrade of the brokerage business of ACBS in Vietnam.