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Corporate/M&A

Corporate/M&A

Key Contacts

Cambodia

Laos

Myanmar

Thailand

Vietnam

OVERVIEW

Our business and legal acumen sets clients on the path to business success.

Tilleke & Gibbins serves both international clients wishing to acquire operations in Asia and domestic clients wishing to invest in businesses abroad. We help companies structure and implement strategic transactions to achieve their business goals.

Our global and regional expertise in mergers, acquisitions, joint ventures, corporate restructuring, and other vehicles for equity investment accelerates integration and partnerships that span industries. With international legal experts throughout Southeast Asia, we are able to assemble a team for each matter that is tailored to the exact needs of each client. Our clients also tap into our worldwide network of associated law firms to assist with cross-border transactions, and benefit from our unique ability to negotiate and draft strong contracts in languages including Thai, Vietnamese, Japanese, Chinese, and English.

Our renowned one‐stop center for strategic legal advice and assistance on all corporate needs affords clients convenience and economy of costs. We specialize in the mechanics of starting and operating a business across Southeast Asia, including registration, licenses and permits, company secretarial services, tax matters, employment, immigration, regulatory affairs, and property.

Experience

  • Worked closely with Tsar & Tsai Law Firm to represent CTBC Bank, one of the largest privately owned banks in Taiwan, in its THB 4.2 billion (approx. USD 128 million) direct acquisition of an additional 10.99% stake in LH Financial Group Public Company Limited, which owns LH Bank, among other subsidiaries in Thailand.
  • Represented a leading pharmaceutical company in Thailand and Vietnam in connection with its merger with another multinational pharmaceutical company. We advised on various commercial agreements. We also provided guidance on the procedural steps and permits required before and after the integration of the two companies and implications in terms of employees, businesses, licenses, reorganization, etc. After the integration became effective, we helped the subsidiaries comply with various legal requirements and assisted our client in obtaining the necessary permits.
  • Helped a manufacturer establish a subsidiary for the purpose of relocating its production facility to Thailand. The project was promoted by the Board of Investment and had an investment value of more than THB 100,000,000. We reviewed the joint venture agreement and advised on corporate law, relevant regulations, and necessary permits. We assisted the client in obtaining  permits from the Industrial Estate Authority of Thailand and the Board of Investment to buy land and initiate the project. In addition, we conducted a thorough review of the deposit agreement, land purchase and sale agreement, and utilities service agreement.
  • Represented Amcor, a leading manufacturer and distributor of metal, plastic, and paper packaging, in the acquisition of five Thai subsidiaries of Alcan Packaging from Rio Tinto. Our representation was part of a larger global acquisition valued at US$1.95 billion.
  • Conducted due diligence on behalf of a financial institution considering whether to finance the build out of a state-owned operator’s planned 3G network in Thailand and advised the financial institution regarding risk factors. The proposed loan amount as publically disclosed exceeded USD 500,000,000.
  • Advised a diversified manufacturing company in regard to Thailand acquisition financing related to its global acquisition of a plastic division in a USD 11.6 billion cash deal. We assisted in the acquisition of the Thai subsidiaries of the plastic division.
  • Acted on behalf of Summit Capital Leasing Company Limited, a Sumitomo Corporation Group company, in the THB 2 billion sale of its auto leasing business to Ayudhya Capital Auto Lease Public Company Limited.
  • Advised a financial fund from Australia on establishing a subsidiary for the purpose of acquiring the pharmaceutical department of a large multinational corporation in Thailand. In order to facilitate this key acquisition, we provided guidance on the regulations on importing and distributing pharmaceutical products in Thailand, as well as on the establishment of a Thai subsidiary. We assisted the client in obtaining approval from the Board of Investment of Thailand. By providing related tax advice, we were able to help the client plan and mitigate tax implications of importing and distributing products from Australia, including advice on regulatory requirements from the Food and Drug Administration. The total value of the project exceeded USD 20,000,000.
