September 06, 2016
The Bill & Melinda Gates Foundation infused $12 million into the Vietnamese stock markets via Vietnam Enterprise Investment Ltd (VEIL), Vietnam’s largest investment fund. This increases the foundation’s stake in the fund to 11.34%, or $88 million – making it the largest shareholder.
The investment fund holds $900 million in assets and has positions in some of Vietnam’s most notable names, such as Vinamilk (19.9 percent), Military Commercial Joint Stock Bank (5.98 percent), and Joint Stock Commercial Bank for Foreign Trade of Vietnam (4.51 percent). It is managed by Dominic Scriven’s Dragon Capital.
This vote of confidence from the world’s largest charitable fund reflects the potential of Vietnam’s stock market. The Bill & Melinda Gates Foundation was created by the pair in 2000, and presently holds $40 billion in assets. If the business climate in Vietnam excites you, we definitely recommend reading Grant Thornton’s premium guide on how to do business in Vietnam.