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Vietnam Launches Asset Management Company to Tackle Non- Performing Loans
Legal Update Banking & Finance Real Estate Restructuring, Bankruptcy & Insolvency Vietnam 20 August 2013 Vietnam Launches Asset Management Company to Tackle Non- performing Loans A comprehensive restructuring of Vietnam’s banking issuing interest-free bonds with tenors up to five sector is high on the list of government priorities to years in a face amount equal to the book value of the put the economy back on track. A key problem in NPLs (Special Bonds), or (2) purchasing the NPLs for cash at market value of the NPLs. Vietnam’s banking sector is the high rate of non- performing loans (NPL), which exceeds 10 percent of In the short-term at least, issuance of Special Bonds the credit portfolio of commercial banks according to is likely to be the preferred source of funding by VAMC. Under this funding method, VAMC acts more some estimates. The ratio of new loans that are as a warehousing vehicle than an actual purchaser NPLs, as well as those in the real estate sector, is since the bonds are sold back to VAMC after five particularly high. years at a resale price inversely proportionate to the amount of VAMC’s recovery on the NPLs. Managing NPLs: Decree 53 The second option under which VAMC may purchase Though Vietnam has an existing state-owned asset NPLs for cash at market value of the NPL in a “true management company to handle distressed debts, sale” would likely require that VAMC partner with a discussions have been underway for some time funding source – whether a private sector investor or regarding the creation of a separate asset a foreign government or developmental finance management company to exclusively handle NPLs in institution. -
Finance in Transition: Unlocking Capital Markets for Vietnam's Future Development
TAKING STOCK DECEMBER 2019 FINANCE IN TRANSITION Unlocking capital markets for Vietnam’s future development TAKING STOCK DECEMBER 2019 FINANCE IN TRANSITION Unlocking capital markets for Vietnam’s future development TABLE OF CONTENTS ABBREVIATIONS ..........................................................................................................................................................7 ACKNOWLEDGMENTS .................................................................................................................................................8 EXECUTIVE SUMMARY ................................................................................................................................................9 SECTION I: RECENT ECONOMIC DEVELOPMENTS ...................................................................................................13 I.1. GLOBAL ECONOMIC ENVIRONMENT ...................................................................................................... 14 II.2. RECENT ECONOMIC DEVELOPMENTS IN VIETNAM............................................................................... 15 Amidst an unfavorable external environment, Vietnam’s economy remains resilient ..................................... 15 Subdued price pressures and easing monetary policy stance ...................................................................... 17 Fiscal consolidation in progress ................................................................................................................... 19 Strong external -
Preqin Special Report: Asian Infrastructure
Content Includes: Preqin Special Report: Asian Infrastructure Fundraising June 2015 Average size of Asia- focused infrastructure funds closed so far in 2015 reaches seven-year high. Funds in Market Lowest number of Asia- focused funds in market for four years. Deals Infrastructure deal flow has increased significantly in recent years. Institutional Investors Over half of infrastructure investors based in Asia allocate capital to the asset class through a distinct infrastructure allocation. Regions in Focus Detailed analysis of the infrastructure industry in Greater China, Northeast Asia, ASEAN and South Asia. alternative assets. intelligent data. Download the data pack: Preqin Special Report: Asian Infrastructure www.preqin.com/AsiaINF15 Foreword Despite the inception of the Asian Infrastructure Investment Bank (AIIB) by China and Japan’s further $110bn fi nancing of the Asian Development Bank (ADB), there remains a structural fi nancing gap for infrastructure in developing Asian countries. According to the ADB, this gap stands at $8tn from 2010 to 2020, and without adequate infrastructure, Asia’s rising economic growth will be harder to maintain. However, the unlisted infrastructure market in Asia remains a diffi cult place to raise capital; only six funds closed last year raising an aggregate $2.7bn and only three vehicles have held a fi nal close so far this year. As it stands, 80% of Asia-headquartered managers are raising their fi rst vehicle, refl ective of the relative youth of the infrastructure market in Asia, although there is clearly scope for the asset class to develop in the coming years. Asia presents a unique combination of developed and emerging economies, generating many different infrastructure opportunities for a wide spectrum of managers and investors. -
