Templeton targets Vietnam
Tuesday, 26 August 2008 12:40pm
Templeton Asset Management Ltd has established an office in Ho Chi Minh City, deepening its operations in the emerging markets arena.
According to Templeton, the new office will focus on emerging markets investment research as well as the promotion of financial services projects that will contribute to the development of the Vietnamese stock market and securities sector.
"Vietnam is a young market, but the potential is immense. We believe it will grow to become one of Asia's most important markets and we want to provide our investors with the opportunity to take advantage of that growth," said Mark Mobius, executive chairman of Templeton Asset Management.
"Having analysts on the ground in frontier markets like Vietnam benefits our company research efforts, enabling more frequent company visits and greater insight into how companies operate. It is with this in mind that we have placed an emerging markets research team in Ho Chi Minh City," he said.
This office opening follows Franklin Templeton Investments' entry into the Vietnamese market in February 2008 through the acquisition of a 49 percent stake in Vietcombank Fund Management (VCBF), an investment management firm currently focused on private equity investment in Vietnam.
The remaining 51 percent of VCBF will continue to be owned by Vietcombank, the Bank for Foreign Trade of Vietnam.
VCBF was one of the first foreign joint venture fund management companies to be established in Vietnam, claims Templeton Asset Management. It is currently managing three private equity funds with a total investment capital of over $182 million.
Ruth Liew
This story was found at: http://www.financialstandard.com.au/news/view/23854
Printed: Saturday, 13 March 2010 2:52am