Franklin Templeton to invest $3 billion in VN
Franklin Templeton to invest $3 billion in VN
Global investment management firm Franklin Templeton Investments plans to invest some US$3 billion in different sectors in Viet Nam over the next five years.
The information was revealed by Mark Mobius, Executive Chairman of the Templeton Emerging Markets Group, during a meeting with some of its partners in HCM City on October 19.
He said the firm wanted to inject more capital into Viet Nam as a result of its economic growth in recent years.
The firm began investing in Viet Nam in 1996, and the country recorded a growth rate that was much higher than that of other countries in the region, he said, adding that the growth would strongly increase in the future if the Government continued making efforts to reform the economy and business environment.
Restaurants, services, tourism and logistics were among the sectors being targeted by the investment fund.
Franklin Templeton Investments has invested in Huy Vietnam Food Processing Co. Ltd., which owns nearly 100 restaurants under the brands of Pho Ong Hung, Mon Hue and Com Tho Chay.
The fund also invested some $200 million in Vietnamese listed enterprises, including in pharmaceutical, consumer goods and manufacturing firms as well as in entities under the Vietnam National Oil and Gas Group (PetroVietnam) umbrella.
To fuel the stock market growth, Mobius suggested the Government step up the equitisation of state-owned enterprises and support for the development of private businesses.
US-based Franklin Templeton Investments provides global and domestic investment management services to retail, institutional and sovereign wealth clients in more than 150 countries.
