Next Generation Partners

Rising Stars

Firms To Watch: Real estate and construction

The real estate and construction team at Tilleke & Gibbins strengthened its offering with the hire of practice head Gia Long Nguyen from Baker McKenzie in October 2023, who advises on a broad range of mandates concerning real estate and hospitality. Tram Ngoc Bich Nguyen is another key team member.

Firms in the Spotlight Real estate and construction

DNA Vietnam LLC

DNA Vietnam LLC logo

DNA Vietnam LLC (“DNA”) is a boutique corporate law firm that provides legal services across various areas of law related to foreign investment and the operation of business entities in Vietnam.

View Profile...

Real estate and construction in Vietnam

A&O Shearman

A&O Shearman is active on premium real estate mandates for a range of global investors and developers. The financing piece continues to be the flagship component of their work, with evidence of advising lenders and borrowers on matters such as bond issuance, project financing and debt financing, offshore and onshore loans and structuring security packages alongside M&A and regulatory counsel that includes land clearance, use and permitting issues. Team head Duc Tran has a wide-ranging practice and is a frequent go-to by international banks and funds for his cross-border financing acumen. Adam Moncrieff is also on hand to lend financing and transactional advice to clients, especially Hong Kong and Tokyo investors due to his experience working in those markets.

Practice head(s):

Duc Tran

Other key lawyers:

Adam Moncrieff

Key clients



Sumitomo Corporation

Gaw Capital Partners

Frasers Property

Work highlights

  • Advised Novaland on an investment by a Warburg-Pincus-led consortium in Novaland.
  • Advised a development finance organisation on its subscription to a VND500bn non-convertible bond issued by a Vietnamese housing developer.
  • Advised various lenders and borrowers in relation to the financing of rooftop solar portfolios throughout Vietnam, including for commercial and industrial usage.

Baker McKenzie

Baker McKenzie advises across the full array of real estate and constructions matters, including building and site acquisition and sales, leasing arrangements, property and business relocations, as well as financing and structuring advice. The team continues to make strides in the hospitality sector and has a portfolio of cross border transaction and divestment work on show, alongside continued excellence in the logistics and industrial real estate sectors. Co-lead Yee Chung Seck is a well-regarded practitioner who ‘does an excellent job of managing the team and providing insights’ and can leverage far-reaching knowledge of the Vietnamese regulatory environment to provide clients with integral counsel regarding foreign direct investment and M&A, while co-lead Lan Phuong Nguyen has a range of sector expertise which if largely focused on energy, retail and manufacturing property.

Practice head(s):

Yee Chung Seck; Lan Phuong Nguyen

Other key lawyers:

Phuc Thuy Hien Nguyen


‘The team is on top of legal issues and provides excellent guidance on the practical side of things. When faced with obstacles, the team quickly finds appropriate solutions. I’ve found the team to be very responsive and an absolute pleasure to work with.’

‘Yee Chung Seck does an excellent job of managing the team and providing insights.’

‘Strength of execution; the team has a nominated lead who coordinates their internal activities and ensures that actions and responses are delivered in an agreed manner and within the time frame agreed.’

KPMG Law in Vietnam

KPMG Law in Vietnam has seen a marked increase of instructions from US and European clients entering the market as secondary investors, as well as activity servicing a number of manufacturers looking at industrial real estate and developers engaging with digital infrastructure. A strength of the group is its ability to leverage the wealth of utensils in its global brand to competently provide holistic advice including due diligence and deal structure work, as well as contract drafting and share purchase agreement negotiations. Richard Stapley-Oh sits at the helm of the practice and largely focuses on helping real estate developers on their investments in and outside of Vietnam. Binh Duy Tran’s work spans both regulatory and compliance advice, whereas Pham Huynh Ngoc Han is responsible for fronting the firm’s most complex real estate transactions due to her M&A expertise. Geraldine Oh joined the team as part of the wider merger between the firm and ZICO Law, which has added greater international and cross-border proficiencies to the group.

