Bill Gates' foundation bets $12 mln on Vietnam's stock market

By Bach Duong   August 11, 2016 | 03:24 pm GMT+7

It has invested an additional $10 million in a Vietnamese investment fund.

The Bill & Melinda Gates Foundation Trust, founded by American billionaire Bill Gates and the world's largest charitable foundation, has recently announced that the fund has injected $12 million into Vietnam Enterprise Investment Ltd (VEIL).

The fund, chaired by one of the world’s most generous philanthropists, has increased its stake in VEIL to 11.34 percent (equivalent to $88 million). The move makes it the largest shareholder in the fund run by Dragon Capital, which focuses on investing in high-profile Vietnamese enterprises, according to a notice issued by the London Stock Exchange.

Deutsche Asset Management (Asia region) is the second largest shareholder with a 5.19 percent stake.

bill-gates-foundation-bets-12-mln-on-vietnams-stock-market

Bill and Melinda Gates, two of the world's most generous philanthropists, are continuing to invest in Vietnam. Photo by Kjetil Ree, Creative Commons 2.0.

The private fund's latest investment in Vietnam indicates the potential of the country's stock market.

Established in 1995, VEIL is Vietnam’s largest investment fund with total assets of $900 million. In July 2016, VEIL was listed on the Main Market of the London Stock Exchange.

VEIL currently holds shares in leading Vietnamese enterprises including Vinamilk (19.9 percent), Military Commercial Joint Stock Bank (5.98 percent) and Joint Stock Commercial Bank for Foreign Trade of Vietnam (4.51 percent). 

The Bill & Melinda Gates Foundation is the world’s largest charitable fund founded in 2000 by Bill Gates and his wife Melinda. The original purpose of the foundation was to enhance health care, reduce extreme poverty and support access to advanced information technology in the United States.

The primary financial source of the foundation stems from the Bill & Melinda Gates Trust and a large endowment from another American philanthropist, Warren Buffett, who had contributed $17 billion as of December 31, 2015. The foundation's current assets are estimated at $39.5 billion.

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