Clifford Chance pulls out of Vietnam

The firm's regional managing partner for Asia, John East, reportedly says the offices in Hanoi and southern Ho Chi Minh City will probably close in the first half of next year.

Clifford Chance opened in Vietnam in 1994 when economic indicators in the region looked good. It is understood, however, that investors have since found it the most expensive and bureaucratic business areas in the region.

East says the firm has maintained good ties with the Government, which will allow Clifford Chance to return if things pick up