Canadian insurer Manulife plans to raise VND250 billion (US$15.5 million) from a new investment fund in Vietnam, the government said Tuesday. The State Securities Commission said in a statement that Manulife would establish the Manulife Progessive Fund (MAFPF1). It planned to raise VND250 billion by selling 25 million fund certificates with a face value of VND10,000 dong each. The statement did not provide details of when the sale would take place. Source: Reuters … [Read more...] about Manulife to launch Vietnam investment fund
Vietnam investment fund
By Thuy Trieu - The Saigon Times Daily HCMC - Shareholders of Vietnam Enterprise Investments Fund (VEIL) and Vietnam Growth Fund (VGF), both managed by Dragon Capital, on Monday decided to keep the funds active in Vietnam given the country's good prospect. During the meeting of the funds' shareholders in HCMC on Monday, the management tried to convince shareholders about the bright future outlook of Vietnam's market. According to a statement issued by Dragon Capital, the annual general meetings saw an unusually high turnout, at 66% for VEIL and 66.8% for VGF. All resolutions were voted in line with the recommendations by the boards of directors, including votes against wind-up of the funds. VEIL and VGF had been in the spotlight as VR Capital, a Moscow-based fund manager with holdings in the funds, backed the wind-up of the funds. With 83.24% of those voting at VEIL's meeting and 89.22% at VGF's meeting voting against the wind-up, it is clear however that the substantial majority … [Read more...] about Dragon Capital to maintain Vietnam investment funds
Vietnam Investment Fund (VIF), the largest of its kind in Vietnam, made its debut in Hanoi on March 14. The fund was co-founded by the Bank for Investment and Development of Vietnam (BIDV), which contributed VND96 billion, and the Vietnam Partners LLC of the US, whose capital contribution is VND80 billion. The VIF management board said that in the coming time the fund will prioritise projects involving in real estate, mineral resource exploitation, industries, services and post and telecommunications. Operating in closed membership of 20 leading groups, corporations and businesses in Vietnam, VIF was granted a license to mobilize VND1.6 trillion at maximum and operate for 10 years. Selecting HSBC as its monitoring bank and KPMG as its auditor, and putting itself under the management of the BIDV-Vietnam Partners Investment Management Joint Venture (BVIM), VIF commits to provide professional services for investors in Vietnam. … [Read more...] about Vietnam’s largest investment fund begins operation
VietNamNet Bridge - While some foreign investment funds have had their operation extended in Vietnam, domestic funds are less lucky. The anticipated death Forty seven investment fund management companies have been licensed, which have been the funds with the minimum capital of 25 billion dong. Many of them have been managing two or more investment funds, while all of them have been incurring heavy losses during their operation. Two management companies have been put under the special control for six months, namely the Huu Nghi Fund Management Company and Thanh Viet Fund Management Company, after they were found as unable to meet the requirements on financial security. Like many other investment funds, SSIVF with the capital of 1.7 trillion dong was set up in 2007, when the Vietnamese stock market was at its peak. However, the business has been performing badly due to the sharp falls of the stock prices. The dissolution of SSIVF was anticipated earlier this year, which … [Read more...] about Domestic investment funds retire from the market
The Prudential Balanced Fund (PRUBF1) initiated by UK fund Prudential Vietnam Fund Management Co (PVFMC) has obtained the securities regulator's nod to list on the local bourse December 4. With the approval, PRUBF1 will be the second fund to list on the Ho Chi Minh City Securities Trading Center after VF1 (Vietnam Investment Fund). The fund plans to list 50 million PRUBF1 units with a face value of VND10,000. The fund's total assets value had jumped to VND525 billion (US$33 million) to date, from the initial VND500 billion ($31.2 million). According to Andy Ho, PVFMC fund manager, the fund has finished its disbursement. Under the PRUBF1's plan, it invested 35 percent of the money in stocks and 65 percent in debt papers. Market view After consecutive multi-day jumps, the VN-Index plunged 2.15 points to close 638 Tuesday with 19 listed stocks gaining and 26 others suffering loss. The market trading volume reached 4.79 million shares worth VND374 billion ($23 … [Read more...] about Second investment fund, PRUBF1 to list on market
