Interview with: Vong Sok Hei, Rosita, Senior Partner, VONG HIN FAI LAWYERS & PRIVATE NOTARY
Job Titles: Macao Lawyer, Guangdong-Hong Kong-Macao Greater Bay Area Lawyer
Our network of business partners and fellow legal counsels within Macau and the GBA, allows us to provide tailored solutions that meet the unique needs of clients
What do you see as the main points that differentiate Vong Hin Fai Lawyers & Private Notary from your competitors?
The law firm has a proven track record of success in handling disputes, offering guidance, and ensuring that its clients function within the confines of the law.
VONG HIN FAI Lawyers & Private Notary is a top choice for clients seeking legal counsel in Macau SAR and the Greater Bay Area. The law firm has a team of experienced lawyers with a track record of good results in a comprehensive range of legal areas and 5 of the team members are licensed to practice within the Greater Bay Area (GBA).
The team has been working together since the opening of the firm, providing clients with stability and consistency in the legal services provided.
The law firm’s strong network of business partners and fellow legal counsels within Macau and the GBA, allows it to provide tailored solutions that meet the unique needs of its clients.
Which practices do you see growing in the next 12 months? What are the drivers behind that?
Macau SAR is expected to see growth:
a) in the bond market, driven by the GBA initiative. Here are some of the investments made and major investments underway in this sector:
Remarkable results in bond market development: Macau has achieved “remarkable results” in developing a bond market in recent years, according to the Former Chairman of the China Security Regulatory.
The bond market in Macau is expected to continue growing in the coming year, driven by the GBA initiative.
Sovereign bond issuance: China will issue 5 billion yuan (US$685 million) worth of sovereign bonds in Macau as it seeks to deepen the financial sector and popularize the use of the yuan currency in its special administrative region
The bond issue will support Macau in the development of its financial sector and the ‘appropriate diversification of the economy’, China’s Ministry of Finance said.
Central securities depository system: The central securities depository system (CSD) was launched in December 2021, run by the Macau Central Securities Depository and Clearing Limited (MCSD), overseen by the Monetary Authority of Macau (AMCM)
The AMCM has established multiple guidelines regarding the issue of securities, such as transfer, management, and custody of bonds, all of which came into effect in 2021.
Assistance plan: The Finance Bureau of the Guangdong–Macau SAR In-Depth Cooperation Zone in Hengqin is planning to launch a dedicated assistance plan to stimulate the development of the bond market in Macau
This plan includes measures such as subsidizing corporations that issue bonds in Macau SAR, with support of 0.5 to 0.8% of the capital raised, as well as lowering the threshold of the issue amount
b) Arbitration is an important legal practice in Macau SAR, and the Greater Bay Area (GBA) initiative is expected to drive further growth in this sector:
Boosted by the Belt and Road Initiative (BRI), the development of Guangdong-Hong Kong-Macao GBA and the Master Plan of the development of Guangdong-Macao In-depth Cooperation Zone in Hengqin, arbitration became a special focus of the Government of Macau and numerous seminars, conferences, and congresses were organized in Macau to promote arbitration.
There are specific agreements for the recognition and enforcement of arbitration awards between the Macau SAR and the Hong Kong SAR as well as between the Macau SAR and the PRC; as well as the arrangement between the Macau SAR and the PRC regarding mutual assistance in interim measures in aid of arbitral proceedings.
New Arbitration Law of Macau (Law 19/2009, dated 5 November 2019) is approved and published, which comes into force on 4 May 2020. New Arbitration Law of Macau is based on the UNCITRAL Model Law (2006), with some necessary alterations incorporated for the harmonization of the law regime of Macau. One of the most important reform in the New Arbitration Law of Macau is, the establishment of the regime of interim measures, and the support of the Macau Courts in the arbitration proceedings, no matter the seat of arbitration is Macau or a foreign country.
What’s the main change you’ve made in the firm that will benefit clients?
Improving diversity and inclusion: By having a diverse team of lawyers, the firm can better understand and serve clients from different backgrounds and perspectives.
Is technology changing the way you interact with your clients, and the services you can provide them?
At VONG HIN FAI Lawyers & Private Notary, we are very attentive to new technologies and how they can benefit our clients.
Can you give us a practical example of how you have helped a client to add value to their business?
VONG HIN FAI Lawyers & Private Notary has assisted various corporate clients from China to establish their business operations in Macau by providing a range of legal services, especially legal consultation, market entry strategy, entry formation, due diligence, assisting in drafting, reviewing and negotiating contracts and agreements, intellectual property protection, compliance and regulatory matters and dispute resolution.
Recent years, the firm has assisted a financial group in preparation and handling of the acquisition of two financial leasing companies in GBA and Macau owned by a Macau corporate group, as well as assisting with the respective registration process, and ensuring compliance with local laws and regulations.
Besides, the firm assisted local corporate clients to resolve commercial disputes in mediation and arbitration in arbitration institutions in China, Hong Kong and in Macau.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?
Absolutely, in these very harsh time politically and economically clients seek stability and direction.
We steadily maintain a consistent client relations and we prioritize retaining client business, maintaining their satisfaction through consistent communication to ensure client satisfaction.
VONG HIN FAI Lawyers & Private Notary has business development strategy that will keep your firm’s development on track and make sure progress is monitored.