Next Generation Partners

Rising Stars

Firms To Watch: Capital markets

LNT & Partners is active in assisting both both domestic and foreign clients on IPOs, capital raises, derivatives issues and private placements.

Capital markets in Vietnam

A&O Shearman

A&O Shearman is positioned to act on premium capital market mandates, including market-first green bond transactions and overseeing IPOs for NASDAQQ listed companies. A key strength is the group’s ability to complement regulatory expertise with an extensive international reach, in addition to its ability to advise on the securities law of a number of different jurisdictions. One of the most eminent figures in the market, group head Duc Tran possesses a truly multifarious practice and is continually sought out by clients for his ability to fuse traditional banking, project financing and capital market acumen together provide holistic, one-stop shop counsel, while Tina LeDinh has experience advising issuers and underwriters on a range of deals with a notable prowess in debt financing.

Practice head(s):

Duc Tran

Other key lawyers:

Tina LeDinh

Key clients


Work highlights

  • Advised GuarantCo, as partial guarantor of the bond issuance by EVNFinance of a VND1,725 billion green bond.
  • Advised a development finance organisation on its subscription to a VND500 billion non-convertible bond issued by a Vietnamese housing developer.


Handling a high volume of international capital markets mandates, VILAF has demonstrated stellar activity overseeing IPOs in the real estate sector, as well as benefitting from Vietnam’s healthy start-up environment, to which the firm has been a key adviser. Furthermore, leading work regarding green bonds alongside continued excellence in the debt financing space showcases the firm’s wide engagement in this space. Duyen Ha Vo and Hung Nguyen co-head the group, with both individuals possessing a strong international practice that concentrates on the various issues surrounding IPOs. Phong Tran is revered for his banking and financing work in the energy and aviation sectors, and has been active working with multinational investment banks and financial services corporations on a wide array of mandates.

Practice head(s):

Duyen Ha Vo; Hung Nguyen

Other key lawyers:

Phong Tran

Key clients

BeerCo Ltd.

Hung Thinh Land

Vietcombank Securities Co., Ltd.

Ant Group

Mavin Corporation Joint Stock Company

Nam Long Investment Corporation

Nova Consumer Group


Work highlights

  • Advised Vietcombank Securities, Co., Ltd., as the underwriter, in the issuance of US$75 million fixed interest rate bonds with a Green Bond element of EVNFC.


YKVN's DCM and ECM teams have both been highly active over the past twelve months, with the former assisting leading Vietnamese private corporations on multi-billion USD international bond issuances, and the latter heavily involved overseeing IPOs in both the Vietnamese and US markets. The group boasts an enviable record acting on first of its kind mandates in the region, especially regarding exchangeable bonds. Truong Nhat Quang spearheads the team and is intimately familiar with structured financing deals, working closely with a wide array of corporates, funds, and financial institutions, while Vu Dzung is hailed for debt and equity capital markets work. Nguyen Van Hai is building up an impressive portfolio of work that demonstrates experience advising both the underwriter and private corporation in a range of IPOs. Ho Anh Tuyet also comes recommended.

Practice head(s):

Truong Nhat Quang

Other key lawyers:

Vu Dzung; Nguyen Van Hai; Ho Anh Tuyet

Baker McKenzie

Baker McKenzie ‘has a deep bench of talented partners and associates that are extremely knowledgeable’ across a litany of banking, financing and capital market issues. The group has pulled in a high volume of work surrounding debt issuances and programmes and highly complex loan facilities, working predominantly with a range of domestic and international banks but also demonstrating considerable capabilities acting on the borrowers behalf, which have included premium energy and infrastructure companies. Team head Oanh Nguyen is singled out for her expertise in public M&A, including both project finance and IPOs and has been acting exclusively as the leading figure on all of the firm’s key mandates. Both Ngo Thai Ninh and Pham Thuy Van have been highly active over the past twelve months, acting on large-scale cross-border transactions involving multinational banks.

Practice head(s):

Oanh Nguyen

Other key lawyers:

Ngo Thai Ninh; Pham Thuy Van


‘Baker McKenzie LLP has a deep bench of talented partners and associates that are extremely knowledgeable, proactive in identifying issues and excellent advocates/negotiators on our behalf in transactions.’

Baker McKenzie LLP’s lawyers and Oanh Nguyen are always responsive at any time. High degree of confidence and always there to support in difficult times.’

