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|EFG Hermes to begin operations in Vietnam through a partnership with ACBS|
"This partnership will provide our clients access to the Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, and the UPCOM using ACBS' platform, while expanding our Vietnamese research offering under our own brand name," said EFG Hermes.
“We are intensifying our involvement in Vietnam at a highly opportune moment,” said Kato Mukuru, head of Frontier Markets Research at EFG Hermes. “The country’s dynamic export-oriented manufacturing sector is seeing considerable gains as more multinationals seek to relocate production away from China and to Vietnam.
This continuing shift comes against a backdrop of exchange rate stability and consistently rapid economic growth, which registered 6.79 per cent in the first quarter of 2019, Vietnam’s second-strongest first-quarter growth rate since 2009. Vietnam is seeing remarkable growth in exports, manufacturing, and foreign investment, while domestic demand remains robust as the middle class forms an ever-larger share of its 95 million-strong population.”
"Through our partnership with ACBS, one of the country's leading brokerage providers, EFG Hermes is now the first Frontier Emerging Markets (FEM) investment bank to establish an on-the-ground presence in Vietnam," the company added.
Commenting on the new partnership, Trinh Thanh Can, chief executive officer of ABCS, said: "ABCS will work to ensure that this mutually-beneficial partnership allows us to leverage EFG Hermes’ institutional heft, global network of clients, and capability to create lasting value, while furthering the institutionalisation of Vietnam’s capital markets.”
EFG Hermes provides a wide range of financial services – including traditional investment banking products and newly-launched non-bank financial services ranging from securities brokerage, research, asset management, private equity, financial leasing, factoring, micro-finance, and consumer finance.
The firm, which has on-ground presence in 12 countries across four continents, is a consistent leader of top MENA exchanges and one of the leading firms in Pakistan, Kenya, and Nigeria.