The financial position of Vietnamese law firms today
Vietnam's legal services sector has been growing steadily, driven by foreign direct investment, cross-border M&A and the increasing sophistication of domestic businesses. Compared with the more mature markets of the region, however, Vietnamese law firms remain modest in financial scale. Even the leading domestic firms generate revenues that are a fraction of those reported by the largest firms headquartered in Singapore, and most Vietnamese firms are small or medium-sized practices.
Law firms in Vietnam are not required to publish their financial statements, so any revenue figures circulating in the market should be read as estimates rather than verified data. The comparisons below are therefore indicative and focus on structural differences rather than precise numbers.
Scale compared with other markets in the region
Singapore is the region's leading hub for legal services: it hosts the regional offices of many international firms as well as large regional firms that operate across several ASEAN jurisdictions. Thailand, Malaysia and Indonesia each have established domestic firms and a strong presence of international and regional firms serving foreign investors. Vietnam's market is younger: the Law on Lawyers dates from 2006, and the domestic profession has grown rapidly since, but the largest Vietnamese firms are still considerably smaller than the regional leaders in both revenue and headcount.
Headcount structure and operating costs
A key competitive advantage of Vietnamese firms is a significantly lower cost base. Salaries for lawyers, office rents and overheads in Hanoi and Ho Chi Minh City are well below those in Singapore and, generally, below those in the other major ASEAN capitals. On the other hand, the largest Vietnamese firms typically employ in the order of one to two hundred lawyers, whereas leading regional firms can field several hundred lawyers across multiple offices — which matters for large, multi-jurisdictional transactions.
Specialisation and practice areas
Vietnamese firms have traditionally concentrated on corporate and commercial work, real estate, investment licensing and employment. In recent years, more specialised practices have developed, including technology, data protection, intellectual property and international dispute resolution. Firms based in Singapore and Thailand are generally stronger in banking and finance, capital markets, large-scale M&A and international arbitration. Many Vietnamese firms are responding by forming alliances or referral relationships with international and regional firms to broaden their service offering.
Legal fee levels
Professional fees in Vietnam are generally lower than in other Asian markets for comparable work. Hourly rates vary widely with the seniority of the lawyer and the complexity of the matter, and many domestic clients prefer fixed fees or retainers rather than hourly billing. Lower fees make Vietnamese firms attractive to small and medium-sized enterprises and to foreign investors with straightforward needs, but they also limit the investment firms can make in specialist teams, knowledge management and technology — which affects their ability to compete with international firms on the largest projects.
Development trends and future opportunities
Over 2026–2028, demand for legal services in Vietnam is expected to keep rising on the back of economic growth, deeper international integration and the needs of foreign-invested enterprises. To strengthen their competitive position, Vietnamese firms will need to invest in technology, train and retain talent, and expand their international networks. Some firms are already building a presence in other ASEAN markets or through cooperation with foreign firms.
Conclusion
Vietnamese law firms still occupy a modest position on the Asian legal map in terms of financial scale and capacity, but they are steadily improving thanks to their cost advantage and the fast growth of the domestic market. Specialisation, consistent service quality and international cooperation will be the decisive factors in closing the gap with regional leaders.
Quick Q&A
Are the revenues of Vietnamese law firms publicly available?
No. Vietnamese law firms are not required to publish financial statements, so revenue figures cited in the market are estimates and should be treated with caution.
Why are legal fees in Vietnam lower than in Singapore or Thailand?
Mainly because of a lower cost base — salaries, office rents and overheads — and a domestic client base that often prefers fixed fees or retainers over hourly billing.
Can a Vietnamese law firm handle a cross-border transaction?
Many can, particularly where Vietnamese law governs the key issues. For multi-jurisdictional deals, Vietnamese firms commonly work alongside foreign or regional firms that advise on the other legal systems involved.
Note: This article summarises rules in force at the time of publication and is for general reference only; it is not a legal opinion on any specific matter. Legislation may be amended — please check the latest text or consult a lawyer before acting.