 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) |
According to the The Investor newspaper in the Republic of Korea (RoK), the
asset management unit of Mirae Asset Financial Group of the RoK will acquire 100
percent of stake in Tin Phat Fund Management Joint Stock Company and then sell
30 percent of stake to Vietnam’s State Capital Investment Corporation (SCIC) to
form a legal entity in Vietnam.
Chairman of the Mirae Asset Financial Group Park Hyeon-joo said the joint
venture will serve as Mirae’s forward base in the Southeast Asian market. The
group will introduce new funds in Vietnam while diversifying its investment
portfolio in real estate, infrastructure and private investment funds.
In April last year, the group’s venture capital arm, Mirae Asset Venture
Investment and Korea Investment Partners (KIP) poured investment capital worth
10 million USD into Vietnam-based mobile platform provider Appota.
The RoK conglomerate Lotte Group’s credit card arm has fulfilled all procedures
to take over Techcom Finance, a subsidiary of the Vietnam Technological and
Commercial Joint Stock Bank (Techcombank). The financial term of the deal was
estimated at dozens of millions of USD.
According to the clinched deal, Lotte Card has been the first RoK credit card
firm to hold an operation licence in Vietnam.
Foreign investment in the sector is forecast to increase in the future as
financial technology (fintech) companies are drawing greater interest from
foreign investors.
Vietnamese startup community witnessed large deals from foreign sources like a
28 million USD investment by Standard Chartered Private Equity and Goldman Sachs
in the M-Service Joint Stock Company who owns the MoMo app. Champion Crest 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 the Amigo
Technologies JSC.
CEO of HSBC Vietnam Pham Hong Hai said that foreign investors are upbeat about
Vietnam’s economic prospect and they are expanding production-business
activities in the market.
“Economic development will open opportunities for banking sector due to the
increasing financial demand”, he noted.
Source: VNA
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