FAQs - Saigon Asset Management
Vietnam Equity Holding (VEH)
2008 Vietnam #1 Performing Equity Fund

VEH - Feb 22 close on Xetra € 1.18
VEH - January NAV per share €1.88
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Vietnam Property Holding (VPH)
2009 Vietnam #1 Performing Property Fund

VPH - Feb 22 close on Xetra € 1.11
VPH - January NAV per share €1.51
more details
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FAQs


Go to: "About VEH"
Go to: "About VPH"
About SAM:
  1.  What are SAM’s services?
    SAM provides asset management, investment and advisory services to foreign companies and individuals who seek investments in the Vietnam market.
  2. What is SAM's track record?
    • In 2007, SAM raised US$125 million for its two funds: Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH).
    • VEH and VPH have deployed over US$110 million, spanning 30 deals in Vietnam.
    • VEH was the best performing Vietnam-focused equity fund in 2008 as per LCF Rothschild:
      • VEH has invested in 20 companies;
      • Since inception, its NAV has increased 18% (as of the end of Q2 2010).
    • VPH was the best performing Vietnam-focused real estate fund in 2009 as per LCF Rothschild.
      • VPH has invested in 10 projects and companies.
      • Since inception, its NAV has increased 30% (as of the end of Q2 2010).
  3. How is SAM different from other fund management companies? What are SAM’s competitive advantages?
    • SAM has established strong affiliations with local decision makers to identify co-investment opportunities, enhance resources, foster diligence and ensure compliance with regulatory issues.
    • SAM is actively engaged with portfolio companies’ management teams to create and increase value of the companies, thereby maximizing benefits for shareholders.
    • SAM is one of the few fund management companies in Vietnam with a majority of independent investment committee members, a main prerequisite of good corporate governance.
  4. Why is SAM the right fund management company for companies or projects that need investments?
    • SAM provides direct capital to selected companies and projects.
    • SAM has financing resources and capabilities from the funds under management and from its investors and partners.
    • SAM provides flexible and innovative financing terms and deal structuring.
    • SAM offers strategic advice and management support to improve the value of our portfolio companies.
    • SAM leverages expertise and resources from expert foreign investors in its funds.
    • SAM’s investment team is comprised of international and local managers who have worked to establish extensive relationships throughout Vietnam and internationally.
    • SAM can connect potential clients, strategic partners, and investors.
    • SAM can work to promote foreign investor awareness to provide future capital and financing for portfolio companies.
About VEH:
  1. What is Vietnam Equity Holding (VEH)?
    Vietnam Equity Holding (VEH) is a closed-end fund listed on the Frankfurt Stock Exchange and Xetra. The objective of VEH is to maximize capital appreciation by making investments in listed, pre-listed, and private companies in Vietnam. The Fund was ranked as the top performing Vietnam-focused equity fund in 2008 by LCF Rothschild. VEH is managed by Saigon Asset Management. 
  2. What is the focus of VEH’s investment strategy?
    VEH's strategy is to invest in reasonably priced growth stocks, as evidenced by a low Price-Earnings-Growth (PEG) ratio, with careful consideration of the risk-reward profile of our investment selection. Particular attention is directed toward stocks where earnings growth is driven by the increasing domestic demand of Vietnam's emerging middle class. The current strategy also calls for a gradual rebalancing of the portfolio away from large cap stocks towards small and mid cap stocks. 
    For more details on our investment strategy, please set up a meeting or a conference call with our investment managers via email at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  3. What are VEH’s key differentiations from other Vietnam-focused funds?
    • VEH's locally immersed team builds strong partnerships with local decision makers, thus enabling high quality deal flow sourcing.
    • VEH is actively engaged with portfolio companies' management teams in creating and maximizing value.
    • VEH is one of the few funds in Vietnam with a majority of independent investment committee members, a main prerequisite of good corporate governance.
  4. How did VEH achieve its #1 ranking by LCF Rothschild in 2008?
    • Our initial investment strategy was to invest in OTC and private companies since the listed market appeared overvalued between 2006 and 2007.
    • From Q1 to Q2 2008, the fund expanded the portfolio to include defensive listed securities.
    • In Q3 2008, the collapse of Lehman Brothers caused a major downturn in the global markets which created local investment opportunities.
  5. Who are the key managers of VEH? What are their backgrounds and track records?
    The managers of VEH are Mr. Louis Nguyen (CEO) and Mr. Chinh Hoang, Director of Equity Investments.
    Mr. Louis Nguyen has over 20 years of experience in financial management. He was formerly a managing director at VinaCapital, an investment firm with US$1.7 billion assets under management. Prior to that, he was a founding managing partner of IDG Ventures Vietnam. In the United States, Mr. Nguyen held management positions at Intelligent Capital, Osprey Ventures, NEC Corporation, Apple Computer, and KPMG.
