Vietnam’s Economic Liberalization & YKVN’s Early Roots
Vietnam’s Đổi Mới reforms in 1987 sparks market liberalization, with new laws on investment, land, and labor, accelerating economic growth and enabling the re-establishment of diplomatic relations with the USA and entry into ASEAN.
Entering the 1990s, Vietnam begins a cycle of rapid economic expansion, achieving an average GDP growth rate of 6-7% over the next three decades.
During this foundational period, YKVN’s roots are established as our founding partners engaged in Vietnam’s nascent legal market, culminating in the firm’s founding in 1999.
Early 1990s
Laying the Foundation for YKVN’s Legacy
The roots of YKVN trace back to pivotal moments in Vietnam’s evolving legal landscape, even before the firm’s official establishment. Our founding partners were involved in high-stakes cases that significantly influenced Vietnam’s legal and economic development during some of the nation’s most transformative years.
One of the earliest milestones was their involvement in the London Club debt restructuring from 1994 to 1998, one of the most complex financial transactions of the time. This effort facilitated Vietnam’s issuance of “Brady bonds,” marking the nation’s reintegration into the international financial community and laying the groundwork for future financial reforms.
In 1997, they contributed to the restructuring of Procter & Gamble Vietnam, a landmark corporate negotiation, the first JV in Vietnam.
Their influence also extended to energy legislation, with a significant role in the drafting of the Petroleum Law, a cornerstone of Vietnam’s economic development. This contribution, recognized in The History of the Petroleum Industry in Vietnam, underscores their foundational expertise in shaping policies critical to the nation’s growth.
By the time YKVN was established in 1999, its founders had already demonstrated leadership in key areas of legal innovation, positioning the firm to continue shaping Vietnam’s legal and economic transformation.
Photo: Petrotimes
1987
Law on Foreign Investment
(revised in 1996 and 2000)
Pioneering law that opened Vietnam to foreign direct investment, laying the groundwork for economic growth and multinational entry.
1993
Land Law
(revised in 2003 and 2013)
Introduced land-use rights, enabling business leases and transfers, spurring real estate and urban development.
1994
Labour Code
(revised in 2012 and 2019)
Established labor rights and social security, essential for managing the workforce in Vietnam’s growing manufacturing sector.
1994 – 1998
Landmark London Club Debt Restructuring
In one of Vietnam’s largest and most complex financial transactions, YKVN’s founders supported the Government of Vietnam in the London Club restructuring of its defaulted commercial debt.
They advised the State Bank of Vietnam in negotiations with the Bank Advisory Committee, prepared legal documentation under New York and Vietnamese law, and facilitated the issuance of Vietnam’s “Brady bonds”.
These bonds, listed on the Luxembourg Stock Exchange, marked the successful resolution of Vietnam’s defaulted debts.
Photo: Vietnam and USA Re-establish Bilateral Diplomatic Relations © Vietnam News Agency (VNA)
1995
Vietnam and U.S. Re-establish Bilateral Diplomatic Relations
Re-established ties boosted trade and investment, paving the way for Vietnam’s integration into the global economy.
1995
Introduction of the Civil Code
The Civil Code established a framework for civil rights, property, and contracts, strengthening Vietnam’s legal system.
Photo: Vietnam Joins ASEAN © Vietnam News Agency (VNA)
1995
Vietnam Joins ASEAN
Entry into ASEAN marked a crucial step in regional integration, boosting Vietnam’s diplomatic and economic role in Southeast Asia.
1997
Restructuring of Procter & Gamble Vietnam
YKVN’s founders played a pivotal role in the restructuring of Procter & Gamble Vietnam, a joint venture with a state-owned soap producer.
The deal involved increasing Procter & Gamble’s equity interest and navigating complex negotiations with government agencies, which were foundational to YKVN’s expertise in large-scale corporate restructuring.
It is the first JV in Vietnam.
Photo: Vietnam Joins APEC © Vietnam News Agency (VNA)
1998
Vietnam Joins APEC
APEC membership advanced Vietnam’s global integration, fostering trade and economic cooperation in the Asia-Pacific region.
1998
Asian Financial Crisis
The crisis tested Vietnam’s resilience, prompting reforms that bolstered economic stability and prepared for future growth.
1999
Enterprise Law
(amended in 2005, 2014, and 2020)
Simplified business formation, spurring private enterprise and significant growth in Vietnam’s private sector.
YKVN Begins its Journey
YKVN is founded as an independent law firm with offices in Hanoi and Ho Chi Minh City, driven by a vision to become Vietnam’s premier law firm.
Committed to providing unmatched legal expertise, YKVN sets out to establish itself as a leader in Vietnam and across Southeast Asia.
