The Bank for Foreign Trade of Vietnam, or Vietcombank, is joining forces with a Singaporean partner to set up a fund management joint-venture firm, said general director Vu Viet Ngoan.
The Vietcapital Management firm will have 16 billion dong (US$1 million) in chartered capital, with Vietcombank holding a 51 stake, he said.
Ngoan declined to name the foreign partner in Vietcapital but said that was a company specialising in fund management business.
Vietcombank, confident that it will get its way, has put some advertisements in local papers to find experts and specialists for the venture. “We expect to get a license soon as the government favours a plan to develop Vietcombank into a multifunctional group,” Ngoan said.
Vietcapital will manage a member fund that will be set up later. Ngoan did not give an exact figure about the size of the fund but said it would be less than US$20 million. In what fields it will invest also remains undisclosed.