May 3, 2024
In-House Community Firms of the Year 2023 – Top Law Firms in Vietnam Winners in ⭐bold Honourable mentions in italics Alternative Investment Funds (Including Private Equity)   ⭐ Freshfields ⭐ Milbank ⭐ YKVN Allen & Overy Banking And Finance   ⭐ Allen & Overy ⭐ LNT & Partners ⭐ Russin & Vecchi ⭐ VILAF ⭐ YKVN Baker McKenzie DFDL Frasers Law Company Compliance And Regulatory   ⭐ DFDL ⭐ Tilleke & Gibbins ⭐ VILAF Baker McKenzie Russin & Vecchi Antitrust/ Competition   ⭐ LNT & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF Baker McKenzie Capital Markets   ⭐ Allen & Overy ⭐ VILAF ⭐ YKVN Allens Baker McKenzie Corporate And M&A   ⭐ Baker McKenzie ⭐ Frasers Law Company ⭐ LNT & Partners ⭐ Tilleke & Gibbins ⭐ VILAF ⭐ YKVN Allen & Overy   Employment   ⭐ Phuoc & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ Tilleke & Gibbins ⭐ VILAF Frasers Law Company LNT & Partners Litigation And Dispute Resolution   ⭐ Le & Tran ⭐ LNT & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF ⭐ YKVN ATS Law Firm Baker McKenzie Most Responsive International Law Firm – Vietnam   ⭐ Allen & Overy ⭐ Baker McKenzie ⭐ Tilleke & Gibbins Energy And Projects   ⭐ DFDL ⭐ Frasers Law Company ⭐ Hogan Lovells ⭐ Lexcomm Vietnam ⭐ VILAF Allen & Overy EPLegal Freshfields Bruckhaus Deringer Real Estate/ Construction   ⭐ Baker McKenzie ⭐ GV Lawyers ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF Allen & Overy LNT & Partners Most Responsive Domestic Law Firm – Vietnam   ⭐ Frasers Law Company ⭐ LNT &...
April 29, 2024
In this issue, we are excited to present our annual showcase of the standout firms of the year for 2023. These firms have demonstrated exceptional commitment, innovation, and service to their clients, setting the bar high for legal excellence across various practice areas and regions. But, before we dive into celebrating these remarkable firms, let us take a moment to reflect on the evolving landscape of legal practice.   Jump to the winning firms. Firms Of The Year China Firms Of The Year Philippines Firms Of The Year Thailand Firms Of The Year Hong Kong  Firms Of The Year Singapore Firms Of The Year UAE Firms Of The Year Malaysia  Firms Of The Year South Korea Firms Of The Year Vietnam The Rise of AI In recent years, the integration of technology, particularly artificial intelligence (AI), has revolutionised the legal landscape, promising efficiency gains and transformative impacts on traditional legal processes. Beyond contract analysis, AI technologies are increasingly being employed across various facets of legal practice, including legal research, due diligence, document automation, and predictive analytics Harvey, supported by the OpenAI Startup Fund and leveraging cutting-edge OpenAI and ChatGPT technology, made significant gains into the legal market in 2023. Harvey, built on a version of Open AI’s latest models enhanced for legal work, represents a transformative leap in AI-driven legal solutions. Through its natural language processing, machine learning, and data analytics capabilities, Harvey has the potential to automate and enhance various aspects of legal work, including contract analysis, due diligence, litigation, and regulatory compliance. While the output requires careful review by lawyers, Harvey could accelerate the process by generating insights,...
April 25, 2024
DUYEN HA VO Vietnam’s land acquisition landscape is poised for a transformation with the upcoming enforcement of the recently approved Land Law, scheduled to take effect on January 1, 2025. This article explores the potential implications of these changes on the land acquisitions of developers engaged in real estate, energy, and infrastructure projects. The new Land Law extends and further intricately categorises the list of “projects eligible as socio-economic development based on national and public benefit considerations” (Land Revocation Eligibility Projects). The implications of the Land Revocation Eligibility Projects list can be summarised as follows: a. Proposals for such a project enable the State to reclaim land from existing occupants to allocate or lease to the investor. b. Investor selection for these projects must undergo tendering requirements in certain cases. c. It is permissible to propose such a project on land acquired through a private agreement with existing land users, subject to approval from the provincial People’s Committee. Examples of new items added to this list are medical facilities, educational and training facilities, projects of renovation and rebuilding of apartment buildings and sea reclamation projects. Examples of projects not considered “Land Revocation Eligibility Projects” are hotel projects, housing development projects and commercial complex projects. Another revolutionary change introduced in the Land Law is the introduction of a regime for “private agreement” on land acquisition for project development, which may apply in cases that land is not under control by any State agency. This private agreement scheme is applicable regardless of whether the proposed project is a Land Revocation Eligibility Project or otherwise, provided that: a. for a commercial housing...
