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Aviation

Avolon Aerospace leasing Airbus aircrafts to Vietnam Airlines and Bamboo Airways

VILAF advised Avolon Aerospace Limited in the refinancing of an Airbus A350 leased by Vietnam Airlines and in the leasing of several Airbus A350 aircrafts to Vietnam Airlines and Bamboo Airways.

Partner Duyen Ha Vo and Counsel Kim Anh Nguyen advised these deals.

Banking & Finance

VILAF advises Citigroup in the sale of its Vietnam retail banking business to UOB

VILAF advises Citigroup as Vietnamese law counsel in the sale of its Vietnam retail banking business to United Overseas Bank (Vietnam) Limited (UOBV).
The transaction closing is subject to relevant regulatory approvals.

The sale of the Vietnam retail banking business is part of the sale by Citigroup of its Southeast Asia retail business (Vietnam, Indonesia, Malaysia, and Thailand) in the US$3.7 billion package deal with UOB. The portfolio includes unsecured and secured lending portfolios and retail deposit businesses. 

This has been recognized as M&A Deal of the Year (Premium) in the ALB SE Asia Law Awards 2023.

The key members of the VILAF team advising Citigroup include Partner Duyen Ha Vo, Partner Hung Nguyen, Senior Associates Quynh Anh Le and Minh Ha Nguyen.

VILAF advised the US$100 million syndicated loan facility to Loc Troi Group

VILAF advised Military Bank and Kasikornbank (as mandated lead arrangers and lenders) and other onshore and offshore lenders being First Commercial Bank, Agricultural Bank of China Limited (Hanoi branch), China Construction Bank (HCMC branch), CTBC Bank Company Ltd. and E.SUN Commercial Bank (Dong Nai branch) in the US$100 million syndicated loan facility to Loc Troi Group to fund its expansion of high-quality rice production.

The VILAF team advising the transaction included Partner Duyen Ha Vo, Counsel Tung Nguyen, and Associate Nghiem Nguyen.

Financing of Long Son Petrochemicals Complex

VILAF advised Long Son Petrochemicals Company Limited in the process of financing the US$3.2 billion development of Long Son Petrochemicals Complex in Long Son Industrial Zone, Ba Ria, Vung Tau Province in southern Vietnam. The syndicated loan was completed with the lending from 6 commercial banks including SMBC, Mizuho, Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, and Export Import Bank of Thailand.

The complex began construction in the third quarter of 2018 and is expected to commence operation in the first half of 2023.

This financing was awarded by IJGlobal as the APAC Petrochemicals Deal of the Year 2018.

The VILAF team that advised this deal included Partner Phong Tran and Counsel Lam Nguyen

Reserve Based Lending Facility to SOCO International

VILAF advised BNP Paribas, Crédit Agricole and Standard Chartered Bank as arrangers in the US$125 million Reserve Based Lending Facility to SOCO International, secured against the Group’s producing assets in Vietnam, which include Te Giac Trang Field of Block 16-1, Ca Ngu Vang field of Block 9-2 and Blocks 125 & 126 offshore Vietnam.

Partner Duyen Ha Vo advised this deal.

Bank of China (HK) Lending Facility to Gain Lucky

VILAF advised Bank of China (HK) in making a US$35 million medium term loan facility to Gain Lucky Vietnam to fund its project.

Partner Duyen Ha Vo and Senior Associate Tung Nguyen advised this deal.

Rabobank’s loan to Japfa Vietnam

VILAF advised Rabobank in the loan to Japfa Vietnam worth US$30 million and in taking security interest over Swine from Japfa Vietnam.

The VILAF team that advised this deal included Partners Anh Dang and Trung Vu.

M&A Financial Sector

Acquisition of Asia Commercial Bank Shares

VILAF advised Alp Asia Finance (Vietnam) Limited in the acquisition of 100% shares in Sather Gate Investment Limited from Sather Gate Investment Holdings Limited and 100% shares in Whistler Investments Limited from Whistler Investments Holdings Limited. Both Sather Gate and Whistler held 4.99% shares of Asia Commercial Bank (ACB). Each held 51.1 million ACB shares.

Partners Phong Tran, Ha Luu, and Hien Tran, together with Counsel Lam Nguyen and Senior Associates Anh Pham and Anh Tu.

Vietcombank’s private placement of shares to GIC

VILAF advised Credit Suisse in Vietcombank’s issuance of 94,442,442 ordinary shares worth US$270 million to GIC Private Limited in its private placement to raise its charter capital.

