News

Only 20% of Vietnam’s fund managers profitable

Old_Vietnamese_coinsDespite a 20% increase in assets under management, only one in five of Vietnam’s fund managers are profitable, according to statistics from the State Securities Commission (SSC). The SSC vice chairman Pham Hong Son told local newspaper Vietnam News that the industry’s assets grew to $13.4 billion in 2019 but just ten out of 47 of the country’s fund managers are “making a profit and expanding in the market”. Son added that the SSC is planning to tighten the licensing process for new companies and introduce new operating rules for existing companies in an effort grow the country’s funds market. This would help Vietnamese fund managers “meet international standards and practices and keep the local equity market developing in a sustainable and secure manner”, said Son. Meanwhile, one of Vietnam’s profitable fund managers, SSI Asset Management Company (SSIAM) has signed a memorandum of understanding with South Korea-based NH-Amundi Asset Management which will see the former’s funds products promoted in South Korea. “Vietnam is the fastest growing country in the emerging markets. However, there are still limited ways to invest in the Vietnamese market,” said chief executive of NH-Amundi Young-hoon Bae. “With the MoU, NH-Amundi will develop various products to provide Korean investors with opportunities to invest in the market,” he said. ©2020 funds global asia

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