Vietnam (asialaw)

Work highlights

Advised Vinpearl JSC on a $200 million loan facility from Deutsche Bank and other foreign lenders, secured by a $212 million guarantee from Vietinbank. The financing formed part of a complex debt restructuring strategy to refinance exchangeable bonds due 2026, running parallel with the issuance of new exchangeable bonds due 2029. The time-sensitive transaction required coordinated closing of multiple workstreams to meet the September 2024 put option deadline for existing bondholders, marking a significant milestone in Vietnamese corporate debt management.

Key clients

Long Son Petrochemicals, Malayan Banking

Work highlights

Advised Japan Investment Corporation on Vietnamese merger control aspects of its acquisition of Fujitsu's chip-packaging unit, Shinko Electric Industries. Working alongside Japanese counsel, the firm secured critical competition clearance from the Vietnam Competition Commission ahead of the tender offer announcement. The strategic semiconductor industry transaction required extensive coordination among multiple parties across jurisdictions, with complex analysis of market data and corporate structures to meet Vietnamese regulatory requirements.

Advised Sumitomo Forestry Group on its landmark joint venture investment in The One World project, a 50-hectare mixed-use development in Binh Duong province. The complex transaction involved multiple Japanese investors including Kumagai Gumi and NTT Urban Development acquiring a 49% stake, with AEON Vietnam joining as retail development partner. The deal's innovative structure – encompassing phased joint ventures, milestone-linked deposits and guarantee arrangements – earned recognition as a standout M&A transaction at the Vietnam M&A Forum 2024.

Key clients

Huize Holding, SCB X Group, Shizen International

Work highlights

Representing EVN Power Generation Corporation 1 in a significant maritime collision case involving damage to its port facility. Successfully secured a favourable first-instance judgment establishing vessel owner liability, though quantum determination remains under review following appeal. The case involves complex aspects of maritime law, state-owned enterprise regulations and damage assessment procedures, including negotiations with the vessel's P&I club and coordination with technical surveyors.

Work highlights

Advised Citibank and ING Bank on a $821 million financing package for Vietnam's first liquefied natural gas power project, Nhon Trach 3 and 4. The transaction comprised a $522 million, 12-year ECA-backed facility supported by K-SURE and SERV, alongside a $300 million bridge loan. The complex financing structure involved multiple lenders and security arrangements for the landmark project, which features one of the world's largest gas turbine units at 500MW and achieves over 60% LNG process efficiency. The development marks Vietnam's first LNG-to-power project to reach both construction and financing stages.

Advising Nghi Son 2 BOT Company on Vietnam's pioneering $2.8 billion thermal power plant project in central Vietnam, developed by Marubeni Corporation, KEPCO and Tohoku. The landmark project represents several firsts for Vietnam: the country's first international public tender for foreign power investors, one of the initial imported coal projects, and a groundbreaking financing structure including equity bridge loans. The supercritical technology facility showcases innovative solutions across multiple regulatory frameworks, from land use and environmental compliance to complex multi-source financing arrangements backed by Japanese and Korean export credit agencies.

Key clients

Long Son Petrochemicals, Mekong Energy Company, Van Phong Power Company