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Market Chatter: Sumitomo Mitsui Trust to Tap Vietnam's Asset Management Market via JV

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Sumitomo Mitsui Trust (TYO:8309) plans to establish an asset management joint venture with Bank for Investment and Development of Vietnam (BIDV) by next year, Nikkei Asia reported on Monday.

The Japanese group will hold a 49% stake, while BIDV will own 51% in the partnership that aims to tap growing demand from Vietnam's expanding affluent population, the news agency said.

The new company will launch investment funds and manage assets, with investments confined to Vietnam under local regulations, the publication said.

Sumitomo Mitsui Trust did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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