Denmark's BankInvest Injects Cash in Two Vietnamese Firms
The Danish manager BankInvest with US$25 billion assets announced Wednesday its investment in two Vietnamese firms, an effort to expand its operation in the fast-growing economy.
The announcement was made as BankInvest inaugurated its Vietnam representative office in Ho Chi Minh City May 23.
In the opening ceremony, BankInvest inked a contract with Duc Thanh Woodwork Joint Stock Company to invest VND32 billion, or $2 million, in the company. The investment is sourced from its Private Equity New Markets (PRNM) investment fund.
One day before, the Scandinavian firm also reached a deal to buy two million shares in the AAA Insurance Joint Stock Company.
BankInvest pledges to help both Vietnamese firms increase capital, expand operations and share business experience.
BankInvest plans to boost investment in Vietnam to eight or ten times the current level. It will continue to invest in the finance, consumer, retail, packing, farming, tourism and service sectors.
Bankinvest is now the biggest banking and finance investor in the Scandinavian region, which is composed of Sweden, Norway and Denmark. The firm’s $25 billion assets include $4 billion invested in emerging markets.
Vietnam has licensed 46 foreign investment funds so far, 23 since last November. (Local sources)
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