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Indochine Counsel advised TLC Modular Group in relation to investment by Goldman Sachs Asset Management

Indochine Counsel Press Release

As announced by the parties, on 5 October 2021, Goldman Sachs Asset Management (GS) has completed an acquisition of majority stakes in TLC Modular, a group with business interests in Singapore, Australia, New Zealand and manufacturing and design facilities in Vietnam. Indochine Counsel acted as the Vietnamese legal counsel for TLC Modular Group in this transaction.

The transaction involved the internal restructuring of TLC Modular Group and a complex arrangement for a long-term relationship whereby GS will re-capitalize TLC to enable the business to grow to meet opportunities in New Zealand and global markets. In Vietnam, TLC has three subsidiaries engaged in production and export of pre-fabricated steel structured modules for housing, hotels and other real estate. It is expected that the investment and finance support from GS with a view to long term relationships between the parties will support the expansion of TLC business to meet the significant demand of clients in the target markets.

The Indochine Counsel team was led by Partner Phan Anh Vu, assisted by Associate Dang Hoan My and Truong Cong Thanh.

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

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