A customer at a branch of ACB in Hanoi. ACB accounts for 4.9 percent of VOF’s total net asset value (NAV) at the end of October, equivalent to nearly 46.3 million USD. (Photo: vietnambiz.vn) Hanoi (VNS/VNA) - VinaCapital Vietnam Opportunity Fund (VOF), theflagship fund of VinaCapital, announced that Asia Commercial Bank (ACB) had becomeits 5th largest investment.
VOFsaid it continued to buy more shares of ACB in October. This is the 6th largestbank by market capitalisation in Vietnam and a leading commercial bank in theretail and small and medium enterprise (SME) segments. With its experience inthe development of digital banking, VinaCapital said it would share suchinsights with ACB's leaders.
ACB accounted for4.9 percent of VOF’S total net asset value (NAV) at the end of October,equivalent to nearly 46.3 million USD.
ACBis currently listed on the HNX but the bank has submitted an application totransfer listing to HoSE in mid-October.
VinaCapitalexpects the bank to be listed on HoSE in December 2020 or January 2021 and mayenter the VN-30 basket, which consists of the 30 largest companies listed onHoSE in terms of market capitalisation.
Accordingto the 9-month business report, ACB recorded pre-tax profit of 6.4trillion VND (227.1 million USD), 15 percent higher than the same period in2019, equivalent to 84 percent of the 2020 plan. Post-tax profit reached 5.13trillion VND.
ACBon November 18 also announced the signing of a 15-year exclusive bancassurancepartnership with Sun Life Vietnam Insurance Co Ltd.
VOF’stotal NAV reached nearly 945 million USD at the end of October, up 2 percentfrom the previous month. In 10 months, the fund's NAV growth was 10.7 percent,compared with the 2.3 percent-decrease of VN-Index in the same period.
VOFattributed its positive performance to its persistent investments in industrieswith high resilience, especially companies that benefit from policies such aspublic investment and FDI inflows.
Sofar this year, construction material stocks recorded the best growth inprices of 44.7 percent. Steel giant Hoa Phat Group (HPG) currently accounts forthe largest proportion of 15.7 percent in VOF’s total net asset value(NAV), reporting growth of 59 percent.
Consumergoods stocks ranked second with an increase of 8 percent since the beginning ofthe year, as evidenced by Vinamilk (VNM) increasing 14.5 percent and accountingfor 4.4 percent of VOF’s NAV./.
VNA