    Mr. Chinh Hoang has over 6 years of experience in private equity and real estate investment in Vietnam and 7 years in operational management for a leading multi-national corporation. He was formerly director of research and investments at Dynasty Investments, a boutique private equity and real estate investment company in emerging markets and Vietnam. Prior to that he was director and portfolio manager at Mekong Capital, a leading private equity investment firm in Vietnam. He is an advisor and board member in leading private and public companies in Vietnam.
  6. What is the life term of VEH?
    VEH has a 5-year life term (subject to shareholders' vote for extension).
  7. Who are the investors in VEH?
    VEH’s investors are high-net-worth individuals and institutions based in Europe, Asia, and North America.
  8. Why did you list on the Frankfurt Stock Exchange and Xetra?
    Many of our investors are from German speaking countries such as Switzerland, Germany, Luxembourg, and Lichtenstein. Therefore, Vietnam Equity Holding is listed on the Frankfurt Stock Exchange and Xetra, one of our differentiations from other Vietnam-focused funds.  
  9. Do you have a fact sheet?
    Yes, VEH’s fact sheet is available here.
  10. Is there a Private Placement Memorandum (PPM) for VEH?
    Yes, please contact our investor relations department via email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  11. Why is there a large discount between VEH’s share price to NAV? Is this a buying opportunity? 
    The large discount between VEH's share price and its NAV is mainly due to:
    • Investors' negative sentiment on emerging markets during the last global financial crisis.
    • Low market awareness due to launch at end of a bull cycle.
    • Low liquidity as most shares are held by long term strategic investors.
    This discount constitutes an excellent buying opportunity as it is presently decreasing, due to both more favorable market trend and investment manager's actions.
  12. What do you plan to do to narrow this discount?
    • Improve external communication and reporting
      • Increase investors and media's awareness of:
        • High liquidity (VEH ~ 90% listed)
        • Valuation policy (3 securities firms, independent professional appraiser, in line with IAS39)
        • Buy opportunity
      • Improve the quality of Investor Relations activities and reporting
        • Increase transparency and frequency
    • Markets
      • Consider more liquid markets (LSE/AIM, Hong Kong, Singapore)
      • Increase analyst coverage and market makers
    • Investment manager to purchase shares.
  13. How do I buy or sell VEH shares?
    • Please contact the broker of your choice to place your order on the Frankfurt Stock Exchange or Xetra market.
    • If your broker cannot complete the transaction, please contact our market makers:
    • In addition, we offer support and comprehensive guidance to our investors on buying and selling shares. Please contact our Investor Relations team via email at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  14. Who is VEH's custodian and administrator?
    Deutsche Bank (Cayman) Ltd
    Deutsche Bank AG, Ho Chi Minh City Branch
  15. Who is VEH's auditor? Can we see the audit results and auditor's opinion letter?
    Grant Thornton. For audit result and opinion letter, please contact our investor relations department via This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  16. Which key governmental bodies have direct influence on what you do?
    State Bank of Vietnam (SBV) and State Security Commission (SSC) are the key relevant governmental bodies for our activity.
  17. If I have a deal or investment project that I would like VEH to consider, what is the process?
    Please contact and send a business plan to our Investor Relations at  This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  18. What are the best websites to learn about the Vietnamese stock market?
About VPH:
  1. What is Vietnam Property Holding?
    Vietnam Property Holding (VPH) is a closed-end investment fund listed on the Frankfurt Stock Exchange and Xetra. The objective of VPH is to maximize capital appreciation by making investments in real estate projects and companies in Vietnam. The Fund was ranked by LCF Rothschild as the top performing Vietnam-focused real estate fund in 2009.
  2. What is VPH’s  investment strategy?
    VPH's strategy is to adopt a bottom-up approach and to focus on pre-listed or listed small and mid-cap companies which are trading at less than 50% of the market value of the land they own. We aim to add value to our portfolio companies by helping them realize the value of their land assets in the shortest possible timeframe.
    For more details on the investment strategy, please set up a meeting or conference call with our investment team via email at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  3. How is VPH different from other funds?
    • VPH builds strong local partnerships with leading state-owned corporations and via BOD seats in porfolio companies.
    • VPH maintains high quality deal flow sourcing through established relationships with local decision makers, rigorous due diligence, and an experienced, locally immersed team.
    • VPH is actively engaged with portfolio companies' management teams to create and maximize value.
    • VPH is one of the few funds in Vietnam with a majority of independent investment committee members, a main prerequisite of good corporate governance.
  4. How did VPH achieve the #1 ranking by LCF Rothschild in 2009?
    • In 2008, when the market experienced high volatility, VPH elected to stay cash-rich.
    • At the beginning of 2009, the Fund started investing in listed real estate related companies, primarily small or mid-caps which sometimes stay off the radars of larger funds, and in some bank guaranteed deals which generated attractive returns.
    • In Q1 2009, the fund invested in one real estate stock that was trading at a large discount from its intrinsic value. This decision was made while investing in our first bank guaranteed deal, which enabled the Fund to stay away from the downside risk.