April 25, 2024
We recently asked Kenneth Wong, Chief Legal Officer and Company Secretary at LINK REIT, to share more about his remarkable professional journey. As a co-winner of the IHC Counsel of the Year in 2023, Kenneth highlights his approach to becoming a successful in-house counsel in this Q&A… Tell us a bit about your legal journey that has led you to your role as chief legal officer and company secretary at LINK. I took my law degree in the UK and was trained as a solicitor in Hong Kong. I co-founded a corporate and commercial law firm in Hong Kong when I had only seven years of PQE and acted as its Managing Partner for fifteen years until my retirement from the partnership in 2016. During that period, the firm grew from three fee earners to fifty fee earners and eventually merged with an international law firm. After resting for a while to take a Masters Degree, I joined a Chinese conglomerate (HNA Group) as its International General Counsel to set up a strong team of transactional lawyers at its International Headquarters in Hong Kong to make acquisitions around the world. During the three years at HNA, my team completed more than HK$300 Billion of acquisitions and related financing. Hence, HNA became a Fortune Global Top 100 company. I also set up a Virtual Global Legal Centre to link up all the general counsels of the newly acquired companies around the world. The Virtual Global Legal Centre oversaw more than 300 in-house lawyers in the larger HNA Group. In 2019, I took up my current role at the largest REIT...
April 25, 2024
Evaluating Admissibility of Confidential Information as Evidence in Disputes BUI NGOC HONG, LE THANH CONG AND NGO DINH THIEN To start a legal due diligence (LDD) investigation, it is customary for the purchaser to be bound by confidentiality obligations under a Non-Disclosure Agreement (NDA) signed with the target/sellers. The NDA is expected to prevent the purchaser from disclosing the confidential information gained during the LDD process. When an M&A dispute arises, the following questions become practical for dispute resolution: • Is the disclosure of information to the arbitral tribunal or arbitration center considered a breach of the NDA? • Will the arbitral tribunal accept the confidential information as evidence for resolving the dispute? The following case in this article will offer practical insights into the legal considerations surrounding the disclosure of confidential information in arbitration proceedings in Vietnam. Case Background The M&A transaction in this case involves a purchaser contemplating to acquire a majority stake in a target that operates an international hospital in Vietnam. Before commencing the LDD investigation, the parties executed an NDA specifying that all information provided must remain confidential, with the sole exception being disclosure required by State authorities. During the LDD investigation, a misdiagnosis incident was disclosed to the purchaser. However, it was asserted by the sellers/target that this incident does not qualify as medical malpractice and accordingly, the sellers warranted that, to the best of their knowledge, no medical malpractice involving the target has occurred. Nevertheless, after closing, the purchaser became aware of other documents raising concerns about this incident potentially being a medical malpractice. The purchaser then sought to terminate this transaction,...
April 25, 2024
MA. CARLA P. MAPALO, AMBER SHAWN A. GAGAJENA, MA. ANDREA V. NAGUIT The Philippines has exhibited a strong and positive momentum in 2023 with the implementation of key legislative and regulatory measures in a bid to steer the economy to stability. These measures, primarily aimed at attracting foreign direct investments, played a pivotal role in engendering investor confidence by eliminating bureaucratic hurdles and streamlining regulatory complexities. Foreign Players in the Retail Trade Industry At the behest of the Philippine government, Republic Act (“RA”) No. 11595 was passed, which amended the Retail Trade Liberalisation Act (“RTLA”) and relaxed the basic requirements for a foreign retailer to engage in retail business in the Philippines. A foreign retailer refers to a foreign national, partnership, association, or corporation of which more than 40% of the capital stock outstanding and entitled to vote is owned and held by a foreign national, engaged in retail trade. Prior to the amendment of the RTLA, a foreign retailer may only engage in retail business if it has a minimum paid up capital of USD 2,500,000.00. With the amendment, the prescribed minimum paid up capital for retail trade enterprises with foreign equity has been lowered to PHP25,000,000.00 (approximately USD 500,000.00). For foreign retailers with more than one physical store, the amendment decreased the minimum investment per store from USD 250,000.00 to USD200,000.00. The amendment also removed certain pre-qualification requirements which foreign retailers must secure from the Board of Investments. Similarly, under the Foreign Investments Act (“FIA”), micro and small domestic market enterprises with paid-in equity capital of less than USD 200,000 are generally reserved for Filipinos and corporations...