A&O Shearman is active on premium real estate mandates for a range of global investors and developers. The financing piece continues to be the flagship component of their work, with evidence of advising lenders and borrowers on matters such as bond issuance, project financing and debt financing, offshore and onshore loans and structuring security packages alongside M&A and regulatory counsel that includes land clearance, use and permitting issues. Team head Duc Tran has a wide-ranging practice and is a frequent go-to by international banks and funds for his cross-border financing acumen. Adam Moncrieff is also on hand to lend financing and transactional advice to clients, especially Hong Kong and Tokyo investors due to his experience working in those markets.

Baker McKenzie advises across the full array of real estate and constructions matters, including building and site acquisition and sales, leasing arrangements, property and business relocations, as well as financing and structuring advice. The team continues to make strides in the hospitality sector and has a portfolio of cross border transaction and divestment work on show, alongside continued excellence in the logistics and industrial real estate sectors. Co-lead Yee Chung Seck is a well-regarded practitioner who ‘does an excellent job of managing the team and providing insights’ and can leverage far-reaching knowledge of the Vietnamese regulatory environment to provide clients with integral counsel regarding foreign direct investment and M&A, while co-lead Lan Phuong Nguyen has a range of sector expertise which if largely focused on energy, retail and manufacturing property.

KPMG Law in Vietnam has seen a marked increase of instructions from US and European clients entering the market as secondary investors, as well as activity servicing a number of manufacturers looking at industrial real estate and developers engaging with digital infrastructure. A strength of the group is its ability to leverage the wealth of utensils in its global brand to competently provide holistic advice including due diligence and deal structure work, as well as contract drafting and share purchase agreement negotiations. Richard Stapley-Oh sits at the helm of the practice and largely focuses on helping real estate developers on their investments in and outside of Vietnam. Binh Duy Tran’s work spans both regulatory and compliance advice, whereas Pham Huynh Ngoc Han is responsible for fronting the firm’s most complex real estate transactions due to her M&A expertise. Geraldine Oh joined the team as part of the wider merger between the firm and ZICO Law, which has added greater international and cross-border proficiencies to the group.

A stand-out firm due to the strength of its project development work, Rajah & Tann LCT Lawyers receives instructions from key players wishing for advice regarding land use and rights, leasing arrangements, investment structures and due diligence work. The firm also boasts a commendable track record of property transactions including residential areas, high-rise city developments and industrial plots, and is experienced in overseeing the acquisition and sale of stakes and interests in property investment, holding and development companies. Vu Thi Que helms the practice and has a stellar list of Chinese real estate developers as clients who regularly turn to her for counsel when seeking acquisitions in Vietnam. Trinh Minh Duc has been an active part of the firm’s largest projects and has considerable financing and regulatory skill.

The team at VILAF possesses a multifarious practice which is complimented by its considerable international reach, working for a range of pan-Asian developers and investors. Capital markets and disputes work in the real estate space has been a flagship component of the team’s work, which also handles residential housing project acquisitions as well as industrial plot transactions. Hien Nguyen and Ngoc Anh Bui co-lead the practice, with the former noted for her early stage work on construction projects, including designing, contractual, and development advice, and the latter for cross border expertise which focuses on foreign direct investment. Duyen Ha Vo has a far-reaching practice which is particularly strong on financing and banking issues and has been an active presence on the firm’s most consequential client instructions.

Bizlink Lawyers exhibits proficiency across project planning and development, acquisitions and divestments, and financing, tax and due diligence issues. A large part of the firm’s recent work has been overseeing the transfer of marked areas for development in which the group have handled the regulatory and contract drafting aspects. Beyond this, the team has also acted for foreign investors renovating and redeveloping substantial, sometimes landmark, real estate projects. Often working with pan-Asian and global investors, Do Trong Hai has a wide spanning skillset that is particularly strong regarding foreign investment and bidding. Hai is leading the team with Nguyen Thi Men who is a go-to for regulatory and compliance advice, particularly concerning new builds.

A standout player in the energy and infrastructure space, Frasers Law Company leverages core expertise in M&A, project development, financing, regulatory and compliance matters to advise financial institutions, global investors, and contractors and developers on industrial park projects, high-end resort and hospitality centres, and residential blocks. The practice is headed up by Mark Fraser who is a prominent figure in the Vietnamese legal sphere and an active presence across the entirety of the firm’s mandates. Ho Thuy Ngoc Tram has played a crucial supporting role in matters over the past twelve months.

