Foreign fund to invest in Vietnamese drug retail

The Saigon Asset Management Corporation, a Cayman Islands exempted company, signed a deal on January 5 that will enable it to become a strategic partner of My Chau Investment Corporation, owner of the My Chau drug store chain.

The Saigon Asset Management Corporation (SAM), a Cayman Islands exempted company, signed a deal on January 5 that will enable it to become a strategic partner of My Chau Investment Corporation, owner of the My Chau drug store chain.

Representatives of SAM and My Chau Investment Corporation shake hands after signing their deal. (Photo: bizlive.vn)

Under the pact, SAM will acquire a 15 percent stake of My Chau. The investment will contribute to expanding the scale of My Chau drug stores and improving management and transparency.

The new deal is part of SAM’s long-term business strategy that focuses on forming cooperation with prestigious brands in the Vietnamese retail market, stated SAM Chairman and CEO Louis Nguyen.

Founded in 2007, SAM is a fund management/private equity firm based in Ho Chi Minh City and Los Angeles (the US). It has been managing two Vietnam-focused investment funds, namely Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH). VEH and VPH have thus far invested over 250 million USD in over 45 companies and projects in Vietnam.

My Chau has taken the lead in opening online pharmacies with home delivery service. It aims to establish 80 physical stores across the country within the next three years.