US company ventures with Vietcombank affiliate

25/02/2008 -- 10:57 PM

Ha Noi (VNA) – Franklin Templeton Investments announced that it has officially ventured with a company of the Bank for Foreign Trade of Viet Nam (Vietcombank). Franklin Templeton replaced Singapore-based investment company Viet Capital Holdings to hold a 49 percent stake in Vietcombank Fund Management (VCBF), an investment management firm currently focused on private equity investment in Viet Nam . The remaining 51 percent of VCBF continued to be owned by Vietcombank. Managing Director in Asia for Franklin Templeton Mark Browning said that with an average growth rate of 7 percent over the past 10 years, Viet Nam is a bright future in the company’s decision to expand its market. The Lao Dong (Labour) newspaper quoted VCBF’s General Director Nguyen Viet Anh on Feb. 24 confirming that Franklin Templeton has bought a 49 percent stake of VCBF.-Enditem
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