Next Generation Partners

Firms To Watch: Capital markets

LNT & Partners is notably active in IPOs, capital raises, derivatives issues and private placements. The firm has had a significant uptick in IPO work recently, including listings in New York, Singapore and China.

Capital markets in Vietnam

Allen & Overy LLP

Allen & Overy LLP covers the full spectrum of debt and equity capital markets work, including IPOs, block trades and hybrid convertible loans. Also notable is that the firm has in-house US securities law expertise, making it a particularly strong choice for international investors looking to list in Vietnam; Tina Ledinh  is a New York-qualified partner with over a decade of experience in the local market. The other name to note at the firm is Duc Tran, whose experience of high-profile and landmark transactions was evidenced when he recently advised the initial purchasers on the first corporate green bond out of Vietnam.

Practice head(s):

Duc Tran

Other key lawyers:

Tina Ledinh


‘Tina, Duc and team are a clear standout in Vietnam – having the best handle of both local and international legal perspectives to execute the most landmark transactions in Vietnam.’

‘Special mention to Tina Le Dinh, who has a relentless drive to deliver the best outcomes for clients, while being able to balance key interests of parties in a transaction, while exercising the best judgement and giving the best advice to lead to successful outcomes.’

A&O team is very knowledgeable and has strong commercial sense in the capital markets practice to help us structure our deals. Given their international coverage, they are able to assist us in international transactions involving the local laws of different jurisdictions.’

The A&O team has traditionally represented lenders. We welcomed their input representing us as an issuer, because they could be balanced. There were times they were able to give us the “other view” so that we saved some time going back and forth on extreme points. Other times they were able to point out changing norms that we may not have noticed as much since we are not frequent issuers.’

Key clients

Standard Chartered Bank

BNP Paribas


Work highlights

  • Advised the initial purchasers on Vietnamese tourism property developer BIM Land JSC’s bonds offering of $200m, which was the first corporate green bond out of Vietnam.
  • Advised the joint lead managers on Vingroup’s offering of $500m exchangeable bonds.
  • Advised global financial institutions on various secondary block trades of companies listed in Vietnam.


VILAF's excellent reputation sees it handle domestic and cross-border IPOs, de-listings, denominated bond issuances and public M&A, among various other mandates. The team, which is jointly led by chairperson Duyen Ha Vo in Ho Chi Minh City and Hanoi-based partner Hung Nguyen, advises a mix of local and international issuers, underwriters and arrangers. Clients also count on the expertise of Phong Tran and Anh Dang, as well as Trung Vu.

Practice head(s):

Duyen Ha VoHung Nguyen

Other key lawyers:

Phong Tran; Anh Dang; Trung Vu

Key clients

Credit Suisse (Singapore Limited)


SCG Packaging Public Company Limited

BIM Group

Affinity Equity Partners (S) Pte Ltd.

HSBC Bank Vietnam

Work highlights

  • Advised SCG Packaging Public Company Limited on its combination of the Reg S and Rule 144A international offering of shares to investors outside the United States and Thailand.
  • Advised Vingroup on its offering and listing of $500m of exchangeable bonds.
  • Advised Credit Suisse on the proposed tender by NVL for NVL’s existing outstanding $240m convertible bonds.

Baker McKenzie

Baker McKenzie's team has a wealth of expertise in all the intricacies of debt and equity capital markets transactions, and it is seen as a go-to among corporate clients, commercial and investment banks, and financial intermediaries, among other clients. Oanh Nguyen is a legal adviser to the Capital Market Committee of Ho Chi Minh City. Frederick Burke is now a senior adviser to the Vietnam offices.

Practice head(s):

Oanh Nguyen

Key clients



The Korea Development Bank


YKVN has a strong track record handling domestic and cross-border debt and equity capital markets transactions for Vietnamese issuers and global investment banks. Managing partner Truong Nhat Quang leads the team, whose wide-ranging experience includes block trades, private placements and convertible bonds issuances. Vu Dzung and Duong Thu Ha are also recommended.

Practice head(s):

Truong Nhat Quang

Other key lawyers:

Vu DzungDuong Thu Ha


‘YKVN has been involved in many landmark capital markets transactions in Vietnam, and its team is extremely experienced and able to provide clients with valuables insights and recommendations.’

Key clients

Masan Group Corporation


Export-Import Bank of Thailand (Eximbank Thailand)

Bank for Foreign Trade of Vietnam (Vietcombank)

Bank for Investment and Development of Vietnam (BIDV)

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank)

Credit Suisse

Hongkong and Shanghai Bank (HSBC)

Nanofilm Technologies International Pte Ltd

Phu My Hung Development Corporation

Work highlights

  • Advised Phu My Hung Development Corporation on its issuance of $80m international bonds.
  • Advised HDBank as issuer’s counsel on its $65m convertible tier 2 capital bond issuance.
  • Advised HDBank as issuer’s counsel on the $65m convertible tier 2 capital bond issuance.

Frasers Law Company

Frasers Law Company's practice, which is led by managing partner Mark Fraser, acts for clients on a wide range of debt and equity capital markets transactions. Its work covers IPOs, rights issues, offerings of corporate bonds and convertible debt securities, among other matters. Fraser is supported by Justin Gisz.

Practice head(s):

Mark Fraser

Other key lawyers:

Justin Gisz


Hands on partner involvement, depth of talent, knowledge driven, high level of professionalism, ability to advise across sectors and functions. Frasers provides a very personalized and an engaging client service environment. We feel very welcome when dealing with the team.’

Mark Fraser: extremely knowledgable, commercial and someone that can get complicated deals across the line. Justin Gisz: detail oriented with a very good understanding of the technical aspects of the Vietnam legal system.

Key clients

Stark Corporation Public Company Limited

Ptt Exploration And Production Public Company Limited

Nord Anglia Inc

G.u.d. Holdings Limited

Sojitz Corporation

Bacardi & Company Limited

Japan Bank For International Cooperation

Export-import Bank Of Korea

Asian Development Bank

Work highlights

  • Acted as Vietnam counsel for a major Thai listed company on the issuance of its $105m secondary offering.
  • Advised Sojitz Corporation on its share swap transaction involving a major blue chip listed company in Vietnam
  • Acted as lender’s counsel for Asian Development Bank in relation to the hedging aspects of the financing and re-financing of major solar power projects in Vietnam.

Vina Legal

Vina Legal’s capital markets team predominantly advises on bond issuances used to finance the development of properties and energy projects, and it generates a significant amount of work from local developers and banks. Duong Quang Long and Trieu Thi Thanh Huong jointly lead the group.


Mr. Duong Quang Long is an outstanding leader and lawyer. He provides outstanding advice in complicated transactions or matters which require knowledge of many fields. We are really satisfied with their services.

Vina Legal works as professional team.

Work highlights

  • Advised Bitexco Group (the owner of the tallest building in Ho Chi Minh City) on the issue of bonds to finance the development of real estate projects.
  • Advised Agricultural and Materials Import Export No. 3 JSC on the issue of bonds to finance the development of real estate projects.
  • Advised Hung Thinh Land Group, a very large real estate group, on the issue of bonds to finance the development of real estate projects.