DST International (DSTi) has announced that following the implementation of its solutions at the Ho Chi Minh Securities Trading Centre, Manulife Vietnam and Prudential Vietnam Fund Management Company, it will expand its activities in Vietnam.
Siew Cheong Keong, chief operating officer funds, who is responsible for Prudentials regional Asian operations, says, HiPortfolio is our groups selected preferred solution for investment accounting and by adding Vietnam to our existing implementation sites, we have taken another step towards creating a regional platform, where we can derive further synergies and efficiencies in our processes.
In 2000, when DSTi licensed its asset software to the Ho Chi Minh Securities Trading Center (HoSTC) and at the same time implemented its software at the Stock Exchange of Thailand within the framework of a Mutual Cooperation Agreement between the two countries, the company has been active in Vietnam.
Analysts believe that the Vietnams life insurance sector is set for massive expansion over the next three years. Under various agreements, the market is also set to open its doors to foreign insurance companies to offer their products on the Vietnamese market, like the Vietnam US-Bilateral Trade Agreement, which will allow US companies, now often operating in the form of joint venture companies to operate as wholly foreign-owned enterprises after December of this year.
Manulife, a DSTi client since 2001, was the first 100% foreign-owned life insurance company to open an office in Vietnam in 1999 and currently has more than 250,000 customers. Manulife uses DSTis Automated Work Distributor (AWD) software.
Rhonda Lepsch, CEO for the Asia Pacific region at DSTi says, As leading vendors to the investment management industry we actively follow the market as and where it grows. All research shows that massive growth is forecasted for the Asia Pacific region, where we see growth rates that simply do not compare to those of the mature markets such as the US and Europe. We are truly excited about the potential of the Vietnam market. The consistent GDP growth and many initiatives that the government now has underway will certainly contribute significantly to the growth of the capital markets in Vietnam she says. Additionally, DSTi is the only international vendor currently operating in the Vietnam whose solutions already meet the requirements of the domestic Vietnam market and also support the Quốc Ngữ system of Romanized writing.