Morgan Stanley buys 10% stake in PetroVietnam company

This is from Nhan Dan (Vietnam) More evidence of Vietnam's rapid transition to capitalism. Morgan Stanley is confident enough to invest in a PetroVietnam company. Of course Morgan Stanley also is buying out Bear/Stearns. No doubt PetroVietnam has a lot more potential for growth!
Imagine there is now a Ho Chi Minh City stock market! This is no doubt socialism with Vietnamese characteristics just as next door there is socialism with Chinese characteristics. They really should be called capitalism with Chinese characteristics and capitalism with Vietnamese characteristics.



Morgan Stanley buys 10% PVFC stake


Nhan Dan – The PetroVietnam’s Joint Stock Finance Corporation (PVFC) has officially announced Morgan Stanley as its first foreign shareholder as the latter has acquired a 10% stake in the corporation.

The announcement was made on March 18 at the inauguration ceremony of PVFC, a member of the Vietnam Oil and Gas Group, PetroVietnam, in Hanoi.

PVFC targets to issue petroleum finance and PetroVietnam bonds on both the domestic and foreign markets.

It is also making preparations to open a representative office in Singapore and list their shares on the Ho Chi Minh City Stock Exchange.

PVFC focuses its operations in oil and gas, energy and real estate.

From 2007-2010, PVFC has set targets of 30% annual growth rate, 11.5% dividend and an asset value of US $3 billion in 2010.