This transaction involved a US$ escrow deposit and approval from the State Bank of Vietnam for the non-application of the restriction to transfer shares to certain countries.

Partner Phong Tran and Senior Associate Anh Pham advised this deal.

ANZ’s sale of its retail banking business

VILAF advised ANZ in the bidding process, customer migration and other issues concerning the transfer, and the negotiation of the sale agreements with the bidders and Shinhan Bank Vietnam. ANZ’s retail business served 125,000 customers in Vietnam and included US$547 million in deposits and US$161 million in lending assets as of September 2016, with 8 branches.

Partners Duyen Ha Vo and Quynh Pham advised this deal, with the assistance of Counsel Tung Nguyen.

VIB Bank’s acquisition of all banking assets of Commonwealth Bank of Australia (Vietnam)

VILAF advised VIB Bank in the acquisition of all banking assets of the Vietnam branch of Commonwealth Bank of Australia in connection to the proposed closure of this branch in Vietnam.

Partner Duyen Ha Vo advised this deal.

Bank of China HK acquiring Vietnam branch of Bank of China

VILAF advised Bank of China (Hong Kong) (“BOCHK”) in the transfer of the business of Bank of China – Ho Chi Minh City branch from Bank of China to BOCHK as part of the global BOC group restructuring. The transfer of the Vietnam business was estimated to be US$152 million.

Together with the transfer of the Philippines business, establishment of the Brunei branch and previous acquisitions of subsidiaries from BOC in Cambodia, Indonesia, Malaysia, and Thailand, BOCHK was set to become an internationalized regional bank.

Partner Duyen Ha Vo and Counsel Tung Nguyen advised this deal.

Acquisition of Prudential Vietnam Finance Company by Shinhan Card

VILAF advised Shinhan Card Co. Ltd. in the acquisition of the full equity capital in Prudential Vietnam Finance Company worth US$151 million.

Prudential Finance is a 100-percent foreign capital consumer finance company in Vietnam. This has become the first ever foreign finance company which sold all its capital interests to another foreign investor in Vietnam.

Partners Duyen Ha Vo and Hung Q. Nguyen advised this deal.

Shinsei’s acquisition of stake in Military Bank

VILAF advised Shinsei Bank and Shinsei Financial Co. Ltd. in the acquisition of Military Bank’s 49% equity interest in MCredit to set up a joint venture consumer company, MB Shinsei Consumer Finance LLC. In this JV, Military Bank, Shinsei Bank, and a third member would own 50%, 49%, and 1% of the charter capital, respectively.

Partners Anh Dang and Trung Vu advised this deal

SMTB’s acquisition of 49% interest in BIDV

VILAF advised Sumitomo Mitsui Trust Bank Limited (SMTB) in the acquisition of 49% equity interest in BIDV Finance Company for a total consideration of around US$ 50 million. The Buyer was a Japanese bank and the Seller was BIDV, a major State-owned bank which was the holding parent of the target (BIDV Finance Company) at that time.

Partners Hung Q. Nguyen and Trung Vu advised this deal.

Capital Markets 

VILAF advised SCG Decor on its IPO

VILAF has advised SCG Decor Public Company Limited (SCGD) as Vietnamese law counsel in its successful initial public offering on the Thailand Stock Exchange on 20 December 2023.

SCGD, a leader in the complete surface decoration and sanitary ware business both in Thailand and the ASEAN region, with its capitalized value of 18,975 million baht (approx. US$543 million), becomes the largest IPO in Thailand stock market this year.

SCGD has a paid-up registered capital after offering shares of 16,500 million baht with a par value of 10 baht per share by offering additional common shares to the general public and making a tender offer to purchase all securities from shareholders of SC Public Company Limited, G Ceramics (COTTO) by exchanging IPO shares of SCGD according to the restructuring plan. By offering a total of 439.1 million additional shares, with subscription scheduled between 1 November – 13 December 2023 at a final offering price of 11.50 baht per share, the IPO represented a fundraising value of 5,049.65 million baht (approx. US$144.5 million).

VILAF Senior Partner Anh Dang led the team together with Counsel Hoang Duong, Associates Tu Quach, Quynh Tran, Chi Nguyen, Hue Anh and My Linh.

Novaland Group offering of convertible bonds due 2026

VILAF advised Credit Suisse (Singapore) Limited as the Sole Lead Manager in the US$300 million offering of convertible bonds due 2026 by Novaland Group. The deal also involves an exclusive equity swap arrangement between the Sole Lead Manager and the Issuer’s Vietnamese counterparty and was closed in July 2021. This offering follows an earlier tranche of offering of US$240 million convertible bond due 2023, closed in February 2021.

