Vietnam's top information technology services firm FPT Corp. has won a go ahead to set up a fund management company as part of its drive to branch out into financial services.
The State Securities Commission granted on Wednesday its preliminary approval for the establishment of FPT Fund Management Co., it said in a statement. FPT sources said the new firm was expected to become operational next month.
FTP has been seeking to diversify away from its core businesses of software production, mobile phone distribution and Internet services in its effort to get a slice of Vietnam's quickly expanding financial services market.
FPT has already won a go ahead to establish a brokerage firm and it is also seeking central bank permission to open a commercial bank.
Shares in FPT closed 0.33% down at 305,000 dong on Thursday, valuing the Hanoi-based company at $1.15 billion and making it the third-largest firm on the Ho Chi Minh Stock Exchange.
Source: Thanh Nien
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