Key clients

KEB Hana Bank

Work highlights

  • Advising KEB Hana Bank – Hanoi Branch as MLAB and a syndicated lender on a syndicated loan in an amount of up to VND1.505 billion (approximately USD52 million) for financing the Ea Sup 2 solar project of Xuan Thien Group.


Allens houses a team of practitioners who are well-versed in capital markets work, acting on exchangeable bond deals with a wealth of international investors, IPOs and pre-IPO investment deals, and advisory and regulatory work relating to the underwriting of securities. Furthermore, the group is able to leverage its regional alliance with Linklaters to have exposure to a stellar list of clients and blockbuster deals, providing the group’s practitioners with premium market experience. Linh Bui caters to a range of real estate, agricultural, retail and consumer companies for their capital market transactions, carrying a wealth of cross border expertise. Ngoc Anh Tran, who was promoted to partner in July 2022,  is a structured transaction specialist, while Linh Chi Dang often works closely with banks and financial institutions on securities underwriting advice since joining from Baker McKenzie in June 2022.

Practice head(s):

Linh Bui; Ngoc Anh Tran

Other key lawyers:

Linh Chi Dang

Key clients

International investors

International Finance Corporation (IFC)

Dragon Capital and Vinacapital

CP Vietnam

Temasek, Seatown and Lombard

Credit Suisse

Affirma Capital

Work highlights

  • Advising international investors on the proposed US$1.5 billion subscription for exchangeable bonds to be issued by Vingroup to fund the expansion of its subsidiary, Vinfast 2. Su.
  • Acting as lead transactional and Vietnamese counsel for IFC on its subscription for convertible and non-convertible bonds issued by BaF.
  • Acting as lead transactional for leading Vietnamese investment funds, Dragon Capital and Vinacapital, on their pre-IPO investment in Hung Thinh, a large real estate developer.

Frasers Law Company

‘Providing business-practical legal advice’ due to a strong understanding of ‘local Vietnamese regulations and law’, Frasers Law Company works with clients on a variety of debt and equity capital market issues, including advice regarding IPOs, convertible debt securities, and structured products. Furthermore, the firm is characterised by strong work in the energy, real estate and healthcare sectors. Mark Fraser heads the practice and is well-reputed for his handling of complex strategic transactions across a number of sectors, while Justin Gisz has been predominantly active working with investment funds on credit facility engagement. Ho Thuy Ngoc Tram is another practitioner of note who has played a key supporting role across the board.

Practice head(s):

Mark Fraser; Justin Gisz


‘Provided business-practical legal advice and strong in local Vietnamese regulations and law.’

Key clients

Asian Development Bank

Japan Bank for International Cooperation

ABN Amro Bank N.V.,

Star Corporation Public Company Limited

Sumitomo Mitsui Banking Corporation


Unique Logistics Holdings Limited

Telio Singapore

VinaCapital Vietnam Opportunity Fund Limited

Vina Legal

Vina Legal specialises in helping clients issue bonds in order to galvanise developments in their wide array of projects, demonstrating engagement with the both domestic and international giants in the real estate sector. Nguyen Thanh Long has been active overseeing multi-million USD dollar bond issuances over the past twelve months and has been the key leading figure in the practice. Nguyen Hong Duc and Nguyen Thi Phuong also come recommended.

Practice head(s):

Nguyen Thanh Long

Other key lawyers:

Nguyen Hong Duc; Nguyen Thi Phuong


‘The team provides helpful solutions.’

‘They are very enthusiastic, professional and ethical.’

Key clients

Bitexco Group

Hung Thinh Land Group



VietinBank Securities JSC

Tan Viet Securities JSC

Green World JSC

My Son 1 JSC

My Son 2 JSC

Sunshine Group


VIG Group

BNB Group

Gotec Land JSC

Van Truong Phat Group

Bong Sen JSC

Sa Pa Lao Cai JSC

Nam Phuong Energy JSC

BNP Global JSC

Tan Thanh Long An Group

Agricultural and Materials Import Export No. 3 JSC

Nam Land Group

Work highlights

  • Advised BNP Global Real Estate JSC to issue high-value bonds to develop Novaworld Phan Thiet Housing Project in Binh Thuan Province.
  • Advised Nova Thao Dien Ltd to issue high-value bonds to develop an apartment building project in District 1 Ho Chi Minh City.
  • Advised Tan Thanh Long An Group to issue a high-value bond to develop industrial zones projects.