Asset management unit of Mirae Asset Financial Group will acquire 100 percent of stake in Tin Phat Fund Management Joint Stock Company(Photo: nhadautu.vn)Hanoi (VNA) – Foreign investors have poured nearly 1.5 trillion USD inVietnam’s finance, banking and insurance sectors as of the end of January,according to statistics from the Foreign Investment Agency under the Ministryof Planning and Investment.
According to the The Investor newspaper in the Republic of Korea (RoK), theasset management unit of Mirae Asset Financial Group of the RoK will acquire 100percent of stake in Tin Phat Fund Management Joint Stock Company and then sell 30percent of stake to Vietnam’s State Capital Investment Corporation (SCIC) toform a legal entity in Vietnam.
Chairman of the Mirae Asset Financial Group Park Hyeon-joo said the jointventure will serve as Mirae’s forward base in the Southeast Asian market. Thegroup will introduce new funds in Vietnam while diversifying its investmentportfolio in real estate, infrastructure and private investment funds.
In April last year, the group’s venture capital arm, Mirae Asset VentureInvestment and Korea Investment Partners (KIP) poured investment capital worth10 million USD into Vietnam-based mobile platform provider Appota.
The RoK conglomerate Lotte Group’s credit card arm has fulfilled all proceduresto take over Techcom Finance, a subsidiary of the Vietnam Technological andCommercial Joint Stock Bank (Techcombank). The financial term of the deal wasestimated at dozens of millions of USD.
According to the clinched deal, Lotte Card has been the first RoK credit cardfirm to hold an operation licence in Vietnam.
Foreign investment in the sector is forecast to increase in the future asfinancial technology (fintech) companies are drawing greater interest from foreigninvestors.
Vietnamese startup community witnessed large deals from foreign sources like a28 million USD investment by Standard Chartered Private Equity and GoldmanSachs in the M-Service Joint Stock Company who owns the MoMo app. ChampionCrest under the Hong Kong-based fintech firm Credit China Fintech Holdings Ltd,also splashed out 12.73 million USD buying a large amount of shares in theAmigo Technologies JSC.
CEO of HSBC Vietnam Pham Hong Hai said that foreign investors are upbeat aboutVietnam’s economic prospect and they are expanding production-businessactivities in the market.
“Economic development will open opportunities for banking sector due to theincreasing financial demand”, he noted.-VNA
VNA