The VILAF team advising this transaction includes Partner Phong Tran, Counsel Lam Nguyen and Senior Associate Anh Tu.

Vinfast’s US$23 billion SPAC combination and Nasdaq listing

VILAF advised the arrangers and Black Spade Acquisition Co in connection with the successful closing of US$23 billion SPAC combination and the Nasdaq listing of Vietnam EV maker VINFAST (VFS).

Founding Partner Phong Tran led the VILAF team together with Partner Lam Nguyen and Senior Associates Anh Tu and Anh T. Le.

Vingroup overseas Reg S offering of exchangeable bonds

VILAF advised Vingroup in its offering and listing of US$500 million 5% Exchangeable Bond due 2026 on SGT-ST. This deal is innovative as this is one of the first overseas offering and listing of exchangeable bonds after the enactment of Vietnam’s new Securities Law 2019 and its implementing regulations.

Partner Phong Tran, Counsel Lam Nguyen, and Senior Associate Anh Tu advised this deal.

Vingroup Reg S offering of exchangeable bonds

VILAF advised Vingroup Joint Stock Company in its offering of US$500 million 3.00% Exchangeable Bonds due 2026 for listing on SGX-ST, which was closed in April 2021. The bonds are exchangeable into shares of Vinhomes.

The VILAF team advising this transaction includes Partner Phong Tran, Counsel Lam Nguyen and Senior Associate Anh Tu.

BIM Land offering of high yield bonds

VILAF advised BIM Land Joint Stock Company (BIM Land) in its offering of US$200 million 7.375% high yield bonds due 2026 for listing on the SGX-ST. This deal is one of the first Regulation S international bond offering by a non-public company in Vietnam and is also Vietnam’s first Green Bond.

The VILAF team advising this transaction includes Partner Phong Tran, Counsel Lam Nguyen and Senior Associate Anh Tu.

Novaland Group concurrent equity placement and convertible bond offerings

VILAF advised Credit Suisse and JP Morgan, as global manager and coordinator, in the offerings in the first ever international capital raise for a Vietnamese company in a concurrent equity placement and convertible bond offerings under Rule 144A. This was also the first international equity-linked bond issuance out of Vietnam since 2012. The bonds were officially listed on the Singapore Exchange on 30 April 2018 and on 17 December 2018.

The total value is US$390 million US$390 wherein US$310 million for initial issue for bond deal (US$160 million) and equity deal (US$150 million) and US$80 million for tap issue of bond deal.

Partners Duyen Ha Vo and Quynh Pham advised this deal.

Issuance of preference shares of Vingroup to Hanwha

VILAF advised conglomerate Vingroup in raising US$400 million by issuing 84,000,000 dividend preference shares to an affiliate of South Korea’s Hanwha Group in a private placement.

The VILAF team advising this deal included Partner Phong Tran and Senior Associate Anh Pham.

Issuance of bonds guaranteed by CGIF

VILAF advised in a series of domestic bonds guaranteed by CGIF (a trust fund of ADB), including the issuance of VND 2,318 billion bonds by Refrigeration Electrical Engineering Corporation, VND 9,000 billion bonds by Masan Consumer Holding, VND 1,135 billion by Mobile World Investment Corporation or VND 2,330 billion by Hoan My Medical Corporation. The transactions were arranged by Standard Chartered Bank.

Partner Hung Q. Nguyen advised these deals.

Issuance of bonds by Shinhan Securities

VILAF advised Shinhan Securities Vietnam Co., Ltd. in arranging the issuance of secured VND400 billion bonds by Vietnam Electrical Engineering Equipment JSC-GEX.

Partner Duyen Ha Vo and Counsel Tung Nguyen advised this deal.

IPO of Vincom Retail

VILAF advised Vinhomes JSC in its international equity placement and IPO. The shares were listed in the market at US$1.4 billion. This deal was awarded as the Best Vietnam Deal and Best IPO Deal of the Year 2018 by Finance Asia; the Best Equity Deal of the Year 2018 by The Asset and the Deal of the Year 2018 by In-House Community.

The VILAF team advising this deal included Partner Phong Tran and Senior Associate Anh Pham.

Corporate/M&A

Growtheum Capital Partners completed investments in IDP

Growtheum Capital Partners on successfully completing the two-tranche investment totaling approximately US$100 million in International Dairy Products JSC (IDP). VILAF is honored to have advised the transaction.

