Banking and Finance

Vietnam's banking sector has undergone significant transformation and growth in recent years, reflecting the country's overall economic trajectory. The sector is characterized by a mix of State-owned, joint-stock, and foreign banks, with State-owned institutions playing a dominant role. There are continuous efforts to reform and modernise the banking system, driven by the need to enhance financial stability and integrate more effectively into the global financial system, including initiatives to improve regulatory frameworks, enhance transparency, and reduce non-performing loans. The rise of digital banking and fintech has also begun to reshape the landscape, introducing new opportunities, competition, and a more inclusive banking sector. As Vietnam continues to grow, this sector is expected to play an important role in facilitating this growth by providing capital and financial services to both individuals and businesses.

A sampling of our highlight matters in this area includes:

• Acting for a major international credit institution in relation to the liquidation and dissolution of a finance leasing company.
• Advising a lender in relation to the restructuring of a debt owed by a very large state-owned enterprise in Vietnam in the shipbuilding sector.
• Reviewing and advising, from a Vietnam law perspective, on a suite of standard form finance documents for an international credit institution that has a locally incorporated subsidiary in Vietnam.
• Acting for a major US-based frozen meat exporter and its subsidiary in Vietnam to assist in structuring outstanding debts owed to the parent company and its subsidiary in Vietnam.
• Advising on the proposed private placement of US$200 million worth of shares in a holding company that had a portfolio of large-scale property developments in Vietnam.
• Advising an offshore investment management company in relation to its secured mortgage over shares with respect to a loan facility agreement extended to a 100% foreign-invested enterprise for the financing of a resort project.
• Acting for two influential multinational corporations engaged in a joint venture in Vietnam, with investments of approximately US$80 million in relation to dual currency syndicated loan facilities provided by a group of foreign and local banks, led by a prominent Vietnamese bank and relating to the development of a bio-ethanol project.
• Advising on the restructuring of a manufacturing company involving the sale of assets to an interested third party to extinguish debts owed to secured domestic and foreign creditors, including providing advice on the viability of the proposed deal structure and the accompanying regulatory procedures that would need to be undertaken to complete the restructuring.
• Acting for one of Australia’s largest manufacturers and marketers of chemicals and ingredients in respect of Vietnam-related issues arising from a refinancing arrangement.
• Advising a pioneering company in Vietnam, engaged in the handling, disposal, and recycling of hazardous waste in southern Vietnam, including the provision of a formal legal opinion and advice on debt subordination relating to a private placement of new shares to certain shareholders.