Korea`s Mirae Asset Global Investments is forming a joint venture with Vietnam`s State Capital Investment Corporation (SCIC), according to the former`s announcement on February 26.
The firm will acquire a full stake in Tin Phat Management Fund and issue shares worth 30% of its total holdings to SCIC's subsidiary SIC to form the joint venture.
Mirae Asset Global Investment, however, did not respond to Hanoitimes' enquiries regarding the deal.
After the acquisition is completed, Mirae Asset will become the first Korean manager to set up an investment management entity in Vietnam.
Mirae Asset has been present in Vietnam since 2006 via its representative office which offers fund management advisory services to South Korean and Vietnamese clients. At the end of December 2017, Mirae Asset Securities was established.
The joint venture will serve as the firm's "forward base" in the Southeast Asian market, quoting Park Hyeon-joo, chairman of Mirae Asset Financial, in the company's statement. "We will actively cooperate with SCIC by sharing our know-how in the global market."
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country, according to a Pulse report. They include alternative investment offerings in real estate and infrastructure, the report said.
Recently, Mirae Asset Venture Investment, a subsidiary of Mirae Asset, and partner Korea Investment Partners (KIP), has invested in Vietnamese mobile platform Appota in last April.
Mirae Asset is a leading Korean financial corporation with presence and services in 15 countries and managing assets up to US$325 billion. A notable investment of Mirae Asset in Vietnam was the acquisition of Keangnam Landmark 72, Vietnam's tallest building, for US$350 million, through Mirae Asset Securities and AON BGN at ine end of 2016.
Another subsidiary of Mirae Asset, Mirae Asset Finance also provides consumer lending in Vietnam. The company recently increased its capital to VND700 billion (US$30.8 million) to expand its operations.
Mirae Asset Securities, with a charter capital of VND2 trillion (US$88 million) is the third largest securities company in Vietnam in this respect.
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country.
|
After the acquisition is completed, Mirae Asset will become the first Korean manager to set up an investment management entity in Vietnam.
Mirae Asset has been present in Vietnam since 2006 via its representative office which offers fund management advisory services to South Korean and Vietnamese clients. At the end of December 2017, Mirae Asset Securities was established.
The joint venture will serve as the firm's "forward base" in the Southeast Asian market, quoting Park Hyeon-joo, chairman of Mirae Asset Financial, in the company's statement. "We will actively cooperate with SCIC by sharing our know-how in the global market."
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country, according to a Pulse report. They include alternative investment offerings in real estate and infrastructure, the report said.
Recently, Mirae Asset Venture Investment, a subsidiary of Mirae Asset, and partner Korea Investment Partners (KIP), has invested in Vietnamese mobile platform Appota in last April.
Mirae Asset is a leading Korean financial corporation with presence and services in 15 countries and managing assets up to US$325 billion. A notable investment of Mirae Asset in Vietnam was the acquisition of Keangnam Landmark 72, Vietnam's tallest building, for US$350 million, through Mirae Asset Securities and AON BGN at ine end of 2016.
Another subsidiary of Mirae Asset, Mirae Asset Finance also provides consumer lending in Vietnam. The company recently increased its capital to VND700 billion (US$30.8 million) to expand its operations.
Mirae Asset Securities, with a charter capital of VND2 trillion (US$88 million) is the third largest securities company in Vietnam in this respect.
Other News
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses
- Vietnam calls for more US investment in innovation, hi-tech
- Vietnamese leader urges Boeing to build production facility in Vietnam
- Foreign capital pouring into Vietnam's real estate market
- Vietnam news in brief - August 24
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
Trending
-
Vietnam’s future path hinges on ASEAN robust development: Party Chief
-
Vietnam news in brief - November 24
-
Are Vietnamese people living healthier lives?
-
Finding ways to unlock Hanoi's suburban tourism potential
-
Hang Ma Street gears up for festive season
-
A Hanoi artisan turns straw into appealing tourism product
-
“Look! It’s Amadeus Vu Tan Dan” workshop - an artistic journey for kids
-
Vietnam news in brief - November 15
-
Experiencing ingenious spaces at the Hanoi Creative Design Festival 2024