Acquiring a foreign-invested company in Vietnam means buying its regulatory history, not only its business. The target already holds an investment registration certificate, an enterprise registration certificate, a capital account and, often, land and sector licences, and each of those documents records commitments the buyer will step into. Because the foreign-invested company survives the transaction,…

Foreign exchange risk is a pricing issue in Vietnamese M&A, not a treasury afterthought. A buyer that values a target in US dollars will pay in a deal whose completion accounts, tax filings and capital account movements are all denominated in Vietnamese dong. Between signing and closing the rate moves, and unless the contract says…

Merger control in Vietnam is a merger control filing obligation, not a competition opinion. The question is mechanical: does the transaction amount to an economic concentration, and do the parties, taken as whole corporate groups, cross any one of the statutory thresholds? If both answers are yes, notification to the National Competition Commission is mandatory…

M&A approval is the single item that most often decides when a Vietnamese deal can close. It is not a general consent to the transaction but a specific decision by the provincial investment authority that a foreign investor may acquire the interest it has agreed to buy. Because the change of shareholder or member cannot…

Foreign ownership limits decide what a term sheet can promise, so they belong at the front of the process. A signed term sheet that contemplates a stake the law does not permit is not a negotiating position; it is a document that will have to be renegotiated once counsel reaches the market-access analysis. Checking foreign…

Foreign investor acquisitions in Vietnam succeed or fail on sequence. The legal steps are not difficult individually, but they have to happen in an order that matches how the authorities work: eligibility before price, diligence before signing, approval before registration, and registration before payment. A foreign investor that reverses any of those steps ends up…

Purchase price payment, ownership transfer and handover are three separate events, and a Vietnamese deal fails when they are treated as one. Money can move before title passes, title can pass before the register is updated, and the register can be updated before the buyer actually controls the company. The purpose of closing mechanics is…

Conditions precedent are the contractual expression of everything that cannot be fixed before signing. They exist because a Vietnamese transaction frequently needs a regulatory decision, a third-party consent or a corrective step that no amount of drafting can make instantaneous. Well-drafted conditions precedent give both parties a defined path to closing; badly drafted ones give…

Vietnam M&A transactions close on documents, not on intentions. The gap between an agreed deal and a completed one is filled with corporate resolutions, regulatory decisions, register entries and delivery of originals, and each of them has an owner and a date. This checklist sets out what has to exist at signing and what has…

Financial investors and founders fall out over predictable things, and almost all of them can be documented in advance. The disagreement is rarely about whether the company should succeed. It is about time horizon, control and information: founders build for the long term and want operational freedom, while financial investors answer to their own fund…

Exit provisions are the part of an investment agreement that is negotiated last and relied on most. An investor does not realise a return by holding shares; it realises one by selling them, and the route it can use is determined years earlier by the words in the shareholders’ agreement. Well-drafted exit provisions set out…

Exit rights are the reason a private equity investor can commit capital to a company it does not control. A fund has a finite life and must return money to its own investors, so the ability to realise the investment on a defined timetable is not a negotiating luxury; it is the condition on which…