Gates Foundation Pumps $12 Million into Vietnam Stock Market

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September 06, 2016

Microsoft founder Bill Gates listen during a press conference in New York, Wednesday, July 23, 2008. Gates and New York Mayor Michael Bloomberg are pooling their piles of money to pour $375 million into a global effort to cut smoking. The billionaire philanthropists, who have a combined worth of more than $70 billion, said Wednesday that the money will help efforts in developing countries where tobacco use is highest. There are more than 1 billion smokers worldwide. (AP Photo/Bebeto Matthews)

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.

 

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