Next Generation Partners

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

Allen & Overy LLP

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.

Practice head(s):

Duc Tran

Other key lawyers:

Tina LeDinh; Tam Tran


‘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.


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):

Duyen Vo; Hung Nguyen 

Other key lawyers:

Phong Tran; Anh Dang; Trung Vu

Key clients


Vinpearl JSC

Credit Suisse Limited



LeapFrog Investments



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’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




The Korea Development Bank


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


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


‘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


Unique Logistics Holdings Ltd


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


‘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 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 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.