The investment included a secondary share tranche and a private placement tranche, in which Growtheum Capital Partners acquired an aggregate of 12.6% stake in IDP.

VILAF Partner Duyen Ha Vo, Senior Associates Thuan Mai and Quynh Anh Le, and Associates Nhu Le and Khanh Le have advised Growtheum Capital Partners in the transaction.

VILAF advised the joint venture between Sojitz Corporation and Vinamilk

VILAF advised Sojitz Corporation and Vinamilk’s subsidiary, Vietnam Livestock Corporation JSC in the formation of a joint venture to construct, manage and operate one of the largest cattle farms and beef processing facilities in Vietnam.

This venture is the first of many planned investments and collaborations between two of the leading corporations in Vietnam and Japan, with the total investment target up to USD 500 million.

Partner Tung Ngo, Counsel Ngan Nguyen and Associates Thuc Tran, Ha Truong, and Long Duong advised this transaction.

VILAF advised owners of Merap Group in equity sale to Lion Corporation

VILAF advised owners of Merap Group, a leading Vietnamese pharmaceutical company, in the sale of their equity stake to Lion Corporation, a Japanese consumer goods company. The deal completed in March 2023 granted Lion Corporation 36% equity stake in MERAP Group.

The deal sets to leverage both Merap Group and Lion Corporation’s cooperation in the distribution of pharmaceutical products in Vietnam.

VILAF Partner Hao Nguyen and Senior Associate Huy Nguyen advised this transaction.

VILAF advised Khoi Nguyen Education Group in the strategic cooperation with EQuest

VILAF has advised Khoi Nguyen Education Group (KNE) in the strategic cooperation agreement with EQuest whereby EQuest will become a key shareholder and join the board of directors of KNE.  KNE is the owner of Canadian international and bilingual school system with four member schools in Ho Chi Minh City, including Canadian International School (CIS), Bilingual Canadian International School (BCIS), Albert Einstein School (AES), and Canada-Vietnam Kindergarten (CVK).

EQuest and KNE will share financial resources and management practices, and exchange teaching resources, technology platforms and development experiences from the top schools of the two systems. Furthermore, the students of the two systems will have more opportunities to access and experience world-class training programs. The transaction will increase the number of K12 members of EQuest to 16 schools in all three regions of Vietnam.

VILAF Partner Tung Ngo, Counsel Ngan Nguyen, and Associate Viet Nguyen advised this transaction.

De Heus acquiring Masan’s feed business

VILAF has advised De Heus Group as Vietnamese law counsel in this strategic acquisition of the entire feed business of Masan, MNS Feed, which includes 100% ANCO and 75.2% Proconco.

The feed business of MNS Feed covers thirteen animal feed mills and one premix plant, with a total combined production capacity of nearly 4 million tons, strengthening De Heus’ position in Southeast Asia’s largest animal feed market. As part of the transaction, De Heus and Masan have also entered into multiple long term strategic supply agreements for the supply of feed by De Heus to Masan.

The VILAF team advising this transaction includes Partner Duyen Ha Vo, Partner Hao Nguyen, Counsel Tung Nguyen, and Of Counsel Diem Phan.

SCG acquiring Duy Tan Plastics

VILAF advised SCG Packaging in the acquisition of 70% equity stake in Duy Tan Plastics Manufacturing Corporation, which owns 5 subsidiaries engaging in the manufacturing and sale of rigid plastic products, for a price capped at US$278.3 million. Duy Tan is one of the top manufacturers of rigid plastic packaging products, with B2B sales to multinational companies and local brand of consumer.

This is the largest M&A deal in the rigid plastic industry to date in Vietnam.

The VILAF team advising this transaction this deal includes Partner Duyen Ha Vo, Partner Ngoc Luong Trinh, and Counsel Tung Nguyen.

Sale of Thinh Phat Cables and Dovina to Stark Corporation

VILAF advised the founders as sellers in the bidding process and sale of all equity stake in Thinh Phat Cables and Dovina to Stark Corporation, in a transaction valued approximately US$240 million.

Thinh Phat Cables and Dovina manufacture electric wires and cables and non-ferrous metal, and primarily operate their business on the basis of Business-to-Business (B2B) and Business-to-Government (B2G) models.

Partners Duyen Ha Vo and Quynh Pham advised this deal, with assistance of Counsel Kim Anh Nguyen and Counsel Tung Nguyen.