Practice head(s):

Richard Stapley-Oh

Other key lawyers:

Binh Duy Tran; Pham Huynh Ngoc Han; Geraldine Ho

Key clients

Phu My Hung Development Corporation

Work highlights

  • Assisting a Vietnamese property trading company in conducting legal due diligence work, advising on the optimal deal structure, and preparing and negotiating the share purchase agreement in a multi-million dollar transaction with a deal size of $100m.

Rajah & Tann LCT Lawyers

A stand-out firm due to the strength of its project development work, Rajah & Tann LCT Lawyers receives instructions from key players wishing for advice regarding land use and rights, leasing arrangements, investment structures and due diligence work. The firm also boasts a commendable track record of property transactions including residential areas, high-rise city developments and industrial plots, and is experienced in overseeing the acquisition and sale of stakes and interests in property investment, holding and development companies. Vu Thi Que helms the practice and has a stellar list of Chinese real estate developers as clients who regularly turn to her for counsel when seeking acquisitions in Vietnam. Trinh Minh Duc has been an active part of the firm’s largest projects and has considerable financing and regulatory skill.

Practice head(s):

Vu Thi Que

Other key lawyers:

Trinh Minh Duc

Key clients

Phu An Group

AB Group

IDEC Group Asia Pte. Ltd


The team at VILAF possesses a multifarious practice which is complimented by its considerable international reach, working for a range of pan-Asian developers and investors. Capital markets and disputes work in the real estate space has been a flagship component of the team’s work, which also handles residential housing project acquisitions as well as industrial plot transactions. Hien Nguyen and Ngoc Anh Bui co-lead the practice, with the former noted for her early stage work on construction projects, including designing, contractual, and development advice, and the latter for cross border expertise which focuses on foreign direct investment. Duyen Ha Vo has a far-reaching practice which is particularly strong on financing and banking issues and has been an active presence on the firm’s most consequential client instructions.

Practice head(s):

Hien Nguyen; Ngoc Anh Bui

Other key lawyers:

Duyen Ha Vo

Key clients

Warburg Pincus Asia LLC

Hung Thinh Land

No Va Land Investment Group Corporation

Gamuda Land

Keppel Land

Nam Long Investment Corporation

Work highlights

  • Advised Warburg Pincus Asia LLC in the $800m investment in JD Property Group Corporation.

Bizlink Lawyers

Bizlink Lawyers exhibits proficiency across project planning and development, acquisitions and divestments, and financing, tax and due diligence issues. A large part of the firm’s recent work has been overseeing the transfer of marked areas for development in which the group have handled the regulatory and contract drafting aspects. Beyond this, the team has also acted for foreign investors renovating and redeveloping substantial, sometimes landmark, real estate projects. Often working with pan-Asian and global investors, Do Trong Hai has a wide spanning skillset that is particularly strong regarding foreign investment and bidding. Hai is leading the team with Nguyen Thi Men who is a go-to for regulatory and compliance advice, particularly concerning new builds.

Practice head(s):

Do Trong Hai; Nguyen Thi Men

Other key lawyers:

Bui Phu Chau; Nguyen Thi Tu Linh

Key clients

Citra West Lake City Development Company Limited

Eurowindow Holding Joint Stock Company

Ecopark Group Joint Stock Company

Westlake View Real Estate Limited Liability Company

Fuji Bac Giang Development JSC

Vietnam Joint Stock Commercial Bank for Industry and Trade

Gamuda Land Vietnam

Taisei Corporation

International Centre Ltd.

Gerard Seah & Co

Bai Tho Corporation

Vietnam Satellite Digital Television Company Limited

Phan Vu Van Tuong Investment Joint Stock Company

China Harbour Engineering Company Limited

Work highlights

  • Advised Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on transferring a complex project to another developer.
  • Advised T&M Vietnam Investment JSC on acquisition of a part of Yen So Park Project in the South of Hanoi.
  • Advised Citra Westlake City Development Company Limited on transferring a complex sub-project with a total investment value of over $53m to another developer.

