Image of Duc Tran

Duc Tran

Partner

Email

duc.tran@aoshearman.com

Phone

+84 28 6288 4949

Offices

Ho Chi Minh City

Hanoi

V-CARD
Duc is Senior Partner of Vietnam. He advises domestic and international clients such as regional and global financial institutions, major corporations and private equity funds, across the spectrum of M&A, capital markets, banking, project finance and real estate transactions, with a focus on complex cross-border work.

Duc advises domestic and international clients such as regional and global financial institutions, major corporations and private equity funds, across the spectrum of M&A, capital markets, banking, project finance and real estate transactions, with a focus on complex cross-border work. With over 25 years of experience, he is widely regarded as one of Vietnam’s pre-eminent lawyers having led numerous landmark transactions and contributed to the development of Vietnam’s legal framework. 

Duc serves as the co-head of the Investment and Trade Working Group and is a member of the Capital Markets Steering Committee of the Vietnam Business Forum (VBF), an ongoing policy dialogue channel between the Government of Vietnam and the business community. He also serves as the Director of the Lawyer Training Centre under the Vietnam Bar Association and is a Board Member of the Ho Chi Minh City Bar Association. 

Prior to joining the firm in 2013, Duc was the managing partner of a leading Vietnamese law firm. 

Expertise

Industries

Experience

Representative matters

  • KKR on its USD650m investment in Vinhomes (one of Vietnam’s leading real estate developers), EQuest Education Group (an education platform), KiotViet (a leading merchant platform for micro and SMEs), and Masan Group (one of Vietnam’s largest conglomerates) and its subsidiaries.
  • EQT Private Capital Asia (f/k/a Baring Private Equity Asia) on (i) a USD400m investment by a consortium led by it and Alibaba in The CrownX, the integrated consumer retail arm of Masan Group. Best M&A Deal (Vietnam), The Asset Triple A Country Awards 2021; (ii) its investment in the Vietnam USA Society International JSC, an education business in Vietnam.
  • Sumitomo Corporation on the joint venture with a local shareholder in relation to the development of the USD4.2b next-generation "smart city" in Hanoi, Vietnam.
  • Sembcorp on its USD160.3m acquisition of majority interests ranging from 73% to 100% in various subsidiaries of Gelex. The transaction will add 245MW of operational wind, solar and hydropower assets to Sembcorp's current Vietnam portfolio.
  • JERA on its acquisition of an equity interest in Vietnam-based Gia Lai Electricity Joint Stock Company, a renewable energy platform listed on the HOSE.
  • United Overseas Bank Limited (UOB) on the Vietnam aspects of its acquisition of Citigroup’s consumer banking franchise in Vietnam, Indonesia, Malaysia and Thailand for approximately SGD4.915 billion.
  • Thai Beverage Plc (ThaiBev) on its USD4.8bn acquisition of a majority stake in Saigon Beer Alcohol Beverage Corporation (Sabeco), Vietnam’s largest brewer, via a competitive offering process. The transaction represents Vietnam’s biggest privatization to date.
  • Kinh Do Corporation on its USD465m sale of its confectionery business to Mondelēz International, the world’s leading snack company.
  • Vingroup on a USD200m sale of a 20% equity interest in its subsidiary Vincom Retail to a consortium led by Warburg Pincus.
  • Novaland on the USD250m investment by a Warburg Pincus-led consortium into Novaland.
  • Gaw Capital in relation to several property projects in Vietnam, including the USD1.2bn joint venture to develop the 86-storey Thu Thiem Observation Tower in Ho Chi Minh City.
  • International lenders on financing for Vietnam’s leading corporates and financial institutions, including Vingroup, Vinhomes, VinFast, Masan Group, Novaland, Home Credit, FE Credit.
  • Sponsors on various thermal power plants in Vietnam, including O Mon 2, Van Phong 1, and Nghi Son 2.
  • Lenders (including ECAs) on various thermal power plants in Vietnam, including Dung Quat 2, Song Hau 1, Phu My 2.2, Long Phu 1, and Vinh Tan 1 BOT.
  • Commercial lenders and ECAs on the financing of the USD9bn Nghi Son Refinery, the largest refinery project and one of the largest project financings in Vietnam to date.
  • Creditors in the restructuring of Vinashin and issuing notes in exchange for USD600m debts.
  • Initial equity offerings by Techcombank, VietJet, Vincom Retail and Vinhomes, the largest ever offering in Vietnam.
  • Bond issuances by Vietnam’s leading corporates such as Vingroup, Novaland, BIM Land, and Vinpearl, and The Government of the Socialist Republic of Vietnam.
  • VND-denominated bond issuances guaranteed by CGIF and GuarantCo.

Leadership Positions And Professional Affiliations

  • Co-head, The Investment and Trade Working Group of the Vietnam Business Forum (VBF).
  • Member, Capital Markets Steering Committee of the VBF.
  • Director, The Lawyer Training Centre under the Vietnam Bar Association.
  • Board Member, Ho Chi Minh City Bar Association.

Recognition

“He is superb in his Vietnamese financing, M&A and capital markets knowledge and knows all the relevant regulators.”
CHAMBERS ASIA PACIFIC 2024 (CORPORATE AND M&A - VIETNAM)
“He's our go-to Vietnamese lawyer and is highly responsive.”
CHAMBERS ASIA PACIFIC 2023 (CORPORATE AND M&A - VIETNAM)

Awards

  • Certificate of Merit for the development of Vietnam’s local legal community, Ministry of Justice of Vietnam, 2024.

Qualifications

Admissions

Admitted as a lawyer, Vietnam, 2002

Academic

LLB, Hanoi Law University

M&A Advanced Negotiation Course, London

Project Finance Training Course, London

Loan Negotiation Training Course, Singapore

Languages

English
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.