1 – What specific types of deals and practice areas have been most active for your firm in recent months?
Answer:
Recently, we have been intensively working on M&A deals in real estate, energy sectors, venture capital and Chinese related investment projects in Vietnam. In addition, we have been recently involved in restructuring and insolvency deals and these type of deals have been the most active for our firm for the last months. Our work related to these deals include advice on relevant regulations, drafting and amendment of transactional documents, drafting of supporting letters to improve our client’s position, liaison with line authorities to follow up on relevant progress, etc.
2 – What market and regulatory factors have been driving those particular types of deals and practice areas (for your firm) in recent months?
Answer:
With regard to real estate sector, 2023 is the year of major policy changes, including the issuance of the amended Law on Residential Housing, amended Law on Real Estate Business, Resolution 33/CP on corporate bonds, reduction and removal of land rental fees, and especially strict handling of violations in real estate sectors.
The main regulatory factors for our deals on restructuring and insolvency are the issuance of relevant legal documents on the Government’s instructions to deal with specific sectors whereby such instructions heavily affect our clients in different aspects of their business in Vietnam, i.e. regulations on cybersecurity, Power Development Plan VIII, etc.
Other major regulatory changes are regulations on local venture capital fund, proposed amendments to the Law on Capitals, Resolution 98/2023/QH15 on pilot programs on special policies to develop HCMC, etc.
3 – What key changes in terms of deal work (both advisory and transactional work) have you observed in recent years?
Answer:
In recent years, key changes in terms of deal work are the method of deal making, emphasis on technology, increment of regulatory scrutiny, expansion of due diligence scope and focus on sustainability. First of all, after the covid-19 pandemic, it is a common practice for parties (and, of course, lawyers) to work remotely to close deals. Such change creates a demand for technology to step up to support lawyers with deal work.
Further, with the growing emphasis on integrating ESG into deal making, the increment of regulatory scrutiny is inevitable. With the new trend on cybersecurity, ESG, etc. the scope of due diligence was expanded remarkably to cover all relevant aspects. Last but not least, after covid-19, the sustainability of business is more focused on as a target company’s ability to withstand and recover from the likes of COVID-19 is now taken into consideration.
We also handle client’s request with regard to the following changes in the recent years:
o Geopolitical and political uncertainty leading to production chain disruption;
o Digital transformation and cybersecurity;
o Requirement on net zero emission commitment;
o AI;
o ESG
4 – What are your firm’s plans for growing its operations this year (or the new fiscal year), and what are or will be the key areas of focus?
Answer:
Our firm focuses on global sustainable growth this year. To achieve this, we will put our emphasis on diversity and use of technology by recruiting people from diverse background and utilizing the new AI power into our work. For this year, our key areas of focus will be diversity and we will commit on fostering understanding, communication and respect among all people in the firm, including people of different races, religions, ages, genders, ethnic and cultural backgrounds, national origins, sexual preferences or orientations, medical conditions or disabilities, and marital, veteran or family statuses.
The firm believes it should capitalize on the strength emanating from these differences. Drawing on the talents of all of the firm’s personnel helps to create an optimum workplace, one which can attract and retain diverse personnel and clients, allowing it to enter and serve varying markets and approach services to its clients more creatively. Duane Morris has the ability to meet these challenges and recognizes the beneficial impact that a successful diversity program will have on firm morale, productivity, strategies and success.
***
Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.