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

This top tier banking and finance firm is growing its international practice, working with a number of international financial institutions. The firm has experience working with international law firms such as Clifford Chance on large scale projects.

Practice leader Tran Anh Duc is highly commended by one client as “an excellent lawyer with strong knowledge on cross border transactions”.

Last year, the firm acted as local counsel to the lead arrangers in relation to a syndicated loan valued at US$540 million for Vietnam Posts & Telecommunications Group.

Another standout transaction was advising PVFC in relation to the syndication of a US$252 million loan facility for financing the construction of a floating production, storage and offloading vessel for the Chim Sao oil field.

Vilaf-Hong Duc is recognised for its emphasis on quality and innovation when delivering successful outcomes on mergers and acquisitions for leading companies in Vietnam. The firm’s practitioners are extremely knowledgeable and specialise in related matters of taxation and financing law.

The firm acted as local counsel to KKR in its US$159 million acquisition of a 10% equity stake in Masan Consumer, a subsidiary of Ma San Group Corporation. This landmark transaction was Vietnam’s largest private equity deal to date and included the structuring of exit and exchange rights, which was complicated by Vietnam’s regulatory restrictions on corporate governance.

Another successful transaction involved advising Thien Minh Tourism Group and International Finance Corporation on the offshore share purchase and convertible financing for the acquisition of Victoria Hotel chain in Vietnam and Southeast Asia.

Vilaf-Hong Duc retains its top tier ranking after another successful year led by the highly capable foursome of Tran Anh Duc, Tran Tuan Phong, Dang Duong Anh and Nguyen Truc Hien.

The firm’s work in the real estate sector is focused on property development and project financing, and rival law firms are quick to acknowledge its expertise. “The firm has a good combination of experience in advising on domestic and international transactions, which makes competing with it very tough”, says one competitor.

The firm’s track record on project financings includes the Keangnam Hanoi Landmark Tower, Habico Tower and Hanoi Plaza Hotel. A highlight transaction last year was advising ITACO and other sponsors on the development and financing of Kien Luong’s 2 x 600MW coal fired power plant on a BOO basis in Vietnam.

The Vilaf-Hong Duc practice is regarded as one of the best in dealing with various disputes, whether settling matters privately or in litigation at local courts. The firm has particular expertise on construction or shipping and maritime disputes.

Highly respected chairman Ngo Thanh Tung has represented foreign companies on various commercial disputes and possesses extensive experience in maritime disputes. Tran Tuan Phong is noted as quite experienced in advising on possible courses of action and negotiating with relevant parties before initiating legal proceedings.

The firm is also quite adept at arbitration work, such as drafting arbitration clauses and representing clients in foreign arbitral awards.

Vilaf-Hong Duc’s particular expertise in the area of project finance and energy projects has helped the firm build a strong reputation among both domestic and international clients.

The firm advised a Japanese consortium in bidding to sponsor the 2 x 600MW Nghi Son 2 coal-fired thermal power plant project in Vietnam. This landmark transaction is only the second power plant to be tendered by the Vietnamese government for foreign participation in the last decade.

Continuing its strong work for international clients, the firm advised China Southern Power Grid in a joint venture with Vietnam National Coal-Mineral Industries Group in the development of a 2 x 600MW coal-fired power plant on a BOT basis in Vietnam.