Bao Viet Fund Management Co officially submitted its application to set up the securities fund BVF1 to the State Securities Committee last week, stated Dang Thi Hong Phuong, director of BVFMC.
The BVF1 that is organised according to the model of member fund is capitalised by six insurance businesses with the investment capital scope of 500 billion dong.
Phuong hoped that in June, the BVF1 will be licensed to set up. Therefore, the fund will come in operation in the third quarter this year (July) at latest.
The birth of the BVF1 will bring the number of the licensed funds in Vietnam to four funds. Three previously licensed funds consist of Vietnam Securities Investment Fund (VF1), Vietnam Investment Fund (VIF) and Vietcombank Part Fund 1 (VPF 1).