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Indochina Capital denies capital withdrawal from Vietnam
Last week, Vietnamese securities investors were in tumult on the information that Indochina Capital Corporation (ICC) would escape from Vietnam. However, Peter Ryder, ICC Managing Director, has denied the exit.
ICC is the fund management company, which is now managing several investment funds in Vietnam, including Indochina Capital Vietnam Holding (ICVH), specializing in making investments in listed shares, OTC shares, and purchasing strategic shares.
ICVH is being listed on the London stock market, and like many other share items in the world, ICVH has been witnessing the prices decreasing. Recently, ICVH’s shareholders have reviewed ICVH’s operation in Vietnam, while considering the possibility of continuing investments in Vietnam.
Mr. Ryder affirmed that ICVH’s and ICC’s operation in Vietnam remains in the normal track, while denying the information that ICC would leave Vietnam.
He went on to say that there has not been any reason for ICC to leave Vietnam, as it has committed to be a long term investor in the country.
However, ICC has stopped or halted some investment projects, which has been explained by Mr. Ryder that this is because of some objective reasons. He said that ICC is sitting on cash and waiting for its opportunities to emerge.
Last summer, ICC raised two real estate funds with the total capital of US $150 million for investments in Vietnam. However, the capital has not been disbursed yet, as ICC is still waiting for the suitable moment to disburse.
In the interview given to local newspaper Dau tu chung khoan, Mr. Ryder affirmed that Vietnam’s market proves to have great potential and that ICC is planning to raise funds for investments in Vietnam, especially in infrastructure which is lacking capital.
He added that ICC has worked out with Goldman Sachs and some other partners on capital arrangement. Currently, ICC is managing the funds with capital of up to US $750 million which have injected money in many fields, including infrastructure, real estate, and businesses’ shares.
Mr. Ryder believes that in Asia, the region which has bore heavy influences from the US financial crisis, that Vietnam will be one of the countries to recover first after the economic recession.
After Vietnam’s economy recovers, ICC may raise one or two more funds with the total capital of between US $300-500 million in 2009. However, the implementation of the plan will still depend on the world’s economic performance.
Mr. Ryder has declined to give forecast about the exact time of Vietnam’s economy recovery. However, he said that investment opportunities can be seen even at the current difficult period.
VietNamNet, DTCK
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