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Morgan Stanley inks joint venture
Singapore-based Morgan Stanley Holding Ltd, a branch of the US leading financial corporation Morgan Stanley, has inked a deal to buy a 48.33 per cent stake in the local Gateway Securities Incorporation.
With a capital of VND145 billion (US$9.1 million), the deal will also produce a new joint venture, Morgan Stanley Gateway JSC.
The State Securities Commission approved the venture, which will be able to offer enough securities services on the local exchange, including underwriting and consulting.
Stephen Roach, acting general director of Morgan Stanley in Asia, said that the co-operation with Gateway Securities Company would create opportunities to exploit potential markets like Viet Nam.
"With good securities services, local traders can move their investments in a positive direction. Thus, the equity market will become smoother and more stable," Roach said.
The deal stipulates that the new joint venture will have a chartered capital of VND300 billion ($18.8 million), instead of the previously stated VND20 billion ($1.3 million ).
To Minh Huong, general director of Gateway Securities Inc, said, "The experience and success of Morgan Stanley will help us with business promotion as well as upgrading infrastructure for better customer service."
Nguyen Doan Hung, vice chairman of the State Securities Commission, said that the co-operation with overseas financial organisations like Morgan Stanley would help local securities firms promote their competitiveness in the local market, as the number of securities firms increased.
Another plan, establishing a joint venture between Morgan Stanley and State Capital Investment Corporation, has been delayed due to time constraints, according to an official from Morgan Stanley.
"However, Viet Nam is still a potential destination and we will carry on with other investment plans in Viet Nam," he said.
VNS
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