YKVN Receives “Deal of the Year 2008” Award for Its Role in the IPO of Vietcombank
Hanoi/Ho Chi Minh City (March 10, 2009) – Asian Counsel magazine, a leading journal for corporate counsel in the Asia-Pacific and Middle East regions has announced that YKVN won Asian Counsel’s “Deal of the Year 2008” award for the IPO of the Bank for Foreign Trade of Vietnam (Vietcombank) on the Ho Chi Minh City Stock Exchange in January 2008, in which it acted as legal counsel for Vietcombank. This deal was named one of the top 30 deals closed in Asia in 2008, this was the only deal from Vietnam and YKVN is the only Vietnamese law firm nominated for such a deal award.
According to Asian Counsel, the winning deals were selected on the basis of size, uniqueness and complexity. “The Vietcombank IPO transaction marked the first equitisation of a Vietnamese State-owned bank, setting a template for future similar deals and the deal will no doubt be referenced by future State-owned listings, making the work for the professionals involved all the more impressive,” Asian Counsel noted.
Mr. Nguyen Van Tuan, a Deputy CEO at Vietcombank commented on the unique challenges presented by the transaction “IPO prospectuses for Vietnamese companies have (traditionally) been prepared by securities firms, and such prospectuses have been prepared as marketing rather than liability documents. There were no helpful precedents at the time of the Vietcombank prospectus […] this was the first IPO of a Vietnamese State-owned bank.”
“The nomination recognizes the hard work of many individuals to complete this deal, including Vietcombank and YKVN and we are very proud to be the legal counsel of Vietcombank in the biggest IPO in Vietnam up to date,” said Truong Nhat Quang, managing partner of YKVN.
“The award is a testament to the dedication of all our staff, who have worked hard on our steady growth and service to clients. It was also a joint effort of the Vietcombank and YKVN teams,” said Duong Thu Ha, Partner of the Hanoi office of YKVN and one of the key partners leading the YKVN team.