HCM CITY — Viet Nam Enterprise Investments Limited (VEIL) and Viet Nam Growth Fund Limited (VGF), investment funds managed by Dragon Capital, held their annual general meetings in the city yesterday and agreed overwhelmingly to continue their funds.
The AGMs saw unusually high shareholder turnout, at 66 per cent for VEIL and 66.8 per cent for VGF. Voting for all resolutions were in line with board recommendations, including votes against wind-up of the funds.
Richard McKegney, chairman of VEIL, said: "The continuation vote was written into the fund's Articles of Association back in 1995 at the time of launch. This was before the stock market existed in Viet Nam. Shareholders have now had the chance to express their views and the strong consensus is to go forward."
Marc Faber, chairman of VGF, said: "We are pleased with the confidence shareholders have expressed in the prospects for both Viet Nam and the fund by voting overwhelmingly to continue."
Viet Nam is generally seen as one of the world's more promising frontier markets, as reform allows underlying demographic, social and cultural forces to come into their own as powerful growth drivers.
The country's stock market has developed rapidly in recent years, now standing at almost US$40 billion, growing from less than $1 billion in 2005, and funds managed by Dragon Capital are the biggest foreign investor. — VNS