    • During Q2 2009, VPH’s NAV increased 5% due to the bounce back of the VN Index.
    • In Q3 2009, the Fund invested in two listed real estate stocks that traded at a large discount from their intrinsic value at an attractive entry price. VPH maintained this investment course by participating in a second bank guaranteed deal.
    • At the end of 2009, VPH exited the bank guaranteed deals to realize a ROI of 25%, in USD. 
    • For the year 2009, VPH’s NAV increased 10.7%.
  5. What is the background and track record of the managers of VPH?
    The managers of VPH are: Mr. Louis Nguyen (CEO) and Mr. Hien Vu (Director of Real Estate Investment).
    Mr. Louis Nguyen has over 20 years of experience in financial management. He was formerly the Managing Director at VinaCapital, a US$1.7 billion AUM investment firm. Prior to that, he was the Founding Managing Partner of IDG Ventures Vietnam. In the United States, Mr. Nguyen held management positions at Intelligent Capital, Osprey Ventures, NEC Corporation, Apple Computer, and KPMG.
    Mr. Hien Vu has over 10 years of on-the-ground experience in Vietnam real estate including investment, development, consultancy, and valuation. Mr. Vu was Managing Director at CitiPlus – a leading local property consultant firm. Prior to that, he was Head of Corporate Services and Investment Properties division for CBRE. Mr. Vu was also the Client Manager at Calyon Corporate & Investment Bank in Vietnam. 
  6. Is there a private placement memorandum (PPM) for VPH?
    Yes, please contact our Investor Relations department via email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  7. Who are your strategic partners and how do they help you?
    Thanh Nien, Savimex, BOT Phu My Bridge, CNT, NBB, Dream House Group are strategic partners who offer us the opportunity to be the first to co-invest into their own proprietary deal pipeline, including other sectors besides real estate (infrastructure, mining, construction, furniture, mineral water..)
  8. Do you have a fact sheet?
    Yes, VEH’s fact sheet is available here.
  9. What is the life term of VPH?
    VPH has 5-year life term (subject to shareholder vote for extension).
  10. Who is VPH's custodian and administrator?
    Deutsche Bank (Cayman) Ltd
    Deutsche Bank AG, Ho Chi Minh City Branch 
  11. Who is VPH's auditor? Can we see the audit results and auditor's opinion letter?
  12. How do I buy and sell VPH shares?
    • Please contact the broker of your choice who can place order on your behalf on the Frankfurt Stock Exchange or Xetra market.
    • If your broker cannot do that, please contact our market makers as follows:
    • In addition, we also offer support and comprehensive guidance to our investors on buying and selling shares. Please contact our Investor Relations team via email at  This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
  13. Why is there a large discount in VPH's share price to its NAV? Is this a buying opportunity? 
    The large discount between VEH's share price to its NAV is mainly due to:
    • Investors' negative sentiment on emerging markets during the last global financial crisis.
    • Low market awareness due to launch at end of a bull cycle.
    • Low liquidity as most shares are held by long term strategic investors.
    This discount constitutes an excellent buying opportunity as it is presently decreasing, due to both more favorable market trend and investment manager's actions
  14. What do you plan to do to narrow this discount?
    • Share buyback program 
      • Implemented in June 2009 and continued through 2010 
    • Improvement on external communications and reporting 
      • Increase investors and media's awareness of:
        • High liquidity (VPH ~ 60% listed)
        • Valuation policy (3 securities firms, independent professional appraiser, in line with IAS39)
        • Buy opportunity
    • Markets
      • Consider more liquid markets (LSE/AIM, Hong Kong, Singapore)
      • Increase analyst coverage and market makers 
    • Investment manager to purchase shares.
  15. Why did you list on the Frankfurt Stock Exchange and Xetra?
    Many of our investors are from German speaking countries such as Switzerland, Germany, Luxembourg, and Lichtenstein. Therefore, Vietnam Property Holdings is listed on Frankfurt Stock Exchange and Xetra, which is among our differentiations from other Vietnam-focused funds.
  16. What are the largest real estate brokerage companies in Vietnam?
    CBRE, Savills, and Colliers are presently the top players in the industry.
  17. Which key governmental bodies have direct influence on what you do?
    For the real estate sector, the relevant governmental bodies are the Ministry of Planning and Investment, the Department of Planning and Architecture, the Department of Environment and Natural Resources, and the People’s Committee of key cities and territories.
  18. What is the process to follow if I have a deal or investment project which I would like VPH to consider?
    Please follow these three steps:
    • Send us the information package of the project (legal, ownership, zoning approval etc.) for the management team to scan the key parameters.
    • If the numbers (IRR, ROI, etc) reveal potential, the team will request a meeting for further investigation (site inspection, legal due diligence, negotiation, etc.)
    • Package the deal into a proposal to the Investment Committee for further execution (if approved).
    For more information regarding VPH investments, please contact us at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
  19. What are the best websites to learn about the Vietnamese real estate market?