Frasers Law Company

A standout player in the energy and infrastructure space, Frasers Law Company leverages core expertise in M&A, project development, financing, regulatory and compliance matters to advise financial institutions, global investors, and contractors and developers on industrial park projects, high-end resort and hospitality centres, and residential blocks. The practice is headed up by Mark Fraser and Justin Gisz, with the former being a prominent figure in the Vietnamese legal sphere and an active presence across the entirety of the firm’s mandates, and the latter being highly skilled on cross-border acquisitions and corporate issues. Both Nguyen Mai Phuong and Ho Thuy Ngoc Tram have played a crucial supporting role to matters over the past twelve months.

Practice head(s):

Mark Fraser; Justin Gisz

Other key lawyers:

Nguyen Mai Phuong; Ho Thuy Ngoc Tram; Dinh Thi Hien Ly


‘The firm provides clear value to clients, and has senior leadership who can bridge between foreign clients and local market conditions.’

‘Very comprehensive in their assessment, they helped us gain good clarity on our case highlighting the strong and weak points of the case.’

‘Professional, knowledgeable and thorough, with high sense of urgency.’

Key clients

Amkor Technologies

Asia Development Bank

Coro Energy Plc

Geogas Enterprise SAS

Japan Bank For International Cooperation

Korean Exim Bank

Lineage Logistics

Looop Inc.

Origin Energy plc

PT Medco Energy International

PTT Public Company Limited

Quanta Computer Inc.

Skyx Solar

Sojitz Corporation

TotalEnergies Renewables SAS


Work highlights

  • Advised senior lenders on the project financing of the Monsoon Wind Power Project, which entails the construction and operation of a 600MW wind farm and a battery energy storage system.
  • Advising TotalEnergies on participating in a tender process called by the Vietnamese government for the awarding of contract(s) for onshore wind project development, in consortium with a Vietnamese entity.
  • Advised SkyX Solar on its acquisition of an extensive portfolio of rooftop solar assets in Vietnam from Sungrow.

MHM Vietnam HCMC Office

MHM Vietnam HCMC Office offers a considerable depth of international and cross-border expertise, supporting Japanese and other Asian-state based investors and developers with their real estate deals. The group excels at the development aspect of property projects, with notable work on residential buildings, industrial parks, and urban and inner-city ventures. Takuya Eguchi heads the team and is noted for his understanding of the Chinese and Japanese markets, while Kenji Nishio has been responsible for helming a large proportion of the practice’s matters, predominantly advising clients through acquiring shares in project companies.

Practice head(s):

Takuya Eguchi

Other key lawyers:

Kenji Nishio

Key clients

Tien Phuoc Real Estate Joint Stock Company

Mizuho Bank, Ltd.

Noritz Corporation

VEMC Land Joint Stock Company

Meidensha Corporation and its Singapore subsidiary,

Meiden Asia Pte. Ltd.

Nomura Real Estate Development Co., Ltd

NTT Urban Development Corporation, and its Singapore subsidiary, NTT UD Asia Pte. Ltd

ADK Holdings Inc.

Vietnam Industrial & Logistics Real Estate Fund I

LTQ Group Joint Stock Company No

Nha Dat Joint Stock Company

Work highlights

  • Advising NTT Urban Development Corporation on its first real estate development project in Vietnam, a residential housing project in Bing Duong province.
  • Representing Nomura Real Estate Development Co., Ltd in acquiring 49% of the shares in a major residential development project by Ecopark Corporation in Hung Yen province.

APFL & Partners Legal Vietnam LLC

APFL & Partners Legal Vietnam LLC is highly active in the commercial real estate market, working with developers, property managers and financial institutions on a range of legal issues pertaining retail constructions, residential buildings, hospitality centres, and inner-city renovations. A key cornerstone feature of the practice is its development and regulatory strength, guiding clients through the planning and investment structuring aspect through to contract drafting, supplier and construction issues, and leasing agreements. Both Nicolas Audier and Etienne Laumonier boast extensive track records on M&A, banking and capital markets, whereas Nicolas Picard is the group's go-to for property development and construction queries. Antoine Logeay was promoted to partner in 2022.

Other key lawyers:

Nicolas Audier; Etienne Laumonier; Nicolas Picard; Antoine Logeay

Key clients

Central Group


Apave International






Work highlights

  • Advising an international company in the distribution sector on the development of new stores including supermarkets/hypermarkets, commercial centres and specialized stores throughout Vietnam.
  • Advising an architecture company on all its operations in Vietnam and in the development of its various project in Vietnam as key services supplier and co-investors in various real estate projects.