Marten & Co / Quoted Data Word Template
QuotedData Monthly summary | Investment companies November 2019 Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies Exchange Rate 31/10/19 Change on month % taken from the comments made by chairmen and GBP / USD 1.2942 +5.3 investment managers of investment companies – have USD / EUR 0.8967 (2.3) a read and make your own minds up. Please remember USD / JPY 108.03 0.0 that nothing in this note is designed to encourage you USD / CHF 0.9864 (1.1) to buy or sell any of the companies mentioned. USD / CNY 7.0391 (1.5) Source: Bloomberg, Marten & Co Roundup MSCI Indices rebased to 100 Time period 31/10/2018 to 31/10/2019 October was notable for the pound’s rally as the threat 115 of a no-deal exit from the European Union on 31 110 October was averted. Equity markets were broadly 105 100 down and the dollar lost value following a third interest 95 rate cut this year. Gold continued to benefit as investors 90 85 sought safe-haven exposure. 80 Oct 18 Jan 19 Apr 19 Jul 19 Oct 19 MSCI Asia Pac MSCI UK Global MSCI Emerging MSCI USA Source: Bloomberg, Marten & Co Global recession risk edges up 31/10/19 Change on Katy Thorneycroft and Gareth Witcomb, managers of JPMorgan Multi- month % Asset, acknowledge that the possibility of a global recession over the Oil (Brent) 60.23 (0.9) next 12 months has increased, though this is not currently their base- Gold 1512.99 +2.8 case scenario. -
Vinacapital Vietnam Opportunity Fund Market and Fund Update
ClickClick to to edit edit Master Master title title style style VinaCapital Vietnam Opportunity Fund Market and fund update June 2016 ClickClick to to edit edit Master Master title title style style VOF Overview • Launched 2003. Migrated from AIM to the LSE Main Board on 30th March 2016. A closed-end fund, domiciled in Guernsey. • High-conviction, multi-asset strategy. Focus on sectors that benefit from domestic consumption and infrastructure growth in Vietnam. • Net Assets USD756m or USD3.62/share (+10.9% FY2016 YTD), Market Cap USD582m (31 May 2016). VOF is one of the largest and most liquid Vietnam closed-end funds. • Discount to NAV currently 23% (31 May 2016). Ongoing share buyback programme has returned $242m1 to investors over the past 5 years. • Managed by an experienced, institutionalised team across asset classes including private equity, listed equities and real estate. • Fully independent, non-executive board with deep experience in Vietnam and other emerging markets. 1. As at 31 May 2016, VOF has spent USD242 million overall repurchasing 116 million shares which have been cancelled and total voting rights in the Company are now 208,646,258 2 ClickClick to to edit edit Master Master title titleVOF style style portfolio management team Andy Ho, MBA Duong Vuong, CFA Chief Investment Officer and Managing Director Deputy Managing Director, Capital Markets • 8 years at VinaCapital, currently MD of VOF and Chief • 2 years at VinaCapital, currently responsible for VOF’s capital Investment Officer of VinaCapital. market and PIPE investments. • Former Director of Investments at Prudential Vietnam, • 20 years of experience including the last 9 years in Vietnam. -
Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009
Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground. -
Local Currency Bonds and Infrastructure Finance in ASEAN+3
Local Currency Bonds and Infrastructure Finance in ASEAN+3 The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China (PRC), Japan, and the Republic of Korea—collectively known as ASEAN+3—to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region’s financial system by developing local currency bond markets as an alternative source to foreign currency-denominated, short-term bank loans for long-term investment financing. The need for infrastructure investment among ASEAN+3 members is well documented, with estimates for needed investment through 2020 reaching as high as US$550 billion. Local currency financing of infrastructure projects has the important advantage of avoiding the currency risk that can arise when a project generating revenues in the domestic currency has foreign currency-denominated debt service requirements. This study was undertaken under ABMI and funded by the Government of the PRC. It addresses two key questions: (i) Why is local currency bond financing not more widely used for infrastructure projects in ASEAN+3? and (ii) What can be done to promote infrastructure bond financing? About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to the majority of the world’s poor. -
