Law firms thrive on back of growing Lao economy
Law firms thrive on back of growing Lao economy
As the Lao economy flourishes with the greater inflow of foreign direct investment, more legal services are required by companies setting up operations in the country.
To cater to this need, VNA Legal Sole Company Limited, an international law firm with an office in Vietnam, opened an office in Vientiane on Wednesday at the Vientiane Plaza.
The opening ceremony was attended by officials from the ministries of Justice, Planning and Investment and Industry and Commerce, as well as representatives from various businesses.
VNA Legal partner Mr Konrad Hull said “We see that there is growing potential in Laos with more and more foreign direct investment. We also believe in the future growth of Laos and that such growth is sustainable.”
Mr Hull also observed that there have been many changes in the region as well as in Laos because of surging economic growth and stated that “with Laos soon to join the WTO, there will be and have been substantial changes to laws to facilitate this process, which changes should encourage further investment”.
VNA Legal provides advice in all areas of industry and commerce to multi-national and corporate, financial and industrial clients for both local and cross-border commercial transactions.
“As an international law firm, we have extensive regional and international experience and with the potential growth in Laos, we decided to establish a business here,” Mr Hull said.
“As we have offices in both Vietnam and Laos focusing on foreign direct investment into both countries, we have been able to promote Laos' investment potential to Vietnamese and international investors, and many of them have indicated they are interested to explore opportunities in Laos.”
“Obviously having an office in Vietnam as well, we see the potential for the cross referral of clients in each country with many international clients having investments regionally. Additionally, there are many Vietnamese investors coming to Laos and we see a potential market assisting them with their investments. Our services are primarily aimed at foreign direct investment into Laos and associated areas of law but can be used by anyone with a business or investment law need.”
VNA Legal Laos has three founding partners – one Australian, one French and one Vietnamese. The team includes foreign lawyers, foreign trained lawyers and Lao lawyers.
“All our partners have extensive regional knowledge and experience gained in leading law firms, and we also cooperate with local freelance lawyers where required,” Mr Hull said.
“While there are other foreign law firms in Laos, I don't think we'll have a problem with competition as we have a strong business network. Rather than competing, we see ourselves as servicing a growing need for international standard legal services and it is more about cooperation between the various law firms in Laos,” he added.
vientiane times