TCG acquiring Bien Hoa Packaging

VILAF advised Siam Cement Group’s (SCG) subsidiary, TCG in the acquisition of 94.11% common shares of Bien Hoa Packaging (SOVI), a listed company, from existing shareholders.

This has been the first deal for many years in Vietnam in which a foreign investor successfully acquired more than 50% of the shares in a listed company without conducting a public tender offer and with satisfaction of foreign ownership restriction requirements.

The VILAF team advising this transaction this deal includes Partner Duyen Ha Vo, Partner Ngoc Luong Trinh, and Senior Associate Dan Thanh Tran.

CapitaLand acquiring part of Vinhomes Metropolis

VILAF advised CapitaLand (Vietnam) Holdings Pte. Ltd (“CLV”) in the acquisition of a real estate project located on 7,684 m2 land in Ba Dinh District, Hanoi, being a part of Vinhomes Metropolis Lieu Giai Hanoi project to construct the Capital Place, a Grade A office building with LEED (Leadership in Energy and Environmental Design, an internationally recognized green building certification system) certificate.

This landmark transaction sets out the template structure and process regarding real estate project in Vietnam which satisfies the requirements of international investors

Partner Phong Tran and Counsel Lam Nguyen advised this deal.

SCG acquiring VCM

VILAF advised Siam Cement Group (SCG) in the US$440 million acquisition of 100% ownership of VCM.

The VILAF team advising this deal included Partner Anh Dang and Counsel Lam Nguyen.

Golden Springs Group selling Gold Coin to Aboitiz

VILAF advised Golden Springs Group in the sale of its 75% equity interests to Philippines conglomerate Aboitiz Equity Ventures, Inc. worth US$334 million. This acquisition by Aboitiz expanded its agribusiness and food business, Pilmico which quadrupled the overall feeds production capacity to 3 million metric tons of volume.

Gold Coin operated 20 livestock and aqua feed mills across 11 countries in Asia.

Partner Duyen Ha Vo advised in this deal.

Nawaplastic Industries acquiring Binh Minh Plastics

VILAF advised Nawaplastic Industries, an affiliate of SCG Group in acquiring 29.51% stake in Binh Minh Plastics Company for US$102 million. This was in connection to SCIC’s divestment from BMP and bringing Nawaplastic’s stake in this company to 49.91%.

The VILAF team advising this deal included Partners Duyen Ha Vo and Ngoc Luong Trinh.

Grab acquiring the Southeast Asia business of Uber Technologies, Inc.

VILAF advised Grab in the acquisition of Uber’s Southeast Asia business by way of business/asset transfer involving local entities of Uber in Vietnam, Malaysia, Indonesia, and Thailand. This was awarded the M&A Deal (Premium) of the Year 2018 by ALB and Deal of the Year 2018 by In-House Community.

The VILAF team advising this deal included Partner Phong Tran and Senior Associate Anh Tu.

H.C. Starck selling its tungsten business to Masan Tungsten

VILAF advised the H.C. Starck group as Vietnam counsel on the sale of the tungsten business of H.C. Starck Group GmbH to Masan Tungsten Limited Liability Company, a wholly owned subsidiary of Masan Resources Corporation. The H.C. Starck group is part of the portfolio of the private equity investors Advent International and the Carlyle Group.

Partner Duyen Ha Vo advised this deal.

SCG Chemicals buy-out of Long Son Petrochemicals

VILAF advised SCG Chemicals in the acquisition of all equity stakes from its other JV partners, Qatar Petroleum and PetroVietnam to increase its equity ownership in Long Son Petrochemicals (LSP) from 46% to 100%.

This US$4.5 billion LSP petrochemicals complex is expected to be commissioned in 2023.

Partner Duyen Ha Vo advised in this deal.

Minh Phu Seafood offering of 35.1% shares to Mitsui

VILAF advised Minh Phu in the sale of 35.1% stake of its company to one of Japan’s largest trading group, Mitsui & Co. Mitsui invested US$150 million. Mitsui also invested in Minh Phu-affiliated processing plant in 2013.

Partner Ngoc Luong Trinh advised in this deal.

Sale of Auchan’s supermarkets to Saigon Co.op

VILAF advised Auchan in the sale of its retail business to Saigon Coop, which included 19 supermarkets nationwide, including its e-commerce platform.

Partners Duyen Ha Vo and Ngoc Luong Trinh advised in this deal, with assistance of Counsel Kim Anh Nguyen and Senior Associate Dan Thanh Tran.