MHM Vietnam HCMC Office offers a considerable depth of international and cross-border expertise, supporting Japanese and other Asian-state based investors and developers with their real estate deals. The group excels at the development aspect of property projects, with notable work on residential buildings, industrial parks, and urban and inner-city ventures. Takuya Eguchi heads the team and is noted for his understanding of the Chinese and Japanese markets, while Kenji Nishio has been responsible for helming a large proportion of the practice’s matters, predominantly advising clients through acquiring shares in project companies.

APFL & Partners Legal Vietnam LLC is highly active in the commercial real estate market, working with developers, property managers and financial institutions on a range of legal issues pertaining retail constructions, residential buildings, hospitality centres, and inner-city renovations. A key cornerstone feature of the practice is its development and regulatory strength, guiding clients through the planning and investment structuring aspect through to contract drafting, supplier and construction issues, and leasing agreements. Both Nicolas Audier and Etienne Laumonier boast extensive track records on M&A, banking and capital markets, whereas Nicolas Picard is the group's go-to for property development and construction queries. Antoine Logeay was promoted to partner in 2022.

Highly active on construction and real estate-focused disputes, ATS Law Firm advising both private and public sector clients in the domestic and international space. The group also competently advises developers, investors and financial institutions on a range of construction contractual issues and regularly oversee license, permit, and registration work. Vu Thi Thu Ha leads the team and has primarily focused on litigation over the past year, but also has experience working with foreign entities investing in construction projects. Tranh Minh Chau is particularly effective at commercial contract work and cross-border transactions, while Tran Quang Huy handles both contentious and non-contentious matters.

BD Lawyers & Associates Co., Ltd (BDLAW) advises a variety of domestic investors, developers and contractors on a range of property builds. The team competently handles leasing issues pertaining to large-scale office projects, transactional mandates regarding tourism and hospitality venues, and also a wealth of EPC work. Nguyen Trung Kien heads the group and has expertise in early stage project work, such as scheme, design and construction planning issues, while Nguyen Thanh Ha is the group’s go-to for M&A and investment work. Tran Trong Binh joined from APFL & Partners Legal Vietnam LLC in January 2023, bringing a proficiency in foreign investment to the team.

DFDL Legal & Tax advises domestic, Asian and European investors on large-scale development projects, including hotel and resort constructions, expansive office developments, and rebranding and renovation work. The firm has started 2023 with a string of promotions, including Dave Seibert and group head Paul Volodarsky elected to the partnership. Martin Desautels continues to be the leading figure alongside Thang Huynh on the team’s most consequential matters, while Hanh Tran has been a strong supporting member of the group.

LNT & Partners exhibits proficiency across the full range of real estate and construction issues. The practice has a strong track record in handling disputes between contractors, developers, and utility and energy companies, as well as handling multi-million USD mandates that pertain to structured capital financing and foreign direct investment. Team co-head Net Le uses his considerable understanding of the regulatory landscape to advise on disputes, contractual negotiations and developmental issues, while fellow co-head Binh Tran focuses on complex financing structures. Quyen Hoang is also active, working closely with international investors regarding their Vietnamese property and project. acquisitions.

Nagashima Ohno & Tsunematsu is praised for its ‘wealth of knowledge of real estate in Vietnam’ and specialises in working for foreign bodies, predominantly from Japan but also Australia, Singapore and the Philippines, regarding real estate and construction project acquisitions and investments in the Vietnamese market. Recently the group has engaged with industrial plots, hotel and resorts, as well as warehouse development projects. Motohisa Nakagawa spearheads the team alongside Keigo Sawayama, with the former chiefly recognised for his leasing and joint venture work, and the latter for his investment and divestment expertise.

Nishimura & Asahi stands out for its work with a litany of Japanese conglomerates on mandates such as acquisitions and divestments, project transfers, and development issues pertaining to inner city and industrial builds. The group demonstrates an understanding of large-scale resorts and residential complexes, as well as ‘smart city’ construction frameworks and strategy. Team head Hikaru Oguchi caters to foreign investors as they initiate or exit from investors, whereas Vu Le Bang has expertise pertaining to banking and finance, construction and labour issues.

Vina Legal handles a range of matters relating to a variety of assets, including roads and railways, energy plants, office blocks and residential buildings. The group’s portfolio of clients also includes government bodies, European infrastructure suppliers and developers, as well as trading and investment firms. Duong Quang Long co-leads the team alongside Nguyen Bao Huy, with both individuals possessing far-reaching practices that cover the full gamut of regulatory and development work.