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In 2024, the 16th Vietnam M&A Forum was held. This prestigious annual event on mergers and acquisitions (M&A) and investment connections was organized by the Vietnam Investment Review (VIR) under the direction and patronage of Vietnam’s Ministry of Planning and Investment. The forum attracted over 650 speakers and more than 7,500 senior leaders from investment funds, consulting organizations, corporations, and businesses from both Vietnam and abroad.
At this event, as one of the legal advisory firms honored as the Outstanding M&A Advisor of 2024, Mr. Pham Duy Khuong, Managing Partner of ASL LAW, took on the role of speaker at Session 2 with the theme of decoding the demand and success strategies in M&A transactions.
Held amid a recovering global and Vietnamese economy, with the M&A market expected to return to activity after a period of stagnation, the 16th Vietnam M&A Forum 2024 continued to attract significant attention from investors and businesses both domestically and internationally.
Following the first session with the theme of major movements in the macroeconomic landscape and international capital trends, the forum moved into the second session with the theme of decoding the demand and success strategies in M&A transactions with the participation of the following speakers:
- Mr. Pham Duy Khuong, Managing Partner, ASL LAW
- Mr. Angus Liew, Chairman of the Board, Gamuda Land Vietnam
- Mrs. Binh Le Vandekerckove, CEO, Head of M&A Department, ASART Transaction Advisory
- Mrs. Luu Thi Thanh Mau, Vice President of the Vietnam Young Entrepreneurs Association, CEO of Phuc Khang Construction & Investment JSC
- Mrs. Dang Thi Kim Oanh, Chairwoman & CEO, Kim Oanh Group
- Mrs. Nguyen Tran Thuc Anh, Investment Director, Covestcons
- Mr. Pham Minh Tuan, Vice President, BCG Group
- Mr. Phung Huy Hao, Editorial Secretary, Vietnam Investment Review (Moderator)
In the second session, the speakers focused on discussing practical strategies, the demands of the parties involved (buyers and sellers), and the steps for executing a successful M&A deal:
- The demand and strategies of buyers and sellers: Which companies are looking for M&A partners to expand markets or divest? What industries are becoming attractive targets? What are the differences in M&A strategies between domestic and international investors?
- Building financial capacity and raising funds for M&A: Strategies for building strong financial capacity and raising funds effectively for M&A transactions.
- Challenges in M&A: Discussing legal barriers and cultural challenges post-merger.
- Practical experience: Sharing successful case studies and lessons on how to optimize value and integrate post-M&A.
- Risk management and cultural integration: How to avoid legal and cultural risks during M&A processes?
ASL LAW’s Presentation at the Vietnam M&A Forum 2024
Mr. Phung Huy Hao, moderator from the Vietnam Investment Review, raised the question and invited Mr. Khuong to decode the current customer preferences in M&A deals, asking what they want, need, and desire, and whether these can be addressed effectively.
Mr. Pham Duy Khuong, Managing Partner of ASL LAW, shared: “We have the opportunity to engage with many investors, not only from Vietnam going abroad but also the reverse, from abroad coming into Vietnam. Decoding the current customer preferences depends on the investor’s background. However, the options have become much more diverse.
Today, we see investors from Japan, Korea, China, and even India as a new emerging player, each with different preferences. Chinese investors are focusing on industrial real estate due to the shift of factories and manufacturing from China to Vietnam, necessitating land for industrial zones. Meanwhile, Japanese investors are interested in companies that can provide a supply chain across multiple countries, so they tend to favor IT companies. E-commerce has also become a trend, with many cross-border e-commerce platforms entering Vietnam, preparing related warehouses, cold storage, and logistics.
Therefore, the sectors that attract international investors in Vietnam include industrial real estate, IT, factories, warehouses ready for logistics, and ports. Moreover, we have foreign clients very interested in Vietnam’s ports.”
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After further discussion, Mr. Hao asked Mr. Khuong to share some insights on handling deals with Japanese partners.
Mr. Pham Duy Khuong responded: “We are fortunate to work on 70% of deals as the buyer’s advisor and 30% as the seller’s advisor, which gives us a deep understanding of both sides. In addition, we have clients from Singapore, China, Korea, and 15% from Japan.
Japanese investors are known for their strict legal requirements. They conduct thorough due diligence, where legal evaluation plays a crucial role in the deal, as they consider legal accuracy in the project to be essential. Sellers must ensure their documents are perfectly in order when dealing with Japanese buyers. Once the deal is successful and the reputation is maintained, the business will have a long-term advantage.”
At the end of the session, Mr. Hao invited the speakers to provide a single key term they believe is crucial for a successful M&A deal.
Mr. Pham Duy Khuong, Managing Partner of ASL LAW, concluded: “My key term is ‘due diligence, due diligence, nothing but due diligence’ – due diligence has evolved significantly in the digital environment, ESG, and under various agreements. Nowadays, due diligence even includes the founders, interviewing related personnel about the CEO and founders.”
ASL Law is a leading full-service and independent Vietnamese law firm made up of experienced and talented lawyers. ASL Law is ranked as the top tier Law Firm in Vietnam by Legal500, Asia Law, WTR, and Asia Business Law Journal. Based in both Hanoi and Ho Chi Minh City in Vietnam, the firm’s main purpose is to provide the most practical, efficient and lawful advice to its domestic and international clients. If we can be of assistance, please email to [email protected].
ASL LAW is the top tier M&A law firm in Vietnam. If you need any advice, please contact us for further information or collaboration.
