2 articles · Updated · Private Banker International · Aug 25
Summary
As early as 2027, Sumitomo Mitsui Trust plans to enter Vietnam asset management through a joint venture with state-owned lender BIDV, with the Japanese group holding 49% and BIDV 51%, Nikkei reported.
The venture will offer investment funds and manage entrusted client money, but Vietnamese rules will confine its investments to domestic assets.
Sumitomo Mitsui Trust is targeting about $1.9 billion in assets under management in the early phase and aims to build one of Vietnam’s larger asset managers by tapping BIDV’s roughly 1,100-branch network.
The move broadens the group’s Southeast Asia push beyond its traditional overseas focus on the US, Europe and Singapore, as Japanese financial firms deepen local partnerships across the region.