  • Represented Saab AB, a leading European security and defense company, in its acquisition and joint venture of 40% shares of Avia Satcom Co., Ltd. and its three local subsidiaries. Avia Satcom is Thailand’s leading supplier of high-tech telecommunication products to defense customers and it provides such services as systems integration and software development, telecommunications and support solutions, and aircraft modification and avionics services.
  • Assisted a Japanese plastics molding company in its share acquisition of a foreign-owned injection molding subsidiary with over 900 local employees in two separate facilities.
  • Assisted in structuring an airline alliance. As two major international carriers were organizing a joint venture, the firm was approached to assist. The joint venture is now in operation, and has helped to position both carriers for improved profitability.
  • Applied for and obtained an investment certificate for a rapidly expanding U.S. Internet company to set up shop and conduct business in Vietnam. Worked with the client to secure a local joint venture partner and structured the deal to allow the client to retain independence and control of the company.
  • Advised a leading producer of semiconductor processing equipment on contracts between the target company and a third party.
  • Secured an Alien Business License for the world’s leading online booking website, which was a first and landmark achievement in this industry. Despite the fact that the governing authorities normally reserve all tourism operations for Thai nationals, we succeeded in convincing these decision makers of the great value that this business would add to Thailand and its economy. We coordinated and secured the approval of each authority and, ultimately, obtained the Alien Business License for our client.
  • Represented the world’s leading car seat maker in critical negotiations with the Board of Investment (BOI) on potential revocation of all benefits and privileges, which could have led to damages of over USD 20,000,000. In addition to our overwhelming victory at the BOI, we successfully obtained several Alien Business Licenses, which will allow the clients’ subsidiaries in Thailand to provide service to affiliates in the region.
  • Represented a leading electronic toll collection system provider as its sole legal counsel since the commencement of its operations in Thailand in 2006. In this capacity, we have assisted our client in bidding for government contracts, obtaining BOI promotion, and all other compliance matters.
  • Assisted a leader in branded lifestyle apparel on all aspects of establishing a Regional Operating Headquarters (ROH) in Thailand, including legal assistance on leasing approximately 1,000 square meters of office space.
  • Assisted a subsidiary of a Korean manufacturing conglomerate in establishing a branch office in Thailand to operate a service business for a project of an international energy company.
  • Applied for and obtained an investment certificate for one of the largest pharmaceutical companies in the world. This included researching complex licensing and capitalization issues to limit the company’s liability and advised on the proper amount of investment capital.
  • Assisted a successful Malaysian trading company in establishing a representative office in Thailand to source consumable and non-consumable products, verify the quality of the products, and report to its head office.
  • Helped a diversified steel products company select the appropriate Vietnamese business model  and adapt their documents for doing business in Vietnam.
  • Helped a multinational company establish a foreign direct investment company engaged in the import/export and distribution of mobile phones and computers.  The established company is one of the few foreign-owned companies permitted to do business in this sector in Vietnam.
  • Advised a leading pharmaceutical company that previously operated as a representative office in Vietnam on establishing a pharmaceutical import company.  We assisted the client with closing its representative office and establishing the wholly-owned foreign enterprise to import pharmaceutical products.
  • Provided in-depth advice to a global software solutions provider on doing business in Vietnam.
  • Advised an international technology company on operating a representative office in Vietnam, including advising on the scope of work of a representative office, employment matters, tax matters, and government filing requirements. We prepared Vietnamese and English versions of labor contracts.
  • Prepared the application dossier and all additional documentation required to establish a 100% foreign-owned company engaging in the distribution of industrial tools in Vietnam. We also assisted the client with leasing office space.

