VCBF

What VCBF does

VCBF (Vietcombank Fund Management, legal name Công Ty TNHH Quản Lý Quỹ Đầu Tư Chứng Khoán Vietcombank) is a Vietnamese fund management joint venture established in 2005, majority-owned by Vietcombank (51%) with Franklin Templeton Capital Holdings holding 49% as a strategic shareholder. The company operates five open-ended funds — VCBF-MGF (Midcap Growth), VCBF-BCF (Blue Chip), VCBF-AIF (Active Income/dividend), VCBF-TBF (Tactical Balanced), and VCBF-FIF (Fixed Income) — together with the VCBF-CB Balanced Pension Fund and a discretionary portfolio management service (VCBF Premier) for high-net-worth and institutional clients. As of 31/05/2026 the firm reported AUM of 8,930+ VND billion and as of 31/03/2026 reported 9,059 VND billion, served by 60,000+ regularly transacting investors and 83,000+ total customers.

Revenue is generated primarily through recurring management fees on AUM (calculated daily and deducted from NAV) plus tiered redemption fees (up to 3.0% for sub-1-month equity-fund redemptions, declining to 0% after 24 months), with preferential fee treatment for Systematic Investment Plan (SIP) investors whose holding period is counted from the first SIP installment. Minimum investment is 100,000 VND per transaction, and a 100% personal income tax exemption applies to open-ended fund gains held over 2 years under Vietnam's PIT Law effective July 2026. The company is regulated as a limited liability company under Vietnamese law, with Vietcombank serving as custodian/depository bank for all funds.

The technology stack is a digital-first, customer-facing platform rather than an AI/ML or developer-API platform: proprietary VCBF Mobile apps (iOS/Android, app IDs id6444042501 and vn.com.fss.vcbf), a web trading portal (trading.vcbf.com) with daily trading frequency from 01/12/2025, electronic account opening with OTP verification, and QR-code payment integration. Distribution is multi-channel, anchored by Vietcombank's branch and VCB Digibank networks and extended through 12+ third-party platforms including Fmarket, Finhay, Mirae Asset M-Stock, Shinhan Securities San Xin Ha, VNDIRECT DGO, Digi Invest, TCInvest, InvestingPro, DigiFinance, NEO Invest, and Guotai Junan. Management includes CEO Nguyen Thi Hang Nga (CFA), Investment Director Duong Kim Anh, Portfolio Management Director Pham Le Duy Nhan, and Deputy CIO Nguyen Trieu Vinh (CFA).

Name

VCBF

Legal name

Công Ty TNHH Quản Lý Quỹ Đầu Tư Chứng Khoán Vietcombank (VCBF)

Website

https://vcbf.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

VCBF is a Vietnamese fund management joint venture between Vietcombank (51%) and Franklin Templeton (49%), operating five open-ended funds, a balanced pension fund, and a discretionary Premier service for 60,000+ retail and institutional investors with AUM of approximately 8,930+ VND billion as of May 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Open-ended Fund Management Fees: VCBF generates revenue primarily through management fees charged on assets under management (AUM) across its open-ended funds (VCBF-MGF, VCBF-BCF, VCBF-AIF, VCBF-TBF, VCBF-FIF) and pension funds. Fees are calculated as a percentage of AUM and vary by fund type. Redemption fees also apply based on holding period, with 0% fees for equity fund holdings over 24 months and escalating rates for shorter periods.
2. Pension Fund Management: VCBF manages pension funds (VCBF-CB balanced pension fund) providing long-term accumulation and investment solutions, generating recurring management fee revenue based on assets under management.
3. Discretionary Portfolio Management (VCBF Premier): VCBF offers bespoke VIP Mandate asset management for high-net-worth individuals and organizations, charging management fees on separately managed portfolios.
4. Transaction and Redemption Fees: Redemption fees are applied based on holding duration. For equity funds: 0% for holdings over 24 months, 0.5% for 12-24 months, up to 3.0% for under 1 month. SIP investments receive preferential fee treatment where holding period is calculated from the first SIP installment for the entire portfolio.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

VCBF is a Vietnam-based fund management company that manages and distributes open-ended mutual funds (equity, balanced, and fixed-income), a balanced pension fund, and discretionary portfolio management services for high-net-worth and institutional clients. Investors access products through the proprietary VCBF Mobile app, web trading portal, Vietcombank branches, VCB Digibank, and over twelve third-party securities and fintech platforms. The firm applies Franklin Templeton's value-investing philosophy to construct disciplined, fundamentally researched portfolios for retail and institutional investors in Vietnam.

Product overview

VCBF (Vietcombank Fund Management) is a joint venture between Vietcombank and Franklin Templeton, offering a portfolio of investment fund products and asset management services. The core offering consists of five open-ended funds: VCBF-MGF (Midcap Growth Fund) targeting medium-cap growth stocks, VCBF-BCF (Blue Chip Fund) investing in large-cap liquid equities, VCBF-AIF (Active Income Fund) focused on high-dividend equities, VCBF-TBF (Tactical Balanced Fund) combining equities and fixed-income assets, and VCBF-FIF (Fixed Income Fund) investing entirely in bonds. In addition, VCBF manages the VCBF-CB Balanced Pension Fund for retirement savings, and provides a premium discretionary portfolio management service (VCBF Premier). Investors access these products via the VCBF Mobile app, the VCBF online trading website, VCB Digibank, and several third-party distribution platforms including M-Stock (Mirae Asset), San Xin Ha (Shinhan Securities), and Fmarket. A key product feature is the Systematic Investment Plan (SIP), which automates monthly contributions with favorable fee treatment. The company manages over 8,930 billion VND in assets and has served over 60,000 regularly transacting investors across its fund products.

