Prudential Vietnam Investment Fund Co under Prudential Life Insurance Corp on June 10 officially opened and came into operations in HCM City. This is the fifth fund management company in Vietnam following such fund management companies as VFM, PXP, Vina Capital, Dragon Capital. Prudential Vietnam Investment Fund Co has chartered capital of 23 billion dong. The company is licensed to establish and manage securities investment funds, financial consultation and securities investment.
In short-term, Prudential Vietnam Investment Fund Co will start to manage member funds entrusted by Prudential Vietnam Life Insurance Co and some other organisations. After that, Prudential Vietnam Investment Fund Co will make necessary preparations for establishing a public fund when the State Securities Committee (SSC) licenses.
According to the SSC, establishing fund management companies is an important step during the process of building and developing financial intermediary institutions and is part of the government’s strategy on stock market development.
Prudential Vietnam Investment Fund Co was former investment division of Prudential Vietnam Life Insurance Co Presently, the company is managing more than 6.5 trillion dong or US$420 million from insurance premiums trusted by Prudential Vietnam.