backKing & Spalding represented Fulbright University Vietnam (FUV), Vietnam’s first private non-profit university that originated from the Fulbright Economics Teaching Program with Harvard University, on the successful signing of a project financing package for US$37m from the US International Development Finance Corporation (DFC). The firm worked for the client on a pro bono basis and the achievement is a culmination of eight months of hard work, involving nearly 300 hours of transactional support and close coordination of available expertise across multiple K&S offices.
The package will finance FUV’s new campus in Ho Chi Minh City, Vietnam, a project that seeks to close the gap between the demand for skilled employees in Vietnam’s workforce and educational opportunities in the country, which currently falls short of what Vietnam and the region need for further development. Through its new campus, FUV plans to support Vietnam and the region in addressing complex and cross-cutting challenges including climate change, defensive cybersecurity, and urbanization. Prime Minister of Vietnam Pham Minh Chinh witnessed the signing ceremony, which was held on the margins of the US-ASEAN Special Summit in Washington, D.C. More details can be found here.
“The entire Fulbright Board of Trustees, Administration, Faculty and Students, share a debt of gratitude for all of the hard work and time the King & Spalding team put in to get the financing from DFC done and over the finish line,” said Henry Nguyen, Chairman of Phoenix Holdings and founding member of FUV’s Board of Trustees. “Valuable and meaningful contributions like this are essential to help us establish a firm foundation for this important institution, and we are delighted to have signed the deal during Prime Minister Chinh’s recent visit to the US.”
Vietnam International Law Firm (VILAF) acted as FUV’s Vietnam counsel, also on a pro bono basis.