Allen & Overy LLP’s capital markets team sits within the firm’s Vietnam corporate practice, and ‘has well-rounded experience and knowledge of capital market laws and regulations across different jurisdictions’. Its practice encompasses the full spectrum of mandates, including equity and capital market offerings, block trades, and hybrid convertible loans. The team also has in-house US securities law expertise, which bolsters its ability to advise international investors, in addition to regional banks and corporations. The ‘deeply knowledgable’ Duc Tran leads the group with experience in major bond issuance and equity offerings transactions, and New York qualified Tina LeDinh is another key member of the team, advising issuers and underwriters, as well as international investors.
Capital markets in Vietnam
Allen & Overy LLP
Practice head(s):
Duc Tran
Other key lawyers:
Tina LeDinh; Tam Tran
Testimonials
‘Very professional and efficient with up-to-date, cutting-edge knowledge.’
‘The team has well-rounded experience and knowledge of capital market laws and regulations across different jurisdictions.’
‘Mr Duc Tran is deeply knowledgeable about all laws and regulations in Vietnam, experienced in effective communication with regulatory authorities, and is always responsive. He is also much appreciated for his business mindset in providing pragmatic advice to clients.’
‘Ms Tam Tran is always available for discussion with clients and is able to convey clients’ ideas and opinions into legal documentation well.’
Work highlights
- Advised the joint lead managers on Vinpearl’s Regulation S offering of $425m 3.25% exchangeable sustainable bonds due 2026.
- Advised a Southeast Asia sovereign wealth fund as vendor on the sale of shares in a Vietnamese commercial bank effectuated via block trade.
VILAF
At VILAF, the well-established capital markets team is active in advising domestic and international issuers, underwriters and arrangers on IPOs, structured de-listings, and denominated bond offerings, amongst other high-profile matters. In the firm’s Ho Chi Minh City office, Duyen Vo leads the practice alongside Hanoi-based Hung Nguyen. Phong Tran is noted for his expertise in IPOs and international bonds, while Anh Dang and Trung Vu are also key contacts in the team.
Practice head(s):
Other key lawyers:
Key clients
Vingroup
Vinpearl JSC
Credit Suisse Limited
BIM Land JSC
IFC
LeapFrog Investments
DEG
BIDV
Techcombank Securities JSC
Hung Thinh Land
Mavin Corporation Joint Stock Company
Nam Long Investment Corporation
Work highlights
- Assisted Vinpearl JSC on its issuance of $425m Exchangeable Sustainable Bond.
- Assisted Vingroup in its offering and listing of $500m 5% Exchangeable Bond due 2026 on SGT-ST.
- Acted for IFC, LeapFrog Investments, and DEG in their $165m investment in convertible Tier 2 bonds issued by Ho Chi Minh City Development Joint Stock Commercial Bank.
YKVN
YKVN’s capital markets team handles major domestic and cross-border debt and equity transactions, including IPOs, block trade mandates and bond issuances. Based in Ho Chi Minh City, managing partner Truong Nhat Quang leads the team with an active and well-established practice, and counts Vietnamese and global banks and corporates among his key roster of clients. Vu Dzung, who also operates from the firm’s Ho Chi Minh City, and Hanoi-based Duong Thu Ha are key contacts in the practice.
Practice head(s):
Truong Nhat Quang
Other key lawyers:
Vu Dzung; Duong Thu Ha; Nguyen Van Hai
Key clients
Grab Holdings Inc.
UBS Group AG
PT Cemindo Gemilang
Masan Group Corporation
Ho Chi Minh City Development Joint Stock Commercial Bank
Thaco Group
Work highlights
- Advised Masan Group Corporation in the sale of 100% of its feed-related business to De Heus through issuance of exchangeable bonds.
- Advised Grab Holdings Inc regarding its IPO in the U.S. via SPAC.
- Advised HD Bank regarding its issuance of its USD-denominated convertible bonds due in 2026.
Baker McKenzie
Baker McKenzie’s capital markets team is integrated with the firm’s banking and finance practice in Vietnam, and benefits from the firm’s global network. Its offering covers a broad range of debt and equity capital market transactions, including domestic and cross-border IPOs, debt issuances, acquisitions and divestitures regarding public companies. Its client roster includes banks, insurance companies, and corporates. Oanh Nguyen leads the group and is well-known for handling cross-border mandates. Ngo Thai Ninh is also an active team member, and since July 2021, Frederick Burke has taken up a position as a senior adviser to the Vietnam offices.
