The Saigon Asset Management Fund JointStock Co (SAM) has signed a cooperation contract with RNG, a domesticfund management company controlled by Refrigeration ElectricalEngineering Joint Stock Corp (coded REE) to set up a foreign investmentfund.

The foreign investment fund is expected to have a total value of 100 million USD intended for real estate projects.

SAM and RNG are expected to invite well-known investors, consultants,senior experts and managers from leading companies at home and abroadto participate in the fund, which aims to find investment opportunitiesbrought about by the recovery of Vietnam’s economy. They plan to meetforeign investors in the US, Europe and Asia in early 2010.

This investment model can be spread throughout Vietnam to benefitinvestors and help raise the country’s competitiveness in the worldmarket, REE Chairman and General Director Nguyen Thi Mai Thanh said,adding that this combination of leading companies will bring about manyattractive investment opportunities as well as make it easier for thefund to access key experts in many fields.

According to SAM Chairman and General Director Louis Nguyen, foreigninvestors continue to praise the growth of the securities market inVietnam as well as the country’s long-time economic development.

Established in 2007, SAM is currently managing approximately 125million USD of assets, including listed securities, private equity, andreal estate assets.

Meanwhile, REE was established as a state-owned company in 1977. In1993, REE became the first equitised company in Vietnam. It now holds63.7 percent of the statutory capital of RNG./.