Danish Group Backs Local Firm In Vietnam

Danish
group BankInvest signed a partnership agreement with the International Consumer
Products (ICP) Company in Ho Chi Minh
City Friday.
    The asset
managing group will invest US$9.6 million in the local firm, which will use the
capital to boost production, distribution and develop human resources.
    BankInvest,
which will also advise the local firm, will share profits with ICP.
    The ratio
and details of the agreement were not announced.
    ICP has a
chartered capital of VND110 billion, or $6.6 million.
    BankInvest,
founded in 1969, launched two funds, Private Equity New Markets (PENM) 1 and 2
in 2006.
    The funds,
with a total capital of $300 million, have invested in eight local businesses
including AAA Insurance, Duc Thanh Wood, Vietnam Fan, Eurowindow and Kim Son
Fashion.