VF1 to change from close to open-ended fund

HA NOI (VNS)— Shareholders of the Viet Nam Securities Investment Fund (VF1) have approved a change from a close-ended to an open-ended fund at their annual investors’ meeting on Thursday.

VietFund Management will be responsible for preparing the detailed plan, which will be submitted for investors’ feedback at an extraordinary meeting in June 2013.

As of December 31 last year, the net asset value (NAV) of the fund reached VND1.52 trillion (US$72.4 million), equivalent to VND15,201 ($0.72) per fund certificate, up 17.1 per cent from the previous year.

Last year, the fund recorded a net profit of VND222 billion ($10.6 million). However, because it still incurs accumulated losses, the fund did not pay dividend on last year’s profit.

VF1’s investment focuses on large-cap stocks with high liquidity. By March 20, NAV of the fund was around VND17,000 ($0.81) a fund certificate.-VNS