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From Christine Gaylican, Opalesque Asia:

SSI Asset Management (SSI AM), a subsidiary of Saigon Securities, has set up an unlisted investment fund - Vietnam Growth Investment Fund - targeting high-growth companies in Vietnam, according to an emailed company disclosure received by Opalesque.

According to Nguyen Duy Hung, chairman of Ho Chi Minh-based SSI AM, the fund will be jointly managed with London-based Daiwa SMBC Capital and has a start-up seed fund worth VnD1.7bn or US$96m.

Hung explained that the fund will invest in companies related to domestic-demand expansion and consumption, and which have the potential to form partnerships with Japanese companies. The Vietnam Fund will, however, be domiciled in the Cayman Islands.

He said this would complement current assets managed by SSI AM, which currently has an estimated VnD3 trillion (US$168m) and has been focusing on equities and real estate in the country.

Do Van Trac, chairman of Sacom Corp., told Opalesque today that his company and nine others helped build up the seed fund worth VnD1.7bn.

Trac said he represents other agriculture-based companies Minh Phu Seafood Corp., Agifish, Aquatex Ben Tre, Vinamilk, Rubber Finance Company, Vietnam's Export-Import Bank among other public and privately managed companies who invested in the first Vietnam Investment Fund.

In a related report by the Vietnam Ministry of Planning and Investment's Foreign Investment Agency (FIA) (......................

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