Golden Bridge, a Republic of Korea financial group, announced Friday its establishment of the US$19 million investment fund Blue Ocean specializing in securities and real estate projects in Vietnam. The fund will be managed by the Golden Bridge Asset Management Co., an affiliate of the Golden Bridge Group. Golden Bridge's President Ly Sang Joon said the initiative to set up the fund stemmed from an investment wave to Vietnam from the RoK. Vietnam was a promising land for investment and was emerging as the second fastest growing economy in Asia, Ly said, whose ancestors interestingly originated from Vietnam. According to President Ly, the Golden Bridge Group will establish another investment fund next year to expand its fields and forms of investment in Vietnam. Source: VNA … [Read more...] about RoK group sets up Vietnam investment fund
VinaCapital Group - manager of the Vietnam Opportunity Fund (VOF) - has recently raised US$58 million in Europe and the US to bring the fund's total capital to $95 million, local newspaper Tuoi Tre reported. The new cash injection is 2.5 times higher than the previously expected, said Don Lam, managing director of VinaCapital when returning from his trips to the EU and US. VinaCapital has agreed to manage investment activities of Pacific Alliance Group in Southeast Asia. "VinaCapital is a Vietnamese fund manager but we believe that experts of the group can develop a trans-national investment portfolio, including in Singapore, Thailand, and Malaysia," said Chris Gradel, managing director of the Asian investment fund, valued at some $100 million. VinaCapital Group is a leading investment banking and fund management company with unrivalled experience in the emerging Vietnam market. The investment fund VOF is currently listed on the London Stock Exchange. (Source: Tuoi Tre … [Read more...] about Vietnam investment fund VOF raise capital to US$95 mil.
Dragon Capital, the largest institutional investor in the Vietnamese stock market, is raising up to US$100 million in a new fund that will invest in Vietnam, Laos and Cambodia. Its Chief Executive Dominic Scriven said on February 29 that the group looks for investment opportunities as the Vietnamese government embarks on a major effort to privatize state-owned assets. "We are hoping to reach a first close in the first half of this year, raising US$50 million to US$$100 million...This will be used to invest in private companies in Vietnam, Cambodia and Laos," he said adding that most of the money to be raised by Dragon's new IndoChina Opportunities Fund will go to Vietnam. "Vietnam is our big home market. In geopolitical terms, and therefore also in economic terms, Vietnam is creating a zone of influence in Indochina principally as a counterweight to the influence of China.” “There are strong flows of capital, politics, aid and people from Vietnam to Laos and … [Read more...] about Dragon Capital to raise Vietnam investment fund
Fund management companies are being lifted to a successful year by the recovery of the economy and the stock market, according to a three-day investors conference organised by French firm Jaccar. With its first two days in HCM City and a final day in Hanoi , the first-ever event gathered around 100 foreign investors from around the world for an opportunity to meet with the CEOs and CFOs of 40 listed companies. Represented companies were drawn from such sectors as retail, petroleum, tourism, pharmaceuticals, telecommunications, banking and finance, rubber and industrial park management. "Vietnam is Asia's rising star and is attracting investors from around the globe, thanks to a budding export sector and fast-expanding consumer market which makes the country's growth rate one of the region's most exciting," said Teo Chang Seng, acting CEO and executive director of HLG Unit Trust Bhd, which manages an equity and growth fund, the HLG Vietnam Fund, launched in February 2008. Conference … [Read more...] about Market recovery lifts investment funds
Vietnam’s first real estate investment fund IndochinaLand Holdings of the Hong Kong-based Indochina Capital was set up in May 2005 with an initial capital of US$42 million. After more than one year, IndochinaLand Holdings decided to set up the second real estate investment fund in Vietnam with an estimated capital size of US$150-200 million. A promising landAccording to specialists, the landing of foreign financial funds into Vietnam has proven the fertility and potentiality in this country. First of all, its high economic growth of 7-8 per cent a year, only after China, its increasing foreign investment capital inflow, its growing overseas remittance volume, its upcoming WTO entry and its improving legal environment make the Vietnamese market in general and the real estate market in particular attractive to foreign investors. Besides, according to foreign investors, Vietnam has a young population (about 70 per cent of the population aged under 35) and higher and higher per … [Read more...] about Real Estate Investment Fund: Able to Warm up Market?