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Tianhong AM appoints HSBC as custodian for Vietnam fund

Hanoi_VietnamChina’s Tianhong Asset Management Company (Tianhong AM) has appointed HSBC Securities Services as global custodian for its qualified domestic institutional investor (QDII) fund. Vietnam achieved GDP growth of 7% in 2019, making it one of Asia’s fastest-growing economies. “The QDII fund is China’s first dedicated mutual fund providing access channel for Chinese domestic investors into Vietnamese capital market,” HSBC Securities Services said in a statement. “The QDII scheme allows China investors through qualified institutions to invest offshore within allowable quotas. Tianhong AM’s quota under the scheme is US$200 million.” A combination of Vietnam’s demographics and the US-China trade war has seen a rise in investor interest in the manufacturing and services sector. “Industry insiders pointed out that some emerging markets such as Vietnam are evolving rapidly in terms of economic growth and market maturity; and tapping risk premiums in these emerging markets may potentially bring good returns to investors, albeit higher risk,” said HSBC Securities Services. © 2020 funds global asia

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