Taiwan fund ups Vietnam investment
Taiwan fund ups Vietnam investment
Taiwan’s exchange-traded fund Fubon FTSE Vietnam has raised its investment in the country by $91 million in a month.
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
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The fund, which tracks the FTSE Vietnam 30 Index comprising the 30 largest companies by market cap, has poured TWD7.8 billion into Vietnamese stocks as of Monday, up 48 percent from the end of March, according to data from Bloomberg.
Fubon’s top 10 constituents by the end of last month were VIC of biggest private conglomerate Vingroup, accounting for 11.11 percent of investment, followed by HPG of steelmaker Hoa Phat Group and VHM of real estate giant Vinhomes.
Fubon investment director Yang Yining said Vietnam’s success in controlling the pandemic and positive signals in foreign investment were factors that would attract more money into its stock market.
Vietnam has seen increasing investment from foreign ETFs in recent years. In the first quarter, their net purchases on the HoSE were worth VND4.5 trillion ($195 million), although foreign investors were net sellers during this period to the tune of VND18.6 trillion.
