Vietnam-Australia Strategic Vision for Trade and Investment

August 30, 2024
By, Vaibhav Saxena, Foreign Counsel and Quang Anh Nguyen, Associate Australia and Vietnam have forged a robust and multifaceted relationship over the years, marked by mutual respect, shared interests, and strategic cooperation. On 07 March 2024, this partnership reached a significant milestone with the elevation to a Comprehensive Strategic Partnership, underscoring the depth and breadth of ties between the two nations. Mutual Partnership Vietnam and Australia have shared strong bilateral relations in terms of history. Ever since the establishment of diplomatic relations in 1973, both countries have built a robust and broad relationship with the foundation of trust and deep understanding. During the initial phases of the COVID-19 pandemic, Canberra emerged as Hanoi’s second-largest foreign donor, generously contributing 26.4 million vaccine doses. Additionally, Australia has extended substantial Official Development Assistance (ODA) to Vietnam, supporting critical areas such as human resource development, infrastructure, public health enhancement, and Vietnam’s participation in UN peacekeeping missions. These tangible examples underscore the robust bilateral ties between the two countries and highlight Australia’s genuine commitment to its relationship with Vietnam. Socially, Vietnamese Australians constitute the sixth-largest migrant community in Australia. Additionally, nearly 17,000 Vietnamese international students are enrolled in Australian educational and training institutions. The Vietnamese alumni, having graduated from Australian universities and subsequently returned to Vietnam for work, have forged a robust and meaningful connection between the two nations and their peoples. Trade and Investment Australia and Vietnam enjoy a dynamic economic partnership characterized by rapid growth in trade and investment. In the financial year 2022/23, bilateral trade surged to $25.7 billion, reflecting a substantial increase of 75% from 2020. Vietnam’s vibrant economy, with...

Vietnam’s Power Sector: A Beacon of Economic and Investment Prospects

May 29, 2024
By, Vaibhav Saxena, Foreign Counsel Vietnam International Law Firm (VILAF) Hanoi, April 1, 2024 – Vietnam’s power sector is set to maintain its momentum with the initiation of the Prime Minister’s Decision No. 262, promulgating the “PDP-8 Implementation Plan”. This plan lays down the groundwork for the Decision No. 500 (“PDP-8”) of the Prime Minister, which was dated May 15, 2023. The PDP-8 Implementation Plan aims to achieve balanced development of power sources across the regions, ensuring supply-demand parameters. It also focuses on maintaining feasibility, synchronization, and flexibility among various power sources and grid development. The plan is committed to tracking progress and resources for implementing priority schemes and projects on refining policies and strengthening the scientific and technological capacity of the entire power industry, with a forecasted land requirement for 90.3 thousand ha by 2030. Power Sources by 2030 The plan outlines a diverse mix of power sources by 2030, including domestic gas, LNG, coal, co-generation, hydropower, and renewable energy sources such as wind, hydro, biomass, and solar. The total capacity of these sources is expected to reach significant figures, with coal and hydropower leading the way.   Source Total Capacity (MW) Prioritised power sources Domestic Gas 14,930 LNG 22,400 Coal 30,127 Co-generation (residual heat and flue gas) 2,700 Hydropower (medium and large) 29,346 Pumped Storage Hydropower 2,400 Renewable energy (RE) Offshore Wind 6,000 Onshore Wind (incl. nearshore) 21,880 Small Hydro 29,346 Biomass 1,088 Waste-to-Energy 1,182 Rooftop Solar (off grid) 2,600 Battery Storage (hybrid power sources prioritised) 300 Other Power Sources Flexible 300 Import (Laos) 5,000 – increase upto 8,000 RE Export (central and south) 5,000 – 10,000 RE...

Firms Of The Year Results 2023 Vietnam

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 &...

Vietnam’s Land Law Overhaul: Transforming Land Acquisition for Project Development

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...

M&A Arbitration in Vietnam

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,...