Saigon Asset to Start Vietnam’s First Distressed-Assets Fund
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Saigon Asset Management Corp., run by a former managing director of Vietnam’s biggest fund manager, plans to start the country’s first distressed-assets fund as a credit crunch squeezes small to medium-sized firms.
Saigon Asset Management will team up with the investment unit of Vietnam Joint-Stock Commercial Bank for Industry & Trade, or VietinBank, the nation’s second-biggest listed bank, for the fund. They plan to raise $150 million to invest in companies that have non-performing loans with the bank, said Louis Nguyen, chairman and chief executive of the fund manager.