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

Freshfields Bruckhaus Deringer’s expertise on complex banking transactions and its vast experience enables the team to handle project financing of the highest standard.

The leader of the practice is standout practitioner Tony Foster who “knows the system inside out and is able to distil that experience into something that very closely resembles wisdom”, says one rival partner.

The team advised Morgan Stanley in relation to the transfer of a 20% stake by the general director in Morgan Stanley Gateway Securities, as well as other corporate issues at the securities company.

Another notable transaction was advising Nomura Hong Kong in relation to a secured US$20 million loan to a local joint stock commercial bank secured by notes issued by Nomura Bank International linked to credit of the Socialist Republic of Vietnam.

“I recommend Mayer Brown JSM and I don’t believe there is a better banking team after working with them,” says one client. The firm’s first-class banking and finance practice is led by partners Hoang Anh Nguyen and Mai Phuong Nguyen and can boast an impressive client list. This includes major financial institutions such as HSBC, ANZ, IFC, Credit Agricole and Sumitomo Mitsui Banking Corporation.

The firm acted as Vietnamese legal adviser to Vietinbank in connection with a US$182 million equity investment and a US$125 million subordinated debt investment by IFC, a member of the World Bank Group, and IFC Capitalization Fund.

Another highlight was advising Vietnam Posts & Telecommunication Group as borrower in relation to a syndicated loan agreement entered into between it and BNP Paribas with Natixis as arrangers.

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.

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.

Allens Arthur Robinson is a leading firm for construction and infrastructure finance, and has handled some of the largest transactions in recent years. The firm acted as counsel to the sponsors on the financing of the Zone A1 MGM Grand Ho Tram Resort and Casino Project.

The firm’s practice includes noted foreign counsel Nigel Russell, who is described by one client as “a very prolific funds management and project finance practitioner”. Meanwhile, partner Andrew Hilton is praised for his “sound advice and diligent client service”. In the last year, Hilton led a firm team advising TPG on its US$35 million subscription to convertible bonds issued by Masan Group.

Baker & McKenzie has earned a strong reputation in advising on all types of banking, finance and capital market transactions. The team’s extensive experience on all aspects of secured and unsecured financing deals has earned the trust of clients, including investment and state-owned enterprise banks, dealers and financial intermediaries.

As one of the few international firms practicing in Vietnam, the team’s international presence and strong ties with major investment banks, state-owned banks and insurance companies allowed it to play a key advisory role to Xangbo Management (Singapore) on a trade finance transaction. This was under the GSM 102 Programme.

Another key highlight last year saw the firm act for the borrower on a US$400 million loan facility for the development and construction of the Cai Mep terminal in Hanoi.

The practice at Frasers Law Company is “innovative in that it thinks of different options and different solutions”, says one client. “Quite a diversified team that is not bound by the black letter of the law but integrates active advice with commercial sense and risk assessment,” adds another client.

The banking team successfully advised International Finance Corporation on a complex matter involving numerous parties who were acting for the borrower and guarantors in an offshore loan facility and security agreements. This was in relation to a multi-million dollar financing to Theodore Alexander HCMC, a foreign wholly owned company in Vietnam.

In another high profile matter, the team advised the largest investment fund manager in Vietnam on a deal involving a closed-end Cayman Islands-exempt limited partnership that its major client had previously established and sponsored.

Audier & Partners has considerable experience on both domestic and international banking transactions. The firm regularly advises banking corporations, investments funds and multilateral financial institutions on various transactions and on both the lender and borrower side.

The firm is assisting an Asian development bank in the financing of a power plant complex in the north of Vietnam, notably structuring governmental guarantee commitments. In another transaction, the firm is advising an onshore foreign credit institution on three separate US$100 million secured offshore term loan credit facility arrangements to a state-owned commercial bank and a joint stock commercial bank.

The team at Russin & Vecchi comprises experienced lawyers who give sound legal and practical advice and solutions to clients’ matters. The team’s “good technical knowledge and business acumen” in dealing with complex banking issues is highly regarded by peers and clients alike.

The firm assisted the International Swaps and Derivatives Association (ISDA) in the translation of the ISDA Master Agreement and related documents from English into Vietnamese. Another transaction involved advising Saigon Premier Container Port on the restructuring of security interests and the subordination of shareholders’ funding.

The banking and finance team at Tilleke & Gibbins has developed a solid reputation and has received praise from both clients and peers. “They are all very competent and seasoned professionals”, says one client. “I think the firm offers innovative solutions.” The firm assisted a major foreign bank in its offshore loan to a company in Vietnam. This complex loan was successfully registered with the State Bank of Vietnam after overcoming security difficulties.

Vision & Associates is a multi-faceted firm that “combines weighty commercial experience with many years of legal knowledge”, says one client.

The firm advised a consortium of multinational banks engaged in a transaction involving a syndicated loan worth hundreds of millions of US dollars to a power project in Vietnam. Another highlight was advising ICBC’s entrance into a facility agreement under which the PRC lender provided US$200 million in the form of secured export credit to a Turkish company.

Led by Le Net, LCT Lawyers advises several major domestic and international banks as long term clients. The development of the firm has made it a force to be reckoned with in the banking and finance sector.

A trusted adviser to Vietnam Bank for Foreign Trade (VCB), the firm represented VCB in multiple transactions last year. For example, it helped broker the first credit-linked note issuance in Vietnam on behalf of VCB based on US$800 million of government issued international bonds. A second transaction involved advising on a US$100 million credit agreement with Standard Chartered Bank under the auspices of the Treasury Department for the development of the Dung Quat Refinery.

Leadco ranks among the top domestic law firms with a long standing tradition advising clients on virtually all matters associated with its operations. Some of the firm’s clients include leading international banks such as Commonwealth Bank of Australia and Oversea Chinese Banking Corporation. The team is entrusted to advise on all aspects including lending, financing, secured transactions and banking compliance. The firm also represents Credit Agricole, JP Morgan Chase, City Group and HSBC for other transactional projects.

DC Law

DC Law acted for DBS Bank Singapore in mortgage loan transactions with a Singaporean enterprise and a Vietnamese enterprise. Another highlight was successfully assisting Deutsche Investitions (DEG) in negotiations to amend a previous loan agreement between DEG and Saigon Tan Tec.