Ha Noi (VNA)- The Bank for Investment and Development of Viet Nam (BIDV) is looking for partners to establish the Viet Nam Investment Fund II with investment of 300 million USD.
The fund, expected to become operational by the first quarter of 2008, is part of the BIDV’s plans to become a multi-functional financial group, providing diversified services such as securities trading, financial leasing, infrastructure investment and capital fund management.
The 100 million USD Viet Nam Investment Fund I, the largest so far in Viet Nam , was also part of the overall scheme, said Deputy General Director Tran Tuan Anh. BIDV has set up the first fund in association with an American partner,
The bank is preparing for full equitisation in 2008 and gearing to a financial group formation, its deputy chief said.
Immediate steps will be taken to issue BIDV shares to the public, finalise procedures to list shares on the Ho Chi Minh bourse floor and prepare to sell stock abroad.
Along with broadening partnership with foreign financial organizations, BIDV has also cooperated with domestic industrial giants such as PetroVietnam, Viet Nam Post and Telematic Group, the Viet Nam Coal and Mineral Group, the Vietnam Shipping lines and Viet Nam Airlines to set up a leading national conglomerate to focus investment in energy, electricity, infrastructure in industrial parks, mining and transport sectors.
The powerful conglomerate is also taking steps to establish an industry and energy fund capitalized at 700 million USD. It is expected to get licensed in early 2008.
“BIDV did not want to miss any chances as foreign financial experts have predicted a great potential of the Vietnamese stock market,” Tuan said in explanation of his bank’s ambitious scheme.
The VN-Index has increased 3.6 times over the opening session of 2006 and 1.5 times over the opening of 2007, the deputy chief said.
He also hailed opportunities emerging from the country’s WTO membership.
BIDV is a leading national financial institution and a member of a number of banking and financial organisations on regional and global scales. It has set up agent relations with almost 1,000 banks across the world. In addition to joint-ventures with the US , Russia , Laos , Malaysia , Singapore , BIDV is working on projects to set up affiliates in Hong Kong and the Czech Republic .
BIDV is also the only Vietnamese bank to be listed among the top 100 banks in Asia , compiled by regionally reputed financial magazine Asia-Pacific Finance Asia.--Enditem
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