Since the 1986 Đổi Mới reform, Vietnam’s economy has achieved new heights that astonished even its people. From a deeply poor country, the living standard of the country has increased continuously, while Vietnamese entrepreneurs and investors can confidently compete in the global economy.

We should examine what is behind the success of the Vietnamese economy, therefore allowing us to find the right path ahead. And who could have given us better advices than a friend of Vietnam?

Giles Cooper is Co-Director for Duane Morris Vietnam, a subsidiary of the international law company Duane Morris. He is an expert in the area of corporate and commercial laws in South East Asia. In the last two decades, Mr. Cooper has advised many high-profile investors and international brands in “cracking the Vietnam’s codes” and successfully entering the Vietnamese market. They include redBus, Hard Rock Café, Damen Shipyard Group, etc.

Another topic of interests to Mr. Cooper is the renewable energy sector. As the team lead for the Duane Morris Energy industry group, Mr. Cooper has given his expertise to several foreign partners who operate in the Vietnamese renewable energy market. For example, a German government agency who collaborated with the Ministry of Industry and Trade of Vietnam to introduce a legal framework for renewable energy projects in the country.

To commence his achievements, Mr. Cooper has received several awards, notably a Leading Individual in the Legal 500 Asia Pacific 2018 for Corporate and M&A in Vietnam, and a Highly Regarded Lawyer by the IFLR1000 2019 for both Capital Markets: Equity and M&A in Vietnam. He is also a member of the of the Vietnam Corporate Governance Initiative, the Advisory Council on Corporate Governance, and the Chamber of Commerce in Vietnam of Australia, America, Europe, and Japan.

Mr. Giles Cooper

Can you share a bit about yourself?

Mr. Cooper: I am a lawyer who has been helping foreign investors do business in Vietnam for nearly 20 years.  I help them from the moment they start to consider approaching this market to the moment they exit the market. 

My clients tend to be MNCs and are active in a wide range of sectors, from manufacturing to energy, banks, retailers and insurance companies etc.  I am also a husband and a father to two wonderful children.

How would you describe yourself in a sentence?

A committed Vietnamphile (if there is such a word), working to help sustainable growth and development of the country. 

Can you please talk a bit about the circumstances that led you to Vietnam?

I have a very close friend who came here in the mid-90s to work in journalism.  I came to visit him in 1999, intending to explore the country a bit and then move on.  That was 20 years ago and I have not left.

What is your initial impression about the country? Does it hold up today?

I was a typical wide-eyed newbie.  I was picked up from the airport by my friend on a motorbike and driven helmet-less via a rutted dirt road into the city.  At that time, Hanoi barely had any cars or traffic lights so was very different from today.  Everything was a shock to the senses but I was exhilarated from day 1.  So much has changed since then, including me being two decades older and having a family.  But Vietnam still exhilarates me daily in different ways.

Have you visited many places in Vietnam? Where does it strike you the most? In addition, what do you think of the Vietnamese people you have met?

Yes, I have travelled around most places in Vietnam from North to South.  Early on, I spent a lot of time driving motorbikes in the far North which I love. Ha Giang remains one of my favorite places on the planet.  The scenery is incredible and the people are so friendly up there.  I remember more than one occasion when we were forced to stop in random locations and people would offer us food and places to sleep for no reason other than we needed food and shelter.  Poor people, rich in kindness and humanity.

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In the last decade, the government, private companies, and the Vietnamese people have shown more inclination toward sustainable development, economic growth in tandem with social equality and preserving natural resources. Vietnam is one of the countries most affected by global warming; therefore, it is in our immediate interest to create a roadmap for sustainable development.

Mr. Cooper has contributed considerably to Vietnam’s effort in developing sustainably. First, he has given legal advices to many high-profile infrastructure projects such as GE Energy’s 65 wind turbines for the Bac Lieu wind farm, or the US$450 million waste treatment plant in Ho Chi Minh City. He is also an advisor to the Vietnamese government and many international partners in creating a legal framework that encourages the growth of the renewable energy market. We surely can learn some lesson from Mr. Cooper’s assessment and advices here.

As an expert on corporate laws and a member of several commerce organizations, what is your assessment on the current state of the Vietnamese economy and legal environment?

The macro picture is clearly strong.  Vietnam has enjoyed an unparalleled period of economic growth and development over the past 20 years and has a great deal to be proud of, particularly in the way it has pursued a clear policy to integrate into the global economy through trade and investment treaties and liberalization of commercial and investment laws.   On a micro level, there is still more to do particularly around effective and impartial enforcement of laws.  It is also essential, I think, that Vietnam takes active measures to protect the environment and the interests of those less well off.  Economic growth cannot come at all costs.

(Source: Internet)

Can Vietnam expect more high-profile foreign-invested infrastructures and property development projects such as shipyards, fiber cable networks, and waste management factories? Is there any obstacle to foreign investment in Vietnam?

Yes, Vietnam can definitely expect more high profile investments; there is plenty of needs and sufficient underlying fundamentals to ensure that.  There are obstacles though, and I hope the government will be proactive in identifying and resolving them.  Many of the obstacles are problems and delays caused by day-to-day bureaucracy and red tape that can be removed or improved with the right will and some effort.  There are some big picture obstacles too, particularly with respect to infrastructure development that needs a clear and effective enabling environment, which does not currently exist.

Do you think that international franchises that seek to operate in Vietnam are interested in cooperating with local entrepreneurs? How can we encourage this instead of competition or M&A?

Yes, they are certainly interested in co-operating with local entrepreneurs.  They need confidence though that their contractual agreements will be effective and enforceable on a practical level.  Without that, there will be hesitancy and/or risk premiums factored into the deals and that will hold back Vietnam’s full potential. 

What is your opinion on the future of renewable energy market in Vietnam?

The potential for renewable energy to power Vietnam’s future growth is immense.  Estimates are that solar alone could generate up to 5 times more than Vietnam’s current total generation capacity.  However, reality is currently a long way from potential and the sector has developed chaotically so far.  I live in hope that this can be fixed by strong and decisive action from the Party and the government.  Vietnam is one of the countries most affected by climate change globally and air pollution is getting worse and worse.  Rational and sustainable development of Vietnam’s renewable energy potential is fundamental to Vietnam and its people’s physical and economic well-being.

What is the role of the government in encouraging renewable energy projects besides creating an appropriate legal framework?

Clear policy decisions and messages from the very top are needed to send a message to the market and the Vietnamese people that renewable energy is vital to future health and prosperity.  The enabling environment needs strong leadership in fact as well as law.

Finally, from your expertise, on which topic do you think Vietnam can do better for a sustainable development?

For me, the renewable energy sector is front and center in terms of underpinning Vietnam’s sustainable development.  The resource is there, the demand is there and the interest among investors and developer is there. The opportunity is there to be seized.

Thank you very much!