In a significant step towards strengthening legal ties, Vietnam’s VILAF and South Korea’s Yoon & Yang have united to form a dedicated Vietnam-Korea practice unit. This collaboration is poised to enhance the cross-border legal landscape from VILAF’s bases in Ho Chi Minh City and Hanoi. As both nations increasingly become vital players in the global investment arena, this partnership aims to cater to sophisticated client demands in a rapidly evolving market.
Duyen Ha Vo, chair and senior partner at VILAF, highlighted the growing significance of Vietnam and Korea as bustling corridors for inbound and outbound investments. In a conversation with Asia Business Law Journal, he pointed out that client needs in these areas have escalated in complexity and urgency. By forming this alliance, the firms are poised to provide timely and valuable legal insights across both jurisdictions, particularly regarding cross-border transactions, regulatory compliance, and strategic dispute resolution.
Leading the practice unit will be Zunu Lee, partner and head of the cross-border practice at Yoon & Yang in Seoul. Lee emphasized the shared values and strategic visions that prompted this collaboration. Central to their efforts is the establishment of this specialized Vietnam-Korea unit, which aims to deliver Vietnamese legal services to Korean clients engaging in business activities in Vietnam.
While VILAF and Yoon & Yang have previously collaborated on specific cases—most notably M&A transactions such as the acquisition of Prudential Vietnam Finance Company by South Korean credit card giant Shinhan Card—the formation of this dedicated unit marks a significant evolution in their partnership. Both firms have crafted a framework that facilitates broader access to legal solutions, signaling a new era of legal service in the region.
The newly formed Vietnam-Korea practice unit aims to offer comprehensive legal services that span a range of areas such as cross-border investments, mergers and acquisitions (M&A), financing transactions, and intricate dispute resolutions in Vietnam. The goal is to create a seamless service experience for Korean clients navigating the Vietnamese legal landscape, essentially establishing a “one-stop shop” for legal expertise.
Reflecting on the potential clientele, VILAF anticipates that the collaboration will deepen its access to Korean corporates and strategic investors. Meanwhile, it will allow Vietnamese clients to explore opportunities within Korea, as described by Vo. The collaboration extends the boundaries of legal representation, facilitating not just outbound investments from Vietnam to Korea, but also inbound opportunities for Korean businesses.
Similarly, Yoon & Yang sees this partnership as a pathway for greater confidence among its South Korean clients when dealing with legal matters in Vietnam. Lee noted that the most common legal queries from Korean businesses center around market entry strategies, M&A and joint ventures, infrastructure projects, complex disputes, and operational challenges. The alliance aims to address these needs with a knowledgeable, well-coordinated legal approach.
With around 10,000 Korean businesses now operating in Vietnam, South Korea has emerged as the leading foreign direct investor (FDI) in the country. This flourishing economic relationship presents an array of legal challenges and opportunities, which the Vietnam-Korea practice unit is primed to meet. As clients seek legal guidance on various matters, both firms stand ready to provide tailored solutions that reflect local insights blended with international expertise.
Vo anticipates that the collaboration will evolve dynamically, involving the deployment of joint legal teams for transactions that necessitate specialized expertise from both firms. Over time, as the partnership matures, Korean clients will benefit from a comprehensive suite of legal services in Vietnam, allowing them to navigate the complexities of the local market with confidence and ease.