SAM, REE cooperate to set up foreign investment fund

The Saigon Asset Management Fund Joint Stock Co (SAM) has signed a cooperation contract with RNG, a domestic fund management company controlled by Refrigeration Electrical Engineering Joint Stock Corp (coded REE) to set up a foreign investment fund.

The foreign investment fund is expected to have a total value of US$100 million intended for real estate projects.

SAM and RNG are expected to invite well-known investors, consultants, senior experts and managers from leading companies at home and abroad to participate in the fund, which aims to find investment opportunities brought about by the recovery of Vietnam’s economy.

They plan to meet foreign investors in the US, Europe and Asia in early 2010. This investment model will develop and spread throughout Vietnam to benefit investors and help raise the country’s competitiveness in the world market, REE Chairman and General Director Nguyen Thi Mai Thanh said, adding that this combination of leading companies will bring about many attractive investment opportunities and make it easier for the fund to access key experts in many fields.

According to SAM Chairman and General Director Louis Nguyen, foreign investors continue to praise the growth of the securities market in Vietnam as well as the country’s long-time economic development.

Established in 2007, SAM is currently managing approximately US$125 million of assets, including listed securities, private equity, and real estate assets.

Meanwhile, REE was established as a state-owned company in 1977. In 1993, REE became the first equitised company in Vietnam. It now holds 63.7 percent of the statutory capital of RNG.