Mirae Asset has been working as a brokerage in Viet Nam since 2007. — Photo baodongnai.com

HA NOI ( Biz Hub) — Hongkong-based Mirae Asset Wealth Management Limited has bought out the 51 per cent stake held in Mirae Asset Securities Wealth Management company (MiraeAsset) in Viet Nam by two local partners, making it a wholly foreign invested company.

On November 23 the State Securities Commission approved the sale of MiraeAsset shares by the two companies.

P/E Investment and Construction JSC had held 13.8 million shares or 46 per cent, and Minh An Investment Corporation, 1.5 million shares. The value of the deal has not been disclosed.

Securities brokerages with more than 49 per cent foreign ownership also include Maybank Kim Eng (fully Malaysian-owned) and Korea Investment Securities Viet Nam (92 per cent Korean-owned).

The Mirae Asset Wealth Management Limited belongs to the Mirae Asset Global Investments Group, an international asset management company and one of Asia's largest independent financial services groups.

Founded in 1997 in the wake of the Asian currency crisis, it is credited with creating the asset management industry in Korea. The branch in Viet Nam was founded in 2007.

The Hong Kong-headquartered company now has a presence in Australia, Brazil, Taiwan, India, the UK, Canada, the US, China, and Viet Nam in addition to Korea.

At the end of Q3 the unlisted company had assets of VND305.9 billion (US$13.5 million) and Q3 revenues of 8.61 billion ($381,987). — VNS