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Foreign investors still coming
Foreign investment funds and individual investors are still pumping money into Vietnamese stocks, despite the dark days the bourses have been going through.
Despite the freefalling markets, a greater number of foreign investors are looking to the exchanges as an opportunity rather than a burden. According to the Vietnam Securities Depository Centre, Vietnam granted 12,100 securities trading codes to 806 institutions and 11,294 individual foreign investors by early September 2008. August alone saw 35 more institutions and 220 individual investor’s opening transaction accounts.
Number of US investors surges
According to Saigon Securities Incorporated (SSI), in the first six months of the year, more than 300 individual investors and 43 institutions opened accounts at SSI. The number of US investor accounts in particular, increased sharply.
VOF investment fund managed by VinaCapital recently announced it would extend by another five years (2008-2013). The fund had been running for five years and drummed up profits of 214% of the net asset value (NAV) over that period. The fund increased capital from $10mil to $870mil in March.
VOF - the leading foreign investment fund in Vietnam – saw its value plummet by 40% in March as the stock market fell to its knees. However, Andy Ho, Managing Director of VinaCapital, continues to ring the bell to optimism, calling the current economic difficulties temporary.
“VinaCapital and other investment funds firmly believe that Vietnam’s market will soon overcome the temporary difficulties,” said Ho.
Mark Mobius, Chairman of Franklin Templeton, which opened a representative office in HCM City in August, said that after several years of market research his firm had begun pumping cash into Vietnam’s stocks last year.
VNN
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