Updated  
January, 27 2014 08:41:53

Fund management firms suffer losses

HA NOI (VNS)— Recent statistics from the State Securities Commission showed that about half of the fund management companies were suffering from aggregated losses.

Of the 47 fund management companies, seven had halted their operations or were put under special control, while 23 companies - equal to half of the rest - were incurring aggregated losses.

Two of the companies showing losses were Manulife Viet Nam and Vinawealth, according to Dau Tu Chung Khoan (Securities Investment) newspaper.

Manulife Viet Nam reported an accumulated loss of VND25 billion (US$1.19 million) as of September 30, 2013, while its charter was only VND53 billion ($2.5 million).

The accumulated loss of Vinawealth was VND26.5 billion ($1.2 million), as of June 30, 2013, equivalent to more than half of its VND40 billion ($1.9 million) charter capital.

Besides Manulife Viet Nam and Vinawealth, 21 unprofitable fund management companies are small scale organisations and are little known in the market.

The State Securities Investment also asked 20 out of 104 securities companies to implement compulsory restructuring.— VNS


Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Ha Noi hospital-goers beat heat with free water 1    Ha Noi hospital-goers beat heat with free water

By the time Nguyen Thi Thung, grey-haired and sporting traditional ba ba brown clothes, stops her motorbike near the gates of Ha Noi Cancer Hospital, patients, relatives and street vendors holding empty bottles are already queued up.

Vietnam Airlines launches new-generation Airbus plane Vietnam Airlines launches new-generation Airbus plane

The national flagship carrier Vietnam Airlines held a ceremony on July 2 to receive its first Airbus 350-900 aircraft and announce its upgrade service quality programme and new brand identifying system, marking a major step in bringing the airline into the international arena.

Prime Minister awards merit certificate to swimmer Vien 1    Prime Minister awards merit certificate to swimmer Vien

Nguyen Thi Anh Vien received a Labour Order third class, and a merit certificate from Prime Minister Nguyen Tan Dung on Monday.

Wounds begin to heal between US, Viet Nam Wounds begin to heal between US, Viet Nam

Pham Ba Lu swore thousands of times that he "would not live under the same sky as the United States".