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Vietnam Financial News

Vietnam Business » Vietnam Financial News » Japan Asia, Vietnamese partners set up two funds

Japan Asia, Vietnamese partners set up two funds

Japan Asia Group has set up two investment funds in Vietnam and Japan in cooperation with Vietnamese partners, Thang Long Securities Joint-Stock Co., a transaction agent for the funds, said Tuesday.

The Vietnam Dream Fund, set up in Japan, has an initial size of US$60 million, and the MB Japan Asia Fund in Vietnam will start with VND200 billion ($10.5 million), Thang Long said in a statement released at a press conference in Hanoi. The size of the funds will eventually be raised to $100 million and 1 trillion dong, respectively, according to the statement.

"We are very optimistic about the outlook of the Vietnam stock market," Yusuke Masuda, president of United Investments Co., the unit of Japan Asia that set up the funds with MB Capital Management Co., said in an interview in Hanoi Tuesday. "With a small scale initially, we will increase it gradually in line with the development of Vietnams stock market."

The two funds, which will start operating in June, are part of a partnership agreement that Japan Asia Group, Aizawa Securities Co., Japan Securities Inc., MB Capital and Thang Long signed in Hanoi Tuesday. The benchmark VN Index of Vietnamese stocks has declined 1.7 percent this year after rallying 57 percent in 2009.

Under the agreement, the Japanese and Vietnamese partners will support each other in attracting capital from Japan into Vietnam through securities and real estate funds. The pact will also help Vietnamese enterprises who want to list on the Japanese stock market as well as Japanese companies that want to list in Vietnam, according to the statement.

Vietnam Business And Financial News Network. Source [thanhniennews.com]

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