Sunwah Kingsway and Saigon Asset Management Announce Joint Venture to Provide Advisory Services to Vietnam Enterprises
Sunwah Kingsway and Saigon Asset Management announce joint venture to provide advisory services to Vietnam enterprises Organizations combine strengths to provide advisory services HO CHI MINH CITY, Vietnam, October 25, 2016. Sunwah Kingsway and Saigon Asset Management (SAM) today announced a joint venture to provide advisory services for both local and international enterprises in Vietnam. The joint venture will operate under the name Sunwah Kingsway Vietnam (SKV) and will be based in Ho Chi Minh City, Vietnam. SKV combines the global resources and expertise of Sunwah Kingsway and Sunwah Group, as well as the strength and investment track record of SAM in Vietnam. Sunwah Kingsway will own 60% of SKV, with SAM owning the remaining 40%. “The increased global investment interest in Southeast Asia, specifically Vietnam, was the genesis of the formation of SKV. As Sunwah Group has been investing and operating in Vietnam since 1970, we see this as a great opportunity to leverage over 45 years of on-the-ground experience to increase our proprietary investments as well as provide investment and advisory services to our clients,” commented Louis Nguyen, CEO for SKV. “At the same time, SKV is to address the needs of many high growth Vietnamese companies seeking strategic capital as well as IPO in the Hong Kong and overseas market. This agreement represents Sunwah Kingsway and SAM’s strong commitment to provide our investors and clients as the go-to source of in Vietnam.” SKV through its Hong Kong licensed associates offers proprietary investments as well and service offerings in corporate finance/capital markets, private equity, real estate, fund management, and managed accounts in Hong Kong. -
Cambodian Fund Leopard Capital Makes Two New Investments NEW on Alltassets! LP-GP
NEWS & VIEWS MAGAZINE NETWORK Glloball priivate equiity and NEWS & VIEWS venture capiitall news and research Advanced HOME PE NEWS » FEATURES LP PROFIILES » KNOWLEDGE BANK » EVENTS » ARCHIIVE search We use cookies to create the best possible browsing experience for AltAssets website visitors. ACCEPT COOKIES By closing this box you agree to the use of cookies according to our privacy & cookies policy. ACCEPT COOKIES Cambodian fund Leopard Capital makes two new investments NEW on AlltAssets! LP-GP 26 Jun 2009 Network Leopard Capital, a Cambodian private equity firm, has completed its second and third deals from $27m debut vehicle Leopard Cambodia Fund. The fund has committed $1m in equity financing to Greenside Holdings. Greenside We're opening doors is part of a consortium of investors that is refurbishing, designing, constructing and commissioning a rural power transmission and distribution system. Greenside will online to connect LPs & use the funds received from Leopard to help fund its share of the $4m project. GPs worldwide The transmission and distribution system is 120km in length and includes medium and low voltage networks. The system is expected to provide grid power to 7,700 residential customers and 375 commercial and industrial customers. The total Already a member? LOG IN HERE population of the distribution area is approximately 425,000. The electrification rate in Cambodia is currently one of the lowest in Asia and there is an urgent need for more power generation and transmission. Leopard has already received its first profit-share payment from Greenside and expects consistent annual returns of 20 per cent. The Leopard Cambodia Fund has also set aside $1.8m to establish Cambodia Plantations, a Singapore-based company which will serve as an offshore finance vehicle for agricultural investments in central Cambodia. -
Hunting Forjewels SAM Secures Top
