The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vietnam’s frontier fund managers

Vietnam’s first flirtation with western fund management ended in an embarrassing exit for all but the die-hard few. Now that money is queuing to get in again, those who stuck it out through the downturn advise caution. Chris Leahy reports.

FUND MANAGERS GREETED Vietnam’s arrival on the investment scene 10 years ago with substantial commitments of capital and massive optimism. Within a few years, the optimism had disappeared, along with the managers and most of the capital. Chris Freund, managing director of private equity fund Mekong Capital, based in Saigon, has more cause than most to remember the mass exodus. “I opened the Templeton office here in 1994 and closed it in 1998,” he says. “I set up Mekong in 2001, so I was here during the boom-bust cycle last time.”

He is in good company. Another Vietnam veteran, Dominic Scriven, founder of Dragon Capital, a local asset management and securities firm, can track the ups and downs of Vietnam’s fund management industry through the fortunes of his own business. “People raised huge sums – $400 million – 10 years ago,” he says. “By the time everyone had woken up in 2000 it was $100 million.”

Now Dragon Capital boasts $350 million of assets: a pretty good outcome after starting off with $16 million. One of the reasons that it prospered where others failed is that ambitions were kept realistic, says Pham Minh Huong, director of IPA Investments, a new start-up asset and wealth management firm based in Hanoi.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree