The concept of multi-manager fund has been introduced under the regulations on investment by foreign investors in Vietnam stock market. In particular, Vietnamese law allows a foreign multi-manager fund trading on the Vietnamese stock market to obtain one separate securities trading codes for each investment portfolio in such fund. Accordingly, an offshore multi-manager fund may have more than one securities trading code. However, the law does not seem to allow a multi-manager fund to be set up onshore in Vietnam. This is because the fund regulations require a member fund to be managed by one fund management company only. In case of public funds, various reports or forms also suggest that a public fund must also be managed by one fund management company.

This post is contributed by Nguyen Bich Ngoc, a VILAF associate.