What are the most significant cases and transactions that your legal team has recently been involved in?

In 2023, my legal team assisted a P2P lending company in a big cooperation transaction with an international bank in Vietnam. We researched, consulted, and successfully applied a business model to ensure the borrower’s ability to pay the bank even though the loans are unsecured. This is a pioneering business model in Vietnam, helping to take advantage of banks’ financial resources as well as expand the customer base of fintech companies. I also directly negotiated with the bank’s legal team to achieve favourable terms for the fintech company, making contract implementation easier and less of a financial burden for our company.

In 2022, my team supported a fintech company in obtaining a fund certificate distribution agent license with the specific scope of distribution in the online environment. This is the first time the Vietnam State Securities Commission has granted this license to a company with majority foreign capital and is the first license issued within the scope of online distribution.

I represented a high-tech equipment manufacturing company to claim insurance compensation for the loss of 1bn VND. When I took over the case, the insurance event had occurred over six months ago and all efforts to prove the damage and claim compensation from the shipping company were fruitless. I analysed and evaluated each piece of gathered evidence and successfully claimed the full insurance amount.

In 2022 and 2023, my team consulted on and directly supported a media company on a debt collection worth over 3bn VND. We applied the provisions of the Civil Code to claim the validity of the contract and request payment. The partners paid the requested payment in full. This is noteworthy because companies in Vietnam are facing financial difficulties, and tend to request delayed repayments, or only pay when faced with strong legal demands.

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

We drafted and issued a set of model contracts applicable to member companies in the group. Most of our sample contracts are only one to two pages, while other terms are referenced in the terms and conditions posted online. This model significantly reduces time spent reviewing contracts with partners, saves on administrative paperwork costs, and significantly increases work efficiency.

How do you see the general counsel role evolving in Vietnam over the next five-ten years?

As regulations become more complex and stringent, there may be an increased emphasis on compliance matters. General counsel may need to enhance their understanding of domestic and international regulations to ensure that their organisations operate within the legal framework.

Secondly, as businesses face increasing risks in a dynamic and interconnected world, general counsel will likely play an important role in managing legal risk. They may need to develop proactive risk management strategies and provide advice to senior management to mitigate potential legal issues.

Vietnamese companies may choose to build larger in-house legal teams to minimise dependence on external law firms, especially for routine legal matters. This may lead to an increased need for experienced general counsel to effectively lead and manage these groups.

What are some of the main trends impacting your industry in Vietnam?

Vietnam is undergoing a digital transformation across various sectors, including finance, retail, manufacturing, and government services. Businesses are adopting digital technologies to streamline operations, improve efficiency, and enhance customer experiences. This trend is driven by factors such as increased internet penetration, mobile device adoption, and government support for digital initiatives.

The growth of e-commerce in Vietnam is transforming the retail landscape. Online services and shopping platforms, both local and international, are gaining popularity among consumers. This trend is fuelled by the increasing affordability and accessibility of smartphones, improved logistics infrastructure, and rising consumer confidence in online transactions.

As the digital ecosystem expands, and cyber threats rise, the need for robust cybersecurity measures becomes increasingly important. Companies are investing in cybersecurity infrastructure and expertise to protect their systems, data, and customer information.