Free trade agreements (FTAs) have been signed with significant trade blocs such as the US, the EU and within Asia, which have been instrumental in expanding the industrial base into electronics, consumer goods, and automobiles. This has been fueled, in part, by an almost doubling of annual foreign direct investment, to USD20 billion, since ACSV Legal began. In tandem with this, Vietnam’s transportation infrastructure development has facilitated the movement of goods and services and contributed to an increasingly mobile labour force.
Rapid urbanisation, growth in per capita GDP to almost USD3,000, and a growing sophistication in bank credit have been instrumental in the pace of property development, the change in city skylines and the property ownership profile across the country.
As we look forward from 2021, there is likely to be a phase of exciting new developments for business generation. Private companies, many of which are family-owned, are on the verge of a generational transition that will create investment avenues for external strategic investors. The implementation of privately managed pension programmes will act as a catalyst for fintech innovation, long-term financial security for the population, and result in sustained inflows into capital markets. In terms of industrial infrastructure, the energy industry will be a critical focus for investment as countrywide generation is forecast to almost triple to 130GW by 2030. The rapid expansion in renewable power sources will also refocus attention to energy storage solutions and shift to more energy-efficient technologies. The ongoing relocation of production facilities into Vietnam will also require innovation in logistics, supply chain management, and process management across the entire manufacturing base of the country.
As with any economy and market in the midst of such tumultuous change, there are an equal number of legal and commercial challenges to resolve. To help our clients navigate these, we have developed expertise in many practice areas including corporate M&A, private equity, real estate, tax, structuring, banking and finance, and regulatory compliance. This spans many industries, in particular energy, healthcare and wellness, retail, distribution, logistics, supply chain, education, manufacturing, and technology.
From our position as one of the fastest-growing law firms in Vietnam, we look forward to delivering this accrued expertise to ACSV Legal’s clients over what promises to be a fascinating, and rewarding, decade ahead.
Mark Oakley
Managing Partner
Download Report here
