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Saigon AM and RNG Invest to launch Vietnam fund

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Saigon Asset Management plans to collaborate with RNG Invest, the investment arm of REE, to launch an offshore fund investing in opportunities within the fast recovering Vietnamese economy.

The foreign fund will be a limited partnership domiciled in the US.

It will invest real estate projects, private pre-IPO companies, as well as listed companies based in Vietnam.

Saigon and RNG Invest plan to invite a special group of investors and advisers into the fund, which will be comprised of top industry executives and domain expert investors in Vietnam and abroad, subject to applicable laws.

Separately, RNG Invest plans to launch and raise a local fund that targets the most influential companies in Vietnam as investors.

“The idea of smart people together breed fruitful ideas and opportunities is nothing new and has worked in Japan and America. We believe now is the time for this concept to work for Vietnam through a structured format that will not only benefit the investors but aligns the country in a more globally competitive manner,” says Nguyen Thi Mai Thanh (pictured), chairwoman and chief executive of REE. “We see opportunities abound as the Vietnam economy has quickly recovered from the global financial crisis, we also realize that by having alliances with influential companies will allow a greater number of attractive investment targets as well as access to domain experts in broad industries”

REE is one of the largest companies listed on the Ho Chi Minh City stock exchange. It is the major shareholder of RNG, a local fund management company in Vietnam and currently managing a portfolio of approximately USD100m.

“Foreign investors remain interested in the great performance of the Vietnam Index and the phenomenal long term growth of the country. However, access to quality deal flow and consistent return performance remain to be challenging issues. To be able to invest in Vietnam through this ‘smart money’ format and share thoughts directly with the country’s industry leaders is a very unique and attractive proposition,” says Louis Nguyen, chairman and chief executive of Saigon Asset Management.

Saigon is currently the manager of two Vietnam focused funds with over USD125m of asset under management. It will be the manager of the new offshore fund, while RNG Invest will be the sub-investment adviser.

Saigon and RNG Invest plan to meet with selected investors in North America, Europe, and Asia in early 2010. The initial target fund size is expected to be approximately USD100m. A part of the foreign fund will be invested into the local fund raised by RNG Invest.

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