The State Securities Commission has licensed Vietnam’s first fund management joint venture, the Viet-Fund Management Company (VFM). The $500,000 joint venture will operate the Viet-Fund, which is expected to be the first investment fund set up in Vietnam since the stock market opened in July 2000. Viet-Fund has yet to be approved by the commission. VFM was granted its licence last week, following Prime Minister Phan Van Khai’s approval earlier this month. The State Securities Commission (SSC) is also considering licensing fund management companies under the Phuong Nam Commercial Bank and TVH Corporation. Sacombank chairman Dang Van Thanh said VFM would create a new investment channel to lure idle money from the public, “and will help investors with professional investment management services”. Dragon Capital partner John Shrimpton said licensing the first securities fund management firm in Vietnam was a fresh move in developing the country’s financial market. “The move proves the government believes in foreign investors having a part in the financial market and in fundraising activities. It is a good signal for international investors.” VFM director and Dragon Capital partner Tran Thanh Tan said after VFM was licensed, his firm would continue to seek SSC approval for the Viet-Fund….
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