PROFESSIONALS

RELATED INSIGHTS

July 10, 2026
Vietnam has taken a significant step in regulating its e-commerce sector with the issuance of a new decree guiding the country’s recently enacted Law on E-Commerce. Decree No. 248/2026/ND-CP, issued on June 30, 2026, and taking effect the following day, addresses mandatory platform policies, registration requirements for offshore platforms, additional obligations on platform operators, and market access conditions for foreign investors. Mandatory Policy Contents The decree sets out detailed guidance on the required contents of various platform policies, covering pricing, payment, display priority, livestream sales, delivery, returns, method of service provision, and service termination and refunds. Clarification of Obligations for Platform Operators The decree provides clarification of the obligations applicable to platform operators. Notably, intermediary e-commerce platform operators with online ordering functions must: Collect specific information to implement electronic identity verification of sellers; Cooperate with regulators by reporting online through the state e-commerce management system and by blocking, suspending, or removing content upon request of a competent authority; Maintain a mechanism to store contract data, including price, product or service information, and parties’ information, for at least three years from the date of contract conclusion; and If qualifying as a “large digital platform” under consumer protection law, maintain an online system for receiving and handling complaints and requests, and comply with enhanced content-removal requirements. Registration Requirements for Offshore Platforms Offshore e-commerce platforms, whether direct-sales, intermediary, social-network-based, or integrated, that conduct e-commerce activity in Vietnam must register with the Ministry of Industry and Trade if the platform: Allows Vietnamese-language selection; Uses a “.vn” domain; or Reaches 100,000 or more transactions with Vietnam-based buyers within a calendar year. Notably, the registration requirement now captures not only traditional intermediary platforms, but also direct-sales platforms. Foreign Investment Conditions Foreign investors holding a controlling interest in an intermediary e-commerce platform, a social media platform
June 23, 2026
Thailand’s Board of Investment (BOI) has significantly revised its post-approval compliance framework for projects that receive investment promotion incentives, replacing the previous semiannual reporting system for project progress with a new quarterly reporting regime. The initial report is due by July 30, 2026, covering the second-quarter reporting period of April to June 2026. The new requirements—implemented through BOI Announcement No. 8/2569 and Office of the BOI Notification No. Por. 8/2569, both of which became effective on March 30, 2026—apply both to newly promoted projects and to existing promoted projects that remain in the implementation stage. Background Under the previous reporting framework, BOI-promoted companies that had not yet commenced full operations were generally required to submit reports on project progress to the BOI twice a year (February and July) through the BOI’s e-Monitoring system. By adopting a quarterly reporting regime, the BOI seeks to strengthen monitoring and evaluation of investment progress and project implementation. Reporting Requirements Under the new regulations, BOI-promoted companies must submit project progress reports on a quarterly basis during the implementation phase of a promoted project. The reporting periods and submission deadlines are: Q1 (January–March): April 30 Q2 (April–June): July 30 Q3 (July–September): October 30 Q4 (October–December): January 30 of the following year The quarterly reporting obligation runs from the date the BOI promotion certificate is issued until the BOI grants approval for commencement of full operations. For newly promoted projects, no quarterly report is required for the quarter in which the BOI promotion certificate is issued—the first reporting obligation arises in the immediately following reporting period. All project progress reports must be submitted electronically through the BOI’s e-Monitoring system. The existing annual reporting requirement also remains in effect, requiring promoted companies to submit an annual operating results report through the e-Monitoring system by July 31 of
June 9, 2026
On April 28, 2026, the Central Bank of Myanmar (CBM) issued Notification No. 18/2026 introducing the new Foreign Remittance Business Regulations. The new regulations apply to companies intending to operate foreign remittance businesses in Myanmar that are not licensed banks, non-bank financial institutions, or other financial institutions. The regulations supersede and replace the previous regulatory framework governing foreign remittance businesses under CBM Notification No. 21/2019. While the overall structure remains familiar, the new regulations introduce more detailed requirements for licensing, operations, reporting, and compliance, with a stronger focus on transparency and regulatory oversight. Broader Licensing Requirements Under the new regulations, applicants must submit detailed business plans describing the use of information technology and mobile platforms, along with clear plans for handling remittances from workers abroad and resolving customer complaints. Financial Thresholds and Reporting Requirements The baseline financial thresholds remain unchanged. Licensees must maintain a security deposit of MMK 100 million in an escrow account, along with a separate revolving fund dedicated solely to remittance operations. The new regulations introduce more structured reporting obligations. Licensees are now required to submit daily remittance transaction data by the next business day before noon, in addition to monthly and periodic reporting requirements. Foreign bank account statements must also be submitted regularly, and licensees must provide updates on business operations every six months. Strengthened AML and CFT Framework The new regulations place a greater emphasis on anti-money laundering (AML) and counter financing of terrorism (CFT), with tighter controls over management changes. Any changes in shareholding, share transfers, or the appointment of key management personnel such as the managing director require prior approval from the CBM. Licensing Fees and Validity The new regulations increase licensing costs, while maintaining the same validity period of three years. The new regulations provide more detailed grounds for suspension and