ATS Law Firm

Highly active on construction and real estate-focused disputes, ATS Law Firm advising both private and public sector clients in the domestic and international space. The group also competently advises developers, investors and financial institutions on a range of construction contractual issues and regularly oversee license, permit, and registration work. Vu Thi Thu Ha leads the team and has primarily focused on litigation over the past year, but also has experience working with foreign entities investing in construction projects. Tranh Minh Chau is particularly effective at commercial contract work and cross-border transactions, while Tran Quang Huy handles both contentious and non-contentious matters.

Practice head(s):

Vu Thi Thu Ha

Other key lawyers:

Tranh Minh Chau; Tran Quang Huy; Bui Hong Hanh

Key clients

Turner Vietnam Company Limited

Ecopark Corporation Joint Stock Company

KD Investment Joint Stock Company

Vietnam Joint Stock Commercial Bank For Industry And Trade

Big Lotus (Tan Thuan) Company Limited

Devcom Development And Construction Management Company Limited

Vega City Joint Stock Company

Duy Nghia Company Limited

Work highlights

  • Assisted Turner Vietnam Company Limited in securing a Construction Operation Capacity Certificate.
  • Advised Ecopark Corporation Joint Stock Company on a litigation case against a construction company.

BD Lawyers & Associates Co., Ltd (BDLAW)

BD Lawyers & Associates Co., Ltd (BDLAW) advises a variety of domestic investors, developers and contractors on a range of property builds. The team competently handles leasing issues pertaining to large-scale office projects, transactional mandates regarding tourism and hospitality venues, and also a wealth of EPC work. Nguyen Trung Kien heads the group and has expertise in early stage project work, such as scheme, design and construction planning issues, while Nguyen Thanh Ha is the group’s go-to for M&A and investment work. Tran Trong Binh joined from APFL & Partners Legal Vietnam LLC in January 2023, bringing a proficiency in foreign investment to the team.

Practice head(s):

Nguyen Trung Kien

Other key lawyers:

Nguyen Thanh Ha; Hoang Anh Dung


‘The firm is professional and fast at responding.’

‘They gives us such a good advice and services.’

Key clients

Viettel Group

Aon Vina Ltd

Thuy Duong Group

319 Corporation

Haseko Corporation

GTG International


Junglim Architecture

Yokogawa Vietnam

True North


Vietnam Vacation Club

Licogi 13

Tuan Dung Group

Work highlights

  • Advised Viettel Group on the legal issues in the lease of an A-class office building in Ho Chi Minh city.
  • Advised AON VINA on management and exploitation of the Keangnam Hanoi Landmark Tower project and the development of a new real estate project.
  • Advised Tuan Dung Group on legal issues in the acquisition of urban tourism projects in Thanh Hoa, Ninh Thuan and Binh Dinh provinces.

DFDL Legal & Tax

DFDL Legal & Tax advises domestic, Asian and European investors on large-scale development projects, including hotel and resort constructions, expansive office developments, and rebranding and renovation work. The firm has started 2023 with a string of promotions, including Dave Seibert and group head Paul Volodarsky elected to the partnership. Martin Desautels continues to be the leading figure alongside Thang Huynh on the team’s most consequential matters, while Hanh Tran has been a strong supporting member of the group.

Practice head(s):

Paul Volodarsky

Other key lawyers:

Dave Seibert; Martin Desautels; Thang Huynh; Hanh Tran

Key clients

Zannier Hotels Bai San Ho Ltd.

Work highlights

  • Assisted Zannier Hotels on the development of a hotel and resort villas project under construction in Phu Yen province, Vietnam.

LNT & Partners

LNT & Partners exhibits proficiency across the full range of real estate and construction issues. The practice has a strong track record in handling disputes between contractors, developers, and utility and energy companies, as well as handling multi-million USD mandates that pertain to structured capital financing and foreign direct investment. Team co-head Net Le uses his considerable understanding of the regulatory landscape to advise on disputes, contractual negotiations and developmental issues, while fellow co-head Binh Tran focuses on complex financing structures. Quyen Hoang is also active, working closely with international investors regarding their Vietnamese property and project. acquisitions.