Differentiator

Problem solved

Functional benefit

Products and services

• VCBF-MGF (Midcap Growth Fund / Quỹ Đầu Tư Cổ Phiếu Tăng Trưởng) Open-ended equity fund investing primarily in listed companies with medium market capitalization and high growth potential, targeting long-term capital growth through stock price appreciation.
• VCBF-BCF (Blue Chip Fund / Quỹ Đầu Tư Cổ Phiếu Hàng Đầu) Open-ended equity fund investing in large-market-capitalization listed companies with strong liquidity, focusing on stable blue-chip stocks for long-term capital growth. Launched 22 August 2014.
• VCBF-AIF (Active Income Fund / Quỹ Đầu Tư Thu Nhập Chủ Động) Open-ended equity fund prioritizing stocks with high dividend yields, generating income through dividends while maintaining exposure to equity capital appreciation.
• VCBF-TBF (Tactical Balanced Fund / Quỹ Đầu Tư Cân Bằng Chiến Lược) Balanced fund allocating approximately 50% (±25%) to listed equities (primarily large and mid-cap) and 50% (±25%) to fixed-income assets (deposits, certificates of deposit, government and high-quality corporate bonds), targeting long-term growth with balanced risk. Launched 24 December 2013.
• VCBF-FIF (Fixed Income Fund / Quỹ Đầu Tư Trái Phiếu) Bond fund investing entirely in fixed-income assets including government bonds, local government bonds, government-guaranteed bonds, and high-quality corporate bonds with good credit quality. Launched August 2019.
• VCBF-CB (Balanced Pension Fund / Quỹ Hưu Trí Cân Bằng) Pension fund with a balanced investment strategy combining equity and fixed-income assets, designed for long-term retirement savings and accumulation.
• VCBF Premier (Discretionary Asset Management / VIP Mandate) Premium discretionary portfolio management service for high-net-worth individuals and institutional clients, with portfolios customized to individual investment objectives and risk profiles.
• VCBF Mobile Application Proprietary mobile application enabling investors to open accounts, execute buy/sell/convert orders, set up Systematic Investment Plans (SIP), and monitor VCBF fund portfolios on iOS and Android devices.

Quantifiable outcome

• VCBF-TBF ranked #1 balanced fund in Vietnam for 2025 with 15.83% return and #1 in the 5-year period with 80.19% cumulative return
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered major and core.

• Shinhan Securities Vietnam (SSV) – San Xin Ha ApplicationmajorChannel Partner/ Reseller/ Distributor · 7 May 2026VCBF signed a distribution agreement with Shinhan Securities Vietnam (SSV) on 07 May 2026 to officially distribute all 5 VCBF open-ended funds on the San Xin Ha smart trading app. The partnership was signed in Ho Chi Minh City and is part of SSV's strategy to expand its product ecosystem with quality fund products. SSV is a 100% foreign-owned securities company and member of Shinhan Financial Group (one of Korea's leading financial conglomerates). Starting from 100,000 VND, investors can access any VCBF fund through San Xin Ha.
• Mirae Asset Securities (MAS) – M-Stock PlatformmajorChannel Partner/ Reseller/ Distributor · 1 January 2024VCBF and Mirae Asset Securities (MAS) signed a strategic distribution partnership to list all 5 VCBF open-ended funds on the M-Stock digital trading platform. This partnership enables Mirae Asset's large investor base to access VCBF funds directly through the M-Stock app, with SIP functionality and detailed fund information. VCBF CEO Nguyen Thi Hang Nga emphasized that combining VCBF's superior fund performance (27% in 2024) with Mirae Asset's technology platform creates an optimal product-experience combination.
• Vietcombank (Ngân hàng TMCP Ngoại thương Việt Nam)coreStrategic or Co-development Partner · 1 January 2005Vietcombank is VCBF's majority shareholder and co-founding partner, holding 51% of VCBF. Vietcombank provides the distribution network (branch banking, VCB Digibank), depository banking services for all VCBF funds, and brand credibility as Vietnam's leading commercial bank. VCBF benefits from Vietcombank's deep retail customer relationships and regulatory standing in Vietnam's financial sector.
• Franklin Templeton Capital Holdings Private LimitedcoreStrategic or Co-development Partner · 1 January 2005Franklin Templeton holds 49% of VCBF as a strategic partner and provides global investment expertise, value investing philosophy, training programs (including FT Academy), and access to Franklin Templeton's global research network. Franklin Templeton is ranked 14th among the world's largest asset managers (Thinking Ahead Institute, Oct 2024) with USD 1.5+ trillion AUM (as of March 2025). The partnership brings international investment standards to Vietnam.
• Vietcombank (Depository Bank for All Funds)coreOthersVietcombank serves as the custodian/depository bank for all VCBF open-ended funds and pension funds, holding fund assets in segregated accounts and processing fund transactions. This is a regulatory requirement for Vietnamese fund management companies.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Manulife Investment Management (Vietnam): Vietnamese fund management subsidiary of Manulife, offering open-ended equity, balanced, and bond funds. Directly competes with VCBF's product suite in the retail mutual fund space.
• VietFund Management: Vietnamese fund management company operating open-ended equity and fixed-income funds for retail and institutional investors. Directly comparable to VCBF's product offering and distribution approach.
• Bao Viet Fund Management: Vietnamese mutual fund management company affiliated with the Bao