Practice head(s):
Oanh Nguyen
Other key lawyers:
Ngo Thai Ninh; Frederick Burke
Key clients
Maybank
HSBC
CIMB
The Korea Development Bank
Allens
The capital markets group at Allens is jointly led by Linh Bui and Ngoc Anh Tran, who was promoted to parter in July 2022. The team acts for sellers, sponsors, issuers, and lead managers on a range of equity and debt capital market transactions. The firm’s alliance with Linklaters also places it in good stead to handle major mandates with cross-border elements.
Practice head(s):
Linh Bui; Ngoc Anh Tran
Key clients
International investors
Credit Suisse
Temasek, Seatown and Lombard
Gojek
International Finance Corporation
CP Vietnam
Work highlights
- Advised international investors on the investment in exchangeable bonds to be issued by Vingroup to fund the expansion of Vinfast.
- Advising CP Vietnam on its proposed IPO and listing on the Ho Chi Minh City Stock Exchange.
- Advised International Finance Corporation on its investment into PVI Holdings.
Frasers Law Company
Frasers Law Company’s capital markets practice works alongside the firms banking and finance team to advise local and foreign investors on IPOs, listings, corporate bond offerings and convertible debt securities, among other matters. Managing partner Mark Fraser
sits at the helm of the group and is supported by Justin Gisz
and senior associate Ho Thuy Ngoc Tram.
Practice head(s):
Mark Fraser
Other key lawyers:
Justin Gisz; Ho Thuy Ngoc Tram
Testimonials
‘The team is strong in M&A, capital markets and local Vietnam laws, which makes the transaction easier.’
‘The Frasers team possess a strong understanding of the local legal system and although a local firm, they operate to a standard we expect of international firms.’
‘The legal know-how and drafting capability of the individuals at Frasers provide confidence for clients.’
‘Mr Mark Frasers and Ms Ho Thuy Ngoc Tram have been impeccable in terms of professionalism and quick turnaround.’
Key clients
Asian Development Bank
Japan Bank for International Cooperation
Korean Exim Bank
ABN Amro Bank
Coöperatieve Rabobank
HSBC Continental Europe
Sumitomo Mitsui Banking Corporation
S4Capital
Unique Logistics Holdings Ltd
S4CAPITAL
VinaCapital Vietnam Opportunity Fund Ltd
Work highlights
- Acted for VinaCapital Vietnam Opportunity Fund in relation to its entry into a $40m revolving credit facility, provided by a major international bank with a presence in Vietnam.
- Acted for Asia Development Bank in relation to the hedging aspects of its financing of two PV solar projects in Vietnam.
- Acted for SMBC in relation to the hedging aspects of its financing of Long Son Petrochemicals Company Limited.
Vina Legal
The capital markets group at Vina Legal is praised for its ‘high level of legal knowledge’, and is highly active in assisting companies with bond issuances to finance development projects in the real estate and energy spaces. Duong Quang Long and Trieu Thi Thanh Huong jointly lead the group from the firm’s office in Ho Chi Minh City.
Practice head(s):
Duong Quang Long; Trieu Thi Thanh Huong
Testimonials
‘Timely, responsive and productive consultation.’
‘Trustful, informative and professional. Clear communication.’
‘They are very friendly, enthusiastic and have a high level of legal knowledge.’
‘They are very friendly, enthusiastic and have a high level of legal knowledge.’
‘Duong Quang Long is a creative problem solver.’
Key clients
Bitexco Group
Hung Thinh Land Group
VietinBank
Techcombank
VietinBank Securities JSC
Tan Viet Securities JSC
Green World JSC
My Son 1 JSC
My Son 2 JSC
Sunshine Group
Thaigroup
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 Van Truong Phat Groupon to issue high-value bonds to develop various real estate projects.
- Advised Nam Phuong Energy Investment JSC to issue high-value bonds to develop mineral resource projects.
- Advised Tan Thanh Long An Group to issue a high-value bond to develop indutrial zones projects.