Korea Investment & Securities Co. said at the opening of its subsidiary KIS Vietnam Securities Corporation’s head-office in HCMC on Tuesday that the stock broker would serve as a go-between for Vietnamese companies thirsty of capital and Korean investors.
From left Tran Van Ai, chairman of KIS Vietnam, Sang-Ho Ryu, CEO and president of Korea Investment & Securities Co., and Thai Dac Liet, deputy general director of Hochiminh Stock Exchange, cut the ribbon to inaugurate the new office of KIS Vietnam in HCMC
Sang-Ho Ryu, CEO and president of Korea Investment & Securities Co., said that in the coming time, besides developing brokerage and consulting services, KIS Vietnam would introduce more Vietnamese companies to Korean investors.
Ryu told a press meeting that the Korean stock broker would also make many reports on Vietnam’s economy to attract Korean investors.
Korea Investment & Securities has also managed funds investing in Vietnam’s stock market since 2006. The initial combined capital of the funds was $170 million but it has been halved by now due to the gloomy stock market.
Ryu said the two biggest concerns for Korean investors when investing in Vietnam now were the fluctuating forex rate and high inflation. “If Vietnamese government can improve the two indicators, it would help restore foreign investors’ confidence,” he said.
However, Ryu said Korean investors still had confidence in long-term prospects of Vietnam’s economy.
KIS Vietnam on Tuesday opened its new head office at Maritime Bank Tower in District 1 in HCMC, headed by Oh Kyung Hee.
In December 2010, the parent firm Korea Investment & Securities Co. bought a 49 per cent stake of Empower Securities Co. and changed its name to KIS Vietnam Securities Corp. After six months of restructuring, the company has now moved to the new place to create convenience for their customers as it plans to focus on brokerage service in Vietnam in the coming time, Hee said.
He added the company’s brokerage market share was about 1.7 per cent now compared to 0.38 per cent in end-2010.
KIS Vietnam has chartered capital of VND263 billion, with the Korean investor holding a 49 per cent stake.