Capital Markets and Securities

The Vietnam stock market may still be relatively small in comparison to more established markets, but it has been showing signs of increased activity and investor interest, both domestically and internationally. This is driven by the government's commitment to the privatisation of state-owned enterprises and a regulatory environment that is gradually becoming more conducive to investment. The sector faces challenges such as limited market depth, a need for more diverse financial instruments, and a need for improved corporate governance and transparency among listed companies. Technological advancements, like the adoption of digital trading platforms, are contributing to enhanced accessibility and efficiency. As Vietnam continues to rise in prominence in the global economy, its capital markets are expected to play a key role in attracting foreign investment and supporting the nation's economic development.

A sampling of our highlight matters in this area includes:

• Acting as the local Vietnam counsel for a US$401 million infrastructure fund’s listing on the Alternative Investment Market (AIM) of the London Stock Exchange.
• Advising a lender in relation to the restructuring of a debt owed by a very large state-owned enterprise in Vietnam which was supported by an international bond issuance.
• Acting for a leading Singapore-based investment fund in its proposed acquisition of a strategic stake in a large, listed sugar company and related manufacturing entities in Vietnam.
• Acting for a large global venture capital fund in respect of its acquisition of a strategic equity stake in one of Vietnam’s leading internet services companies.
• Advising a Hong Kong-based private equity fund on the acquisition of shares in a leading Vietnamese pharmaceutical company in the securities market via the HCMC Stock Exchange.
• Acting for one of Europe’s largest financial institutions in relation to its proposed investment in a high profile publicly listed Vietnamese company (which was a former state-owned enterprise (SOE)).
• Acting for one of Vietnam’s largest SOE’s with diversified interests in upstream and downstream oil and gas, energy production, real estate, transportation and financial services, in regard to the SOE’s proposed international corporate bond issue.
• Advising a non-Vietnam domiciled mining company on the Vietnam aspects of a convertible debt finance facility with offshore lenders and related issues on the perfection and enforcement of security interests in Vietnam.
• Acting for a large international investment fund in its subscription for a “strategic shareholder” stake in an equitising (privatising) SOE operating primarily in the maritime transport sector.