Vietnamese law firms are looking to establish a presence in the previously restricted legal market of South Korea, according to a spokesman at the Korean Ministry of Justice.
The spokesman said that around four Vietnamese firms have sought to apply for a licence to practice on a consultant basis. In September, laws allowing foreign law firms to practice as consultants came into effect. In its commitment to free-trade agreements, Korea will open its legal market to foreign firms in a three-step process, with full liberalisation planned for 2016.
Although no firms have officially applied, firms hailing from the ASEAN region – a substantial number from Vietnam – have “shown interest” in opening there, said the spokesman. To be eligible to practice as consultants, foreign lawyers must have worked in Korea for at least three years and also have lived locally for at least 180 days of the year.
The managing partner of one of Vietnam’s largest firms said that it’s likely that Vietnamese firms with established alliances or ties to a Korean firm would look to apply.
Korea is one of the biggest investors in Vietnam, with investment estimated to have reached US$16bn according to official figures. Korean firm Yulchon in 2007 opened an office in Ho Chi Minh to capture a stake in the niche market. Although the firm is seeking to partner with a Vietnamese firm, no official alliances have been established. “There are many chances to work with local firms because Korean companies are very active in doing business in Vietnam,” said Eric Yang, a partner in the Vietnam office. “We don’t have an official alliance with a Vietnamese firm but we do have good relations with some.”
Yang added that with the current limitations on foreign firms, it’s premature for any to set up offices at present. “In the future there might be a possibility of Vietnamese companies doing business in Korea but at the moment these activities are very limited and basically their firms are not yet able to handle these kinds of transactions [to advise on local law],” he said.
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