Korean investment firm forming joint venture with SCIC
Korea`s Mirae Asset Global Investments is forming a joint venture with Vietnam`s State Capital Investment Corporation (SCIC), according to the former`s announcement on February 26.
The firm will acquire a full stake in Tin Phat Management Fund and issue shares worth 30% of its total holdings to SCIC's subsidiary SIC to form the joint venture.
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country.
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After the acquisition is completed, Mirae Asset will become the first Korean manager to set up an investment management entity in Vietnam.
Mirae Asset has been present in Vietnam since 2006 via its representative office which offers fund management advisory services to South Korean and Vietnamese clients. At the end of December 2017, Mirae Asset Securities was established.
The joint venture will serve as the firm's "forward base" in the Southeast Asian market, quoting Park Hyeon-joo, chairman of Mirae Asset Financial, in the company's statement. "We will actively cooperate with SCIC by sharing our know-how in the global market."
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country, according to a Pulse report. They include alternative investment offerings in real estate and infrastructure, the report said.
Recently, Mirae Asset Venture Investment, a subsidiary of Mirae Asset, and partner Korea Investment Partners (KIP), has invested in Vietnamese mobile platform Appota in last April.
Mirae Asset is a leading Korean financial corporation with presence and services in 15 countries and managing assets up to US$325 billion. A notable investment of Mirae Asset in Vietnam was the acquisition of Keangnam Landmark 72, Vietnam's tallest building, for US$350 million, through Mirae Asset Securities and AON BGN at ine end of 2016.
Another subsidiary of Mirae Asset, Mirae Asset Finance also provides consumer lending in Vietnam. The company recently increased its capital to VND700 billion (US$30.8 million) to expand its operations.
Mirae Asset Securities, with a charter capital of VND2 trillion (US$88 million) is the third largest securities company in Vietnam in this respect.
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