Following the footsteps of Japan, the Republic of Korea (RoK) and China, Vietnam may be the next Asian tiger, said Chris Wolf, co-chief investment officer of Cogo Wolf Asset Management. “If you look at the horizon now, it looks like Beijing in its heyday. It's construction cranes everywhere,” Wolf said in an article on Investor's Business Daily on August 18. Vietnam's young work force has a 90 percent literacy rate but earns less than its Chinese counterparts, Wolf said, adding that his firm plans to invest 1 to 2 percent of its 100 million USD in assets into the first Vietnamese stock listed on the New York Stock Exchange - the Vietnam ETF. He quoted Vietnam’s State Bank Governor Nguyen Van Giau as saying in a recent statement that Vietnam's gross domestic product may expand between 5 to 5.2 percent this year thanks to stimulus plans, compared to the 3.9 percent growth in the first half of the year. Foreign investors are attracted by Vietnam's “highly skilled … [Read more...] about Bản in : World asset manager views Vietnam as next Asian tiger
Global asset management firm
Vietnam’s banks to sell bad debt to asset management company
Lenders assessed by the central bank to have bad-debt ratios of 3 percent and above will be required to comply, Nghia said today, citing a final proposal that is awaiting the prime minister's review and approval. The government plans to set up the company this month, according to Cao Sy Kiem, member of the National Financial and Monetary Policy Advisory Council. "We will use our figures on the bad debt of each commercial bank, not the reported numbers from the banks," Nghia told Bloomberg News in Hanoi. Prime Minister Nguyen Tan Dung's administration has missed an earlier target for the asset management company that will tackle non-performing loans estimated by credit ratings companies and market participants at as much as 20 percent, according to JPMorgan Chase and Co. The economy last year expanded at its slowest pace since 1999, as elevated levels of bad debt crimped consumption and stifled business expansion. The asset management company "is not a magic bullet, but it's part of … [Read more...] about Vietnam’s banks to sell bad debt to asset management company
Two management firms collaborate for new fund
Two management firms collaborate for new fund By Dinh Dung - The Saigon Times Daily HCMC - Fund management companies Saigon Asset Management (SAM) and RNG Invest signed a strategic partnership agreement on Tuesday to set up a new offshore fund for investments in Vietnam. Thanh said SAM and RNG planned to invite a special group of investors and advisors into this fund which will comprise top industry executives and domain expert investors in Vietnam and abroad. Speaking at a briefing before the partnership signing ceremony in HCMC on Wednesday, Thanh said RNG Invest planned to launch and raise a local fund worth US$50 million, targeting local companies and investors who are experts in property, infrastructure and household products. "We see opportunities abound as the Vietnamese economy is recovering from the global financial crisis," Thanh said. "We also realize that alliances with influential companies will allow a greater number of attractive investment targets as well as access to … [Read more...] about Two management firms collaborate for new fund
Swiss asset management firm, Vietnam bank ink strategic deal
Switzerland's UBS Global Asset Management (UBS AM) entered into a strategic partnership for asset management Monday with the state-owned Bank for Foreign Trade of Vietnam. The deal will allow clients of Vietcombank - as the bank is known - to invest in foreign securities markets using the Swiss company's services. UBS AM will name Vietcombank its exclusive agent in Vietnam and assist in staff training and technology upgrades. … [Read more...] about Swiss asset management firm, Vietnam bank ink strategic deal
Asia’s rich wary of global banks managing money: Portcullis TrustNet
Wealthy Asians are increasingly wary of letting banks look after their money and would rather use smaller asset managers instead, according to one of the region's leading lawyers to the ultra rich. David Chong, chairman of Asia's largest independent trust company, Portcullis TrustNet, said huge fines imposed on banks for helping clients evade taxes, along with scepticism over the objectivity of bank advice is prompting affluent Asians to look elsewhere. "Increasingly, wealthy families do not trust the big global banks," Chong said at the Reuters Global Wealth Management Summit. … [Read more...] about Asia’s rich wary of global banks managing money: Portcullis TrustNet