Dragon Capital lists Vietnam’s flagship fund on London Stock Exchange

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People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Reuters/Suzanne Plunkett.

Dragon Capital Management Limited has listed its fund Vietnam Enterprise Investments Limited (VEIL) on the London Stock Exchange, in an explicit gesture to pull in the world’s largest institutional investors.

VEIL, the largest Vietnam-focused fund with a net asset value of around $850 million, began its first official trading on July 5. VEIL is capitalizing on the London listing to create a more transparent and liquid market in its shares, raising its profile and attracting more potential ownership.

"We are delighted for VEIL to become part of the most active and successful market for listed investment companies", said Dominic Scriven, executive chairman of Dragon Capital Group. "With its premium listing, robust governance arrangements and a portfolio management team who have been together for the last 15 years, we believe VEIL provides a strong investment opportunity for both institutional and retail investors.”

After the listing, VEIL is expected to become a magnet for foreign investors who have an eye on Vietnam market.

Dragon Capital’s chairman Scriven told City A.M. that “essentially what we are doing is bringing Vietnam to the world – via London." 

He estimated that the fund has market capitalization of $900 million and cast it as "the biggest investor in the Vietnam’s stock market after the government."

Currently, nearly half of total net asset value under VEIL’s management is investment in enterprises which are still subject to foreign ownership cap.

VN stocks mixed, energy sector lifts northern market Vietnamese shares ended mixed in the early session, even as energy stocks continued to lift investor confidence.

Established in 1994, Dragon Capital has about 100 staff and manages the total asset value equivalent to over $1.3 billion.