Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Unlike other major law firms, YKVN is not affiliated to any international law firm but is “probably one of the best local firms in Vietnam”, according to one peer. The practice is led by Truong Nhat Quang who, according to one client, is a “very diligent, professional and sound adviser”.

The firm advised the Export-Import Bank of Korea and mandated lead arrangers BNP Paribas, Credit Agricole, HSBC, ING Bank, Natixis, Societe Generale and Sumitomo Mitsui Banking Corporation on the US$1.5 billion financing of the Mong Duong 2 Power Plant.

The firm’s busy year continued when it advised Credit Suisse and a syndicate of foreign banks on a syndicated loan to Vietnam Coal & Minerals Group. This complex US$200 million transaction included a loan with fixed interest rates and indemnification of the lenders for hedging costs.

One client describes YKVN as “clearly a top tier law firm that has handled many landmark deals for clients in the market”. Another adds: “In my view, they are top tier lawyers in their respective areas of practice.”

The firm advised PetroVietnam Insurance Corporation (PVI), one of the largest insurance companies in Vietnam, on its sale of a strategic stake to a foreign investor. PVI is the insurance company of PetroVietnam and is the last state-owned insurance company available for sale to foreign investors in Vietnam.

Another highlight transaction saw the firm advise an international oil company on its acquisition of Long Son Petrochemicals, which is one of the largest petrochemical projects in Vietnam with a total investment capital of US$3.7 billion.

YKVN’s construction team is very experienced in advising foreign and domestic contractors on preparation of bid packages and on bidding procedures for foreign investments.

The construction team collaborated with the banking team in advising a syndicate of banks led by Bank for Investment & Development of Vietnam in the financing of the MGM Grand Ho Tram Resort and Casino Project. This US$206 million transaction is the largest licensed casino project.

Another highlight was advising Southern Steel Corporation on preparation of the turnkey engineering, procurement and construction (EPC) contract used in connection with the steel-making plant, rolling mill and other utilities at Phu My I Industrial Zone.

YKVN focuses on litigation and arbitration involving foreign investment and international commercial disputes. Although it lacks any direct international affiliation, the firm is still directly involved in cross border commercial litigation.

The practice is led by partners Truong Trong Nghia and Luu Tien Dzung, two of the most successful and respected litigators in Vietnam. Truong Trong Nghia is recognised as one of Vietnam’s most experienced litigators, while Luu Tien Dzung is one of the best at negotiating and settling complex international corporate disputes.

The firm recently represented the Vietnamese subsidiary of Exxon-Mobil before the Economic Court of Ho Chi Minh City and the Supreme Court. This was in connection with disputes arising from a long term gas distribution contract.

YKVN’s strength in the energy sector is particularly noted, having been involved in industry transforming transactions and complex foreign investor-related projects. The firm assisted BP in the selling of its Vietnamese energy assets to TNK-BP, a Russian company in which BP was a joint venture party.

Another notable deal highlight involved assisting IFC in advising Vietnam’s Ministry of Industry & Trade on all phases of the development of the Nghi Son II 2 x 600MW BOT coal-fired power project in central Vietnam. This included advising on the selection of investors and the negotiation of project documents – in particular, the power purchase agreement.

The firm’s busy year also included advising PetroVietnam Exploration & Production Corporation in its acquisition of a major interest in a potential Peruvian oil field from a major US oil corporation.