Practice head(s):

Net Le; Binh Tran

Other key lawyers:

Quyen Hoang


‘The firm has a deep understanding of local regulations and provides quality, quickness and dedication. Outstanding capability.’

Key clients

Okura Industry Co., Ltd.

Work highlights

  • Advised the manufacturing joint venture between Okura and Inabata in Sai Gon, Chan May, on land use and environment regulations for its first investment of $12.5m.

Nagashima Ohno & Tsunematsu

Nagashima Ohno & Tsunematsu is praised for its ‘wealth of knowledge of real estate in Vietnam’ and specialises in working for foreign bodies, predominantly from Japan but also Australia, Singapore and the Philippines, regarding real estate and construction project acquisitions and investments in the Vietnamese market. Recently the group has engaged with industrial plots, hotel and resorts, as well as warehouse development projects. Motohisa Nakagawa spearheads the team alongside Keigo Sawayama, with the former chiefly recognised for his leasing and joint venture work, and the latter for his investment and divestment expertise.

Practice head(s):

Motohisa Nakagawa; Keigo Sawayama


‘ They are highly anticipatory and detailed in their work. Their communication are crystal clear and responsive.’

‘Motohisa Nakagawa is very efficient in his communication and matter-management. He is also very business minded.’

‘Wealth of knowledge of real estate in Vietnam.’

‘Outstanding knowledge about real estate-related law in Vietnam, providing insight into possible issues.’

‘Motohisa Nakagawa is highly skilled and experienced in M&A and real estate.’

Key clients

Tokyo LLC

Leben Community Co., Ltd.

Minato Vietnam Co., Ltd.

Shimizu Corporation

Daibiru Corporation

Mitsubishi Estate Co., Ltd.

One MEA Holdings Pte. Ltd.

Nishimura & Asahi

Nishimura & Asahi stands out for its work with a litany of Japanese conglomerates on mandates such as acquisitions and divestments, project transfers, and development issues pertaining to inner city and industrial builds. The group demonstrates an understanding of large-scale resorts and residential complexes, as well as ‘smart city’ construction frameworks and strategy. Team head Hikaru Oguchi caters to foreign investors as they initiate or exit from investors, whereas Vu Le Bang has expertise pertaining to banking and finance, construction and labour issues.

Practice head(s):

Hikaru Oguchi

Other key lawyers:

Vu Le Bang; Kazuhide Ohya; Cao Tran Nghia

Key clients

Samty Co., Ltd.

Paragon Urban Development Co., Ltd.

Hankyu Hanshin Properties Corp.

Vina Legal

Vina Legal handles a range of matters relating to a variety of assets, including roads and railways, energy plants, office blocks and residential buildings. The group’s portfolio of clients also includes government bodies, European infrastructure suppliers and developers, as well as trading and investment firms. Duong Quang Long co-leads the team alongside Nguyen Bao Huy, with both individuals possessing far-reaching practices that cover the full gamut of regulatory and development work.

Practice head(s):

Duong Quang Long; Nguyen Bao Huy


‘Good communication, articulate, and capable of explaining complex legal matters in understandable terms.’

‘They are very enthusiastic, professional and ethical.’

Key clients

Colas Rails S.A


Aon Vina Co., Ltd

Lotte Hotel

Bitexco Group

Vietnam Steel Corporation

Sunshine Group

Hung Thinh Land 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

Nam Land Group

Power Consulting Joint-Stock Coompany

Truong Son Construction Corporation


Bao Viet Holdings


Cuu Long Infrastructure Development and Project Management Corporation

Work highlights

  • Advised the Ministry of Transportation regarding the legal issues arising from an EPC contract with a German constructor regarding a railway operating centre modernisation project.
  • Advised Nexif Energy on the development of EPC construction contracts to build a large Song Giang hydro power plant in Nha Trang, Vietnam.
  • Advised Colas Rail S.A to deal on legal issues regarding the implementation of the EPC contract regarding the construction of one of the first and largest city subway lines in Hanoi between Nhon and Hanoi Railway Station.