Sale of shares in VCM Services to GIC consortium

VILAF advised Vinfast, a subsidiary of Vingroup and a major shareholder of VCM Services and Trading Development Joint Stock Company in the sale of 104,660,885 shares to GIC-led consortium in the form of a private strategic sale with a value of US$500 million. This made this transaction one of the biggest private strategic investments by a foreign investor in the Vietnamese consumer and retail sector which is not fully opened to foreign investors.

Partner Phong Tran advised in this deal.

Warburg Pincus joint venture with Becamex IDC

VILAF advised Warburg Pincus, a leading American PE fund, in a joint venture with State-owned industrial park developer Becamex IDC to develop industrial and logistic properties to create the largest platform in Vietnam valued at US$200 million.

Partner Duyen Ha Vo and Counsel Kim Anh Nguyen advised in this deal.

Ngoc Nghia offering of shares to VinaCapital

VILAF advised Ngoc Nghia Industry-Services-Trading Joint Stock Company (“Ngoc Nghia”), a pioneer and leading manufacturer of PET (polyethylene terephthalate) packaging in Vietnam in a private equity investment by a consortium led by VinaCapital. The consortium made an investment of US$21.4 million in Ngoc Nghia.

Partners Duyen Ha Vo and Ngoc Luong Trinh advised this deal.

GIC investment in Vinhomes JSC

VILAF advised Vinhomes JSC in the sale of it its 189,800,000 ordinary shares worth US$850 million to GIC Private Limited (“GIC”), a sovereign wealth fund established by the Government of Singapore, in the form of a private strategic sale. The shares were from certain existing shareholders of Vinhomes JSC. This landmark transaction is the biggest private strategic investment by a foreign investor in a Vietnamese property developer.

The VILAF team advising deal included Partner Phong Tran and Senior Associate Anh Pham.

SCCC acquiring Holcim (Vietnam) Co. Ltd.

VILAF advised Siam City Cement (Public) Company Limited (SCCC) in the acquisition of 65% ownership of Holcim (Vietnam) Co. Ltd. from LafargeHolcim Limited.

Partner Phong Tran advised in this deal.

Energy

Vung Ang 2 1,200MW BOT power project financing

VILAF has advised the arranger, JBIC, and other international lenders as local counsel in the financing of US$2.5 billion Vung Ang 2 BOT power project for the last 10 years, including during the negotiation of the project documents with the Government, license and development issues, the legal due diligence and the finance documents.

Partner Duyen Ha Vo and Counsel Kim Anh Nguyen advised this deal.

Van Phong 1 BOT power project financing

VILAF advised Sumitomo Corporation in the financing of the Van Phong 1 Coal-Fired Power Plant in Khanh Hoa province. This 11-year project achieved financial closure in April 2019 with a total value of US$1.869 million.

Partner Phong Tran and Counsel Lam Nguyen advised in this deal.

AES-VCM Mong Duong 2 Coal-Fired power project financing

VILAF advised AES Corporation, Posco Energy, and China Investment Corporation in the financing closing of AES-VCM Mong Duong 2 Coal-Fired Power Project in Quang Ninh Province. Following its financial closure in 2011, its refinancing was completed in July 2019. This is the first time a BOT project in Vietnam was refinanced through bond issuance with the value of US$678 million and a loan of US$402.7 million.

Partner Phong Tran advised in this deal.

B.Grimm Power acquiring two 350 MW solar projects in Tay Ninh

VILAF advised B.Grimm Power Public Company Limited, Thailand’s leading power group, in acquisition of 55% equity from the Vietnamese construction company Xuan Cau Co. Ltd, in Dau Tieng Tay Ninh solar power projects, with installed capacity of 350MW, set to be the largest solar power project in Southeast Asia with a total investment of US$400 million.

The project company would become a joint venture between Xuan Cau Co., Ltd., the initial investor of the solar power projects and B.Grimm Power through the holding company.

Partner Duyen Ha Vo advised in this deal.

Nghi Son 2 BOT power project financing

VILAF advised JBIC, K-Exim, and commercial lenders in the financial closing of the Nghi Son 2 Coal-Fired Power Plant Project. This 10-year project is the first power plant of international tender in Vietnam achieving limited recourse project financing.

This project brought VILAF two prestigious awards from Asian Legal Business (ALB) with the Project Finance Deal of the Year 2018 and IJGlobal with the APAC Coal-fired Power Project of the Year 2018.

Partner Phong Tran advised in this deal.