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Indochine Counsel Press Release – Ho Chi Minh City, Vietnam 8 June 2021

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Indochine Counsel advised Thaco Group in acquisition of 100% stake in E-mart Vietnam and strategic franchising arrangement with E-mart Inc.

Ho Chi Minh City — 8 June 2021 — Indochine Counsel advised Truong Hai Auto Corporation (Thaco Group) in acquisition of a 100% stake in E-mart Vietnam Co., Ltd. from South Korea’s largest retailer E-mart Inc. As part of the deal, the parties have also entered into a strategic franchise arrangement whereby E-mart will no longer operate its brand discount stores in Vietnam, but all stores will be operated by Thaco using the E-mart brand.

E-mart entered the Vietnamese market in December 2015 and opened its first and only hypermarket store in Go Vap District, Ho Chi Minh City. The retailer failed to realise its expansion plans due to challenges in securing licenses and development sites.

Thaco Group is one of the leading car manufacturers in Vietnam and the fourth-largest firm in the country. The group also owns a number of business sites and shopping malls. Via the strategic alliance, Thaco Group plans to open three discount stores in Vietnam next year and a total of 11 by 2026.

The deal represents a major agreement between one of Vietnam’s largest auto manufacturers and Korea’s largest retailer. Indochine Counsel represented Thaco from the initial discussions throughout the negotiation for the deal for both acquisition and franchise arrangement. The Indochine Counsel team was led by Managing Partner Dang The Duc, with support from Dang Hoan My (Associate), Thai Gia Han (Junior Associate) and Steven Jacob (Foreign Associate).

About Indochine Counsel

Indochine Counsel is one of Vietnam’s leading law firms. It is a business specialty firm with nearly thirty lawyers in both Ho Chi Minh City and Hanoi. Founded nearly 15 years ago, Indochine Counsel has six partners and is capable of handling both boutique services and large M&A deals. For more information about Indochine Counsel, please visit our website at http://www.indochinecounsel.com.

Links

https://www.koreatimes.co.kr/www/tech/2021/05/694_308997.html

https://www.dealstreetasia.com/stories/e-mart-exits-vietnam-thaco-241411/

https://www.vir.com.vn/locals-step-up-ma-retail-strategy-with-foreign-players-84303.html

Dang The Duc

Indochine Counsel Press Release – Ho Chi Minh City, Vietnam 7 June 2021

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Indochine Counsel advised EQuest Education Group in relation to the investment by KKR

Ho Chi Minh City — 7 June 2021 — Indochine Counsel acted for EQuest Education Group (EQuest) in relation to the investment made by KKR through KKR Global Impact Fund, as announced by KKR on 31 May 2021.

EQuest operates a diversified portfolio across the educational sector in Vietnam, focusing on four core segments including K-12 bilingual schools, tertiary and vocational institutions, English enrichment courses, and digital learning solutions. Its K-12 portfolio, which serves more than 9,000 students in its 8 campuses, has gained a strong reputation in Vietnam where there is a rapidly growing demand for an affordable bilingual curriculum with strong efficacy. As a group, EQuest has more than 110,000 students enrolled across its segments each year, positioning the Company as one of the largest private educational services providers in Vietnam. KKR is a leading global investment firm with US$367 billion of assets under management as of 31 March 2021.

The investment will be used to support EQuest’s expansion and advance its mission to provide students in Vietnam with affordable access to world-class education. Vietnam has a growing middle-class population with rapidly increasing demand for better education. With continued trends of globalization, English has become an essential employability skill, with proficiency in the language a high priority area for Vietnam’s national education goals. The Vietnamese government has also earmarked digital learning solutions as a strong area of focus as it seeks to further improve access to education.

The Indochine Counsel team was led by Managing Partner Dang The Duc and supported by Le Thanh Cong (Associate) and Pham Hoang Vu.

About Indochine Counsel

Indochine Counsel is one of Vietnam’s leading law firms. It is a business specialty firm with nearly thirty lawyers in both Ho Chi Minh City and Hanoi. Founded nearly 15 years ago, Indochine Counsel has six partners and is capable of handling both boutique services and large M&A deals. For more information about Indochine Counsel, please visit our website at http://www.indochinecounsel.com.

Links

https://www.businesswire.com/news/home/20210531005318/en/KKR-Invests-in-EQuest

https://equest.vn/kkr-invests-in-equest/

https://www.dealstreetasia.com/stories/kkr-education-platform-equest-243503/

Dang The Duc