THE INSIDER’S GUIDE TO BUSINESS AND LIFESTYLE A I va nc il l ab u le d o i n ng in te rn at io na l f li gh ts Issue 192 February 2010 HuntingHunting forforjjewelsewels SAMSAM secursecureses toptop COVER STORY prpropertyoperty fundfund rankingranking PRIME & PRESSURE Mr Henrik Vu,Mr Louis Nguyen and Mr Desmond Lin of Saigon Asset Management (SAM) Vietnam . US$5.00 Britain . £6.90 France . FF50 Hong Kong . HK$75.00 Malaysia . Rgt 18.00 Singapore . S$10.00 Switzerland . SFr12.00 Thailand . Baht175 Australia . A$13.00 Canada . C$13.75 Germany . DM15 Japan . ¥850 Philippines . P175.00 South Korea . Won6,500 Taiwan . NT180 USA . $10.00 CEO COLUMN TopTop GunGun investorinvestor Vietnam Property Holding (VPH) has been ranked the top real estate fund in Vietnam by LCF Rothschild. Mr Louis Nguyen, CEO of Saigon Asset Management (SAM) - VPH’s investment manager - tells VET’s Xuan Son of the reasons why. VIETNAM ECONOMIC TIMES, FEBRUARY 2010 10 CEO COLUMN I In 2009, Vietnam Property Holding (VPH) was ranked as the Top Real Estate Fund in Vietnam by LCF How do you explain VPH’s top ranking Rothschild after securing third position in 2008. in the context of Vietnam’s difficult eco- Vietnam Property Holding (VPH) is a Cayman Islands exempted company created to engage in prop- nomic situation in 2009? erty investment in Vietnam. VPH is managed by Saigon Asset Management (SAM) an exempted compa- Real estate investments are usually long ny incorporated under the laws of the Cayman Islands. SAM’s investment team draws on the talents of term and may face lack of liquidity until international and domestically-trained professionals from top fund management companies in Vietnam, exit and are often complicated for foreign complemented by a seasoned board of directors consisting of Vietnamese senior executives with deep- investors due to the overall regulations rooted local knowledge and relationships. -
Vietnam Equity Holding Monthly Update
VIETNAM EQUITY HOLDING QUARTERLY UPDATE PERIOD ENDED DECEMBER 31, 2008 Fundamentals Net Asset Value (NAV) Domicile Cayman Islands In Q4 2008, Vietnam Equity Holding’s (VEH) net asset value decreased 15.8% Denomination EUR compared to the prior quarter. Year to date, VEH’s NAV decreased 24.3% compared to NAV DEC 2007 EUR 2.39 a 66% decline in the Vietnam Index. Since inception, VEH’s NAV has decreased IPO Date November 28, 2007 22.7%. This result is relatively good compared to global markets in the last 12 months. Exchange Frankfurt and XETRA VEH was ranked as the #1 performing Vietnam equity focused fund in 2008 by LCF Fiscal Year End December 31 Rothschild, a financial institution that tracks emerging investment funds around the world. Investment Manager Saigon Asset Management (SAM) NAV and Share price Performance * NAVPS 2008 2007 Period Period (€) # shares NAV (€) (monthly (monthly Security References NAV change %) change %) Oct-07 2.34 15,456,276 36,185,996 Reuters 3MS:DE Jan 0.75% Nov-07 2.36 21,745,510 51,320,117 Bloomberg 3MS.GR Feb -2.79% Dec-07 2.39 21,745,510 52,014,010 ISIN KYG936251043 Mar -0.70% Jan-08 2.41 21,745,510 52,405,975 German Security Code A0M12V Apr -1.22% Feb-08 2.34 21,745,510 50,944,822 May -5.33% Mar-08 2.33 21,745,510 50,587,190 Jun -1.16% Service Providers Apr-08 2.30 21,745,510 49,969,333 Jul -8.42% Custodian Deutsche Bank May-08 2.18 21,745,510 47,305,753 Aug 10.21% Administrator Deutsche Bank Jun-08 2.15 21,745,510 46,758,034 Sep 5.14% Legal Advisor Reed Smith Jul-08 1.97 21,745,510 42,818,803 Oct -8.61% -
CFG-Presentation-Aug
CANADIAN FORESIGHT GROUP PTE. LTD. AUGUST 2014 Reader Advisories The information in this presentation contains certain forward-looking statements. All statements other than statements of historical fact may be forward- looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “plan", "continue", "estimate", "demonstrate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions and include statements relating to, among other things, the anticipated ongoing strategy of Canadian Foresight Group Pte. Ltd. (CFG) and CFG Energy Pte. Ltd. and development, drilling and acquisition opportunities and plans for CFG and the anticipated performance of CFG’s properties. Such forward-looking statements or information is provided for the purpose of providing information about the current expectations and plans relating to CFG and its current and future oil and gas assets (the “CFG Assets"). Readers are cautioned that such information may not be appropriate for other purposes, including making investment decisions. In particular, this document contains forward looking statements pertaining to: CFG’s corporateareasof focus; CFG’s capital raising plans; CFG’s operational and development plans and the timing thereof; the quality and characteristics of the CFG’ Assets; expected performance in 2014 and beyond; the anticipated performance of the properties to be explored and developed and the timing of certain matters related thereto; CFG’s capital budget requirements; the proposed fundraising, the price per share, the use of proceeds for such offering, the levels of participation of insiders in such offering and the timing of certain matters related thereto; the expected operational plans, including preparation, exploration, drilling and optimization activities, and the anticipated results therefrom; expected capital cost reductions; and matters ancillary or related to the foregoing list.