Vietnam (asialaw)

Work highlights 

Acting as Vietnamese counsel to PetroVietnam Power Corporation (PV Power) on securing $521.5 million in tied ECA loans for the Nhon Trach 3 and 4 LNG-to-power projects. The transaction included additional financing through a D4,000 billion ($152 million) local facility and $300 million bridge loan. The landmark deal represents Vietnam's largest ECA-backed power sector financing in four years, notable for proceeding without government guarantees and incorporating strict ESG requirements. 

Advising Export-Import Bank of Korea (KEXIM) on bankability issues for the $3 billion Long An LNG-to-power project in Vietnam. The ongoing engagement focuses on comprehensive analysis of the power purchase agreement and critical bankability considerations. This landmark transaction represents a significant shift in Vietnam's energy sector as one of the first large-scale LNG initiatives pursuing financing without government guarantees, potentially setting a new precedent for future developments. 

Key clients 

Ho Chi Minh City Development Joint Stock Commercial Bank, Vietcombank, Vietnam Prosperity Joint Stock Commercial Bank 

Work highlights 

Advising Hillhouse Investment Management on Vietnamese legal due diligence for its ¥169 billion ($1.13 billion) tender offer for Japanese developer Samty Holdings. The cross-border transaction involved comprehensive review of Samty's significant Vietnamese assets, including interests in the Vinhomes Sakura Project and Vinhomes STAR Project through its subsidiary Samty Asia Investments. The deal represents a major indirect acquisition of Vietnamese real-estate assets through a Japanese public M&A transaction. 

Advising Heliconia Capital Management on the $350 million sale of its equity interests in MSG Healthcare and Medical Saigon General to a KKR affiliate. The complex transaction involved innovative structuring through a special purpose vehicle to optimise regulatory compliance, coordinating multiple merger filings and managing dual share classes. The deal represents a significant investment in Vietnam's healthcare sector, demonstrating sophisticated handling of regulatory requirements in cross-border healthcare transactions. 

Key clients 

Masan Group Corporation, Mobile World Investment Corporation, Saigon – Hanoi Commercial Joint Stock Bank