HCM CITY (VNS) — Five small funds out of nine that have released their 2013 results have reported improved though still modest performances, according to Dau tu Chung Khoan (Securities Investment) magazine.
Thang Long Fund Management Co., which manages VND30 billion ($1.4 million), announced a net profit of VND970 million (US$46,000) compared to just VND100 million the year before. It helped lessen its accumulated losses to VND9.4 billion (US$447,000).
The State Securities Commission has issued an operating licence to Dai-ichi Life Vietnam Fund Management Company.
The company, which has a legal capital of VND25 billion (US$1.2 million), will offer services like fund management, portfolio management, and investment consultancy.
The VND46 billion ($2.2 million) Vietnam Asset Management reported profits of VND190 million ($9,000), a far cry from the loss of VND2.5 billion ($120,000) it made in 2012, mainly because a company to which it owed VND1 billion forgave the debt. It still has accumulated losses of VND20.5 billion in its books.
After having made a loss of almost VND1 billion in 2012, fund management firm An Binh made a dramatic turnaround to make a profit of VND570 million. Its total losses now stand at almost VND8 billion ($380,000). It manages VND30 billion.
Hung Viet and Thai Binh Duong also reported positive results.
A major fund, Ban Viet, said it earned VND20.3 billion ($970,000), or more than twice the 2012 profit.
An Phat, Phuong Dong, and VFM reported losses of VND1.3 billion, VND1.8 billion, and VND9.7 billion respectively.
The State Securities Commission estimated that 22 out of 41 active fund managers made profits last year. — VN