IT, Media and Telecoms

Vietnam's technology, media and telecommunications (TMT) sector has been rapidly growing, establishing the country as an emerging tech hub in South East Asia, thanks to a growing tech-savvy population, increased internet penetration, and an emerging startup ecosystem. The government's commitment to digital transformation and innovation has further accelerated growth, with significant investments in tech education and infrastructure. Vietnam has become a notable base for software development and IT outsourcing, attracting foreign tech giants and fostering homegrown companies. The rise of e-commerce, fintech, and online services, particularly during the COVID-19 pandemic, has also been a significant growth driver. Challenges such as a need for more skilled professionals, regulatory complexities, and data security concerns remain, but despite these hurdles, the outlook for Vietnam's technology sector is optimistic, with potential for further expansion into areas like artificial intelligence, blockchain, and IoT, positioning Vietnam as a key player in the global tech landscape.

A sampling of our highlight matters in this area includes:

• 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.
• Acting on the establishment of a foreign invested advertising services joint venture company and the termination of existing associate office and licensing arrangements in Vietnam.
• Advising on a proposed joint venture between a foreign investor and a Vietnamese State owned telecom company, to jointly operate a satellite, including advising on cross-border service provisions, TV broadcasting, and TV payment in Vietnam, as well as the legal structure for effective control of the foreign investor over the joint venture.
• Advising on the liquidation of a Business Cooperation Contract (BCC) entered into by Vietnam Post and Telecommunications Group and a foreign investor.
• Acting for an infrastructure investment fund and advising on and drafting relevant documentation for a proposed restructuring of a group of telecom companies wishing to employ a cross border share swap structure.
• Advising in relation to the selection of a strategic partner for a 100% state-owned telecoms company holding licenses for fixed, wireless services (WLL), long distance and international telephony, data, internet and mobile telephony services.
• Acting for an infrastructure investment fund and advising its client and draft relevant documentation for a proposed restructuring of a group of telecom companies who wish to employ a cross bordering share swap structure.
• Acting for a multinational telecommunications services company on its entry into and implementation of its mobile services BCC in Vietnam.
• Advising a multinational telecommunications services company and its BCC partner in relation to the E-GSM network development in Vietnam with an estimated total investment capital of US$560 million.