The $4.9 billion asset manager prepares to float 100% of its shares, marking a milestone for Vietnam’s capital markets and signaling rising institutional depth ahead of an expected market upgrade.
Vietnam’s investment landscape is about to see one of its most influential players step directly into the public arena. Dragon Capital Vietnam Fund Management (DCVFM) — the country’s largest domestic asset manager — has announced plans to list all 31.2 million outstanding shares on the UPCoM market, a move widely viewed as a prelude to deeper transparency and stronger institutional participation.
The board of directors approved the decision on December 2, with December 4, 2025 set as the record date for shareholder registration at the Vietnam Securities Depository (VSD). Once listed, 100% of DCVFM’s shares will be tradable, enabling public investors to gain exposure to a firm that has helped shape Vietnam’s capital markets for more than two decades.
Founded in 2003 under the name VietFund Management (VFM), the firm was Vietnam’s first domestic fund-management company, established by Dragon Capital Management and Sacombank. Today, its shareholder structure remains tightly held by Dragon Capital entities: Dragon Capital Markets (Europe) Limited: 48%; Dragon Capital Management (Hong Kong) Limited: 39.95%; DRE SPC: 4.81%; The remaining 7.24% belongs to individual shareholders.
As of May 2025, DCVFM manages and advises on approximately 128 trillion VND (US$4.9 billion) in assets — spanning equity, fixed income, ESG mandates, ETFs, and multi-asset products for both local and global investors. The firm employs more than 200 professionals from eight countries, reflecting the increasingly international nature of Vietnam’s asset-management sector.
The listing also highlights the long-standing leadership of Dominic Scriven, who has served as Chairman of Dragon Capital Group since 1994 and led DCVFM’s board for over 20 years. Scriven personally owns 210,750 shares, or 0.675% of charter capital — a symbolic but meaningful stake for one of Vietnam’s most prominent foreign investors.
Financially, DCVFM reported 1,060 billion VND in revenue for 2024, up 4%, though pre-tax profit declined 20% to 297 billion VND amid market volatility. In the first half of 2025, profit fell further to 69.86 billion VND, down 60% year-on-year — reflecting weaker market performance ahead of Vietnam’s anticipated shift to emerging-market status.
The upcoming listing is expected to enhance corporate governance, elevate transparency, and align DCVFM with global asset-management standards. For foreign funds watching Vietnam’s rapid financial-market development, the move signals growing maturity — and positions Dragon Capital at the center of a new phase of institutional expansion as the country prepares for a wave of international inflows.
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