He said the firm still had good ties with the government, which had left the door open for Clifford Chance to return. Clifford Chance officially opened in Vietnam in 1994 at a time when the country was riding a wave of optimism it would be the next Asian economic tiger. Those expectations have since foundered on what investors say is one of the most bureaucratic and expensive business environments in the region. Other foreign law firms say they also have had slower business this year because of Vietnam's poor business climate. Various ministries have drawn up a three-year economic reform agenda that covers trade, the private sector, state companies and banking, but officials have declined to say when that programme might be formally endorsed and implemented.
Officials also deny Vietnam has delayed economic reforms.