CLMV (Cambodia, Laos, Myanmar and Vietnam) Projects and Finance Update
Sponsored by: VDB Loi, Japan Institute for Overseas Investment (JOl)
Supported by: Japan Bank for International Cooperation (JBIC)
Southeast Asia’s so-called “CLMV” markets, comprising Cambodia, Laos, Myanmar and Vietnam, offer more growth potential in a number of sectors than almost anywhere in Asia. In this highly practical seminar, local legal expert VDB Loi combines a detailed deal round-up with practical experience on getting financing deals through. Which energy or infrastructure projects are going ahead? Which sectors move the most? Which projects are the next to be seeking international lenders in Myanmar, but also Cambodia, Laos and Vietnam?
Through case studies and real life examples, VDB Loi explains how to best structure financing deals, what are common due diligence challenges, which projects actually receive sovereign guarantees, and how debt is enforced in default situations.
- The brand new Myanmar LNG/gas power rental tender
- Update on planned hydro power projects in Laos
- Which power projects are in the pipeline in Cambodia?
- Case study on structuring options of LNG/gas to Power in Myanmar
- Update on the Hanoi-Ho Chi Minh City hi-speed railway
- Real life case study project financing in Laos
- Sovereign guarantee regional updates
- Who is bidding on the Yangon Expressway PPP?
- Hot topics on enforcement and security in CLMV
|8.30am – 9.00am||Registration|
|9.00am – 9.10am||Welcome Address & APLMA Initiative|
Chief Executive Officer, Asia Pacific Loan Market Association
|9.10am – 9.20am|| CLMV Projects and Finance Update|
1. Deal roundup
– The Government’s new tender for a 100MW PV (solar) plant
– Stake in an existing coal-fired plant for sale
– Financing acquisition of microfinance institutions
– Transmission line financing update
– Hydropower projects update
– What is the status of the Lao-China expressway?
– LNG to Power and hydropower projects progress update
– Now allowed: acquiring a 35% stake in Myanmar banks and insurance
– Update on Yangon Elevated Ringroad project and other PPPs
– Retail and wholesale liberalized
– Key Points of Myanmar’s New LNG/Gas Power Rental tender
– The Hanoi-Ho Chi Minh City hi-speed railway project
– Cai Mep Terminal project and opportunities in the port sector
– Industrial infrastructures in Vietnam (Steel and warehouses)
– Renewable Energy opportunities (Solar power generation plants)
|9.20am – 9.40am|| 2. Due diligence case studies|
– Acquiring a stake in a Myanmar bank: what to expect in the due diligence?
– Case study: Financing of a medical facility in Laos
– Financing the acquisition of a stake in a producing power asset in Cambodia
– Lessons learned from the Xe-Pian Xe-Namnoy dam collapse in Laos
– Case study: what went wrong with this (canceled) expressway project in Vietnam?
|9.40am – 10.00am||3. Deal structuring|
– Financing the acquisition of a large MFI in Cambodia: Case study in deal structure
– How to best structure an LNG to power project in Myanmar? FSRU, LNG supply, surprising tax rules
– Case study: Tax efficient structure for an infrastructure project financing in Vietnam
– How to structure a transmission line financing in Laos?
|10.00am – 10.20am||Break|
|10.20am – 10.40am||4. Local approvals and government guarantees|
– How is the new regulation on PPP and Government guarantees in Myanmar affecting current projects?
– How workable are Vietnam’s new Government guarantee rules?
– Case study: Approval package for financing an expressway in Laos
– Cambodia’s tax rules on approving foreign loans
|10.40am – 11.00am||5. Security package and debt enforcement|
– Security package for a solar plant in Cambodia: registration and enforcement issues
– Real lessons learned from the first High Court and Supreme Court cases in Myanmar on foreign arbitration
– Case study on enforcing security in Laos as a foreign lender
– Litigation and debt enforcement experiences in Vietnam all foreign lenders should be aware of
|11.00am – 11.20am|| South East Asia Project Finance Overview|
[to be presented by APLMA PF Committee Chair/ SMBC representative]
|11.20am – 12.00pm||Panel Discussion:|
– Debt on security enforcement in CLMV: The Achilles heel?
– Is there a trend towards less rather than more foreign exchange restrictions?
– Sovereign guarantees: Country differences and practical insights
– Edwin Vanderbruggen
– Jean Christophe Levens, Senior Advisor of Bred Singapore
– Maxim Kobzev, Counsel, VDB Loi
– Yash Shah, Senior Vice President, Global Structured Finance, SMBC
More to be announced…
Edwin is the senior partner of VDB Loi and a leading foreign legal advisor living in Myanmar since 2012. A frequent advisor to the Government on transactions and privatizations in energy, transportation and telecom, he is widely recognized for his “vast knowledge” (Legal 500) and his ability “to get difficult things through the bureaucracy ” (Chambers, 2016). He advises international financial institutions on their largest Myanmar transactions, oil and gas supermajors, a greenfield multi- billion US$ telecom project and the Japanese Government on the Thilawa SEZ. He assisted two newly licensed foreign banks setup in Myanmar, acted for the sponsor of an 800MUS$ urban infrastructure PPP project and worked on 6 out of 7 power deals inked in 2016.
Chief Executive Officer
Asia Pacific Loan Market Association
After a career in the banking industry spanning 39 years (Bank of America, BNP Paribas, HSBC, ANZ), Andrew established a consulting business in Hong Kong in 2012, of which several large and well- known companies and law firms became clients. He delivered the APLMA Certificate Course in Hong Kong, Singapore and Sydney in 2016-17 and then undertook an intensive research project for the APLMA in 2017 before becoming Advisor to the Board of APLMA in February 2018. He was appointed as Chief Executive Officer of the APLMA in November 2018.
Andrew was educated at Southampton University in England and the London School of Economics, is an Associate of the Chartered Institute of Banking, a Fellow of the Hong Kong Institute of Directors and twice served as the Chairman of the Hong Kong Capital Markets Association.
Senior Legal Counsel
Maxim is counsel with VDB Loi finance team. His practice focuses on cross-border and local project financings, corporate loans, pre-export facilities and restructurings. Maxim advises both borrowers and lenders, commercial banks, corporations and development institutions with particular focus on complex projects in the banking, infrastructure, oil & gas, mining and metals and manufacturing sectors and transactions in the emerging markets.
Senior Vice President
Sumitomo Mitsui Banking Corporation
Head of Structured Finance
International department, BRED Banque Populaire