June 4, 2026
On May 19, 2026, the Cabinet of the Royal Thai Government approved, in principle, revisions to Thailand’s visa exemption scheme and visa on arrival (VOA) program, as proposed by the Ministry of Foreign Affairs and the Ministry of Tourism and Sports. The revisions represent a tightening of Thailand’s immigration framework and will affect a broad range of short-term visitors. Background On July 15, 2024, Thailand expanded its visa exemption scheme by increasing the permitted period of visa-exempt stay from 30 days to 60 days in order to promote tourism, support the country’s post-pandemic economic recovery, and facilitate international travel. Under this revised scheme, passport holders from 93 countries and territories (an increase from the previous 57 countries and territories) have been permitted to enter Thailand without a visa and remain in the country for up to 60 days per entry for purposes including tourism, business engagements, urgent work, and ad hoc assignments. In addition, eligible visitors may apply at the Thai Immigration Bureau for a further 30-day extension of stay. Key Changes The proposed revisions would revoke the current 60-day exemption and reinstate the previous stay period, thereby reducing the maximum permitted stay for eligible travelers to 30 days per entry. In addition, the number of countries and territories eligible under the 30-day visa-exemption scheme is expected to be reduced to 54. The scope of the VOA scheme would likewise be significantly narrowed, with the number of eligible countries reduced from 31 countries to just four (Azerbaijan, Belarus, Serbia, and India). Further, Thailand is expected to introduce a new 15-day visa exemption category for nationals of Seychelles, the Maldives, and Mauritius. The revised framework would also limit each country or territory to a single visa exemption privilege in order to simplify Thailand’s immigration framework and reduce overlapping immigration privileges.
AWARDS & RANKINGS
May 11, 2026
Tilleke & Gibbins has continued to show excellent performance in the recently released Benchmark Litigation 2026 rankings for dispute resolution firms in the Asia-Pacific region. The rankings include two jurisdictions where Tilleke & Gibbins is active: Thailand and Vietnam. Firm Rankings A full summary of the firm’s rankings is provided below: Thailand Commercial & Transactions – Tier 1 Government & Regulatory – Tier 1 Labor & Employment – Tier 1 Intellectual Property – Tier 1 Trade & Customs – Tier 2 Vietnam Commercial & Transactions (Foreign Firms) – Tier 1 Intellectual Property (Foreign Firms) – Tier 1 Labor & Employment (International Firms) – Highly Recommended (top tier awarded in this category) White Collar Crime – Recommended (top tier awarded in this category) Energy & Construction (Foreign Firms) – Tier 2 International Arbitration – Tier 2 Individual Rankings The 2026 edition also recognizes 12 Tilleke & Gibbins lawyers in Thailand—more than any other firm in the jurisdiction—and four in Vietnam. Thailand Alongkorn Tongmee – Trade & Customs Chitchai Punsan – Commercial & Transactions Chusert Supasitthumrong – Labor & Employment John Frangos – Commercial & Transactions Noppramart Thammateeradaycho – Shipping Nuttaphol Arammuang – Intellectual Property Piyawat Vitooraporn – Commercial & Transactions Pongpalin Chantrapirom – Commercial & Transactions Suebsiri Taweepon – Intellectual Property Suruswadee Jaimsuwan – Commercial & Transactions Thawat Damsa-ard – Commercial & Transactions Tiziana Sucharitkul – Commercial & Transactions, Government & Regulatory Vietnam Duc Anh Tran – Commercial & Transactions Linh Duy Mai – Intellectual Property Loc Xuan Le – Intellectual Property Tu Anh Tran – Commercial & Transactions Benchmark Litigation’s annual research is based on interviews with dispute resolution specialists and clients, as well as analysis of recent casework and market developments. To view the full results, please visit the Benchmark Litigation websites for Thailand and Vietnam.
April 16, 2026
Tilleke & Gibbins has been recognized in the In-House Community (IHC) Firms of the Year 2025, with acknowledgments across a broad range of practice areas in Thailand and Vietnam. The results are based on feedback from in-house counsel across Asia Pacific, reflecting client perspectives on the quality and responsiveness of legal services. In Thailand, the firm received recognition in 13 categories, including 12 Firm of the Year awards and one Honorable Mention. The Firm of the Year recognitions cover: Antitrust / Competition Capital Markets Corporate & M&A Employment Energy & Projects Intellectual Property International Arbitration Litigation & Dispute Resolution Restructuring & Insolvency Taxation Technology, Media & Telecommunications Most Responsive International Law Firm – Thailand The firm also received an Honorable Mention for Real Estate & Construction. In Vietnam, Tilleke & Gibbins was recognized in seven categories. The firm received Firm of the Year awards in: Employment Intellectual Property Litigation & Dispute Resolution Technology, Media & Telecommunications Most Responsive International Law Firm – Vietnam In addition, the firm received Honorable Mentions for International Arbitration and Real Estate & Construction. The IHC Firms of the Year recognitions are based on voluntary survey responses, client feedback, testimonials, and independent research conducted by the IHC team, rather than a submission-based or benchmarking methodology. While not intended to be exhaustive, the results provide a useful snapshot of client sentiment within the in-house legal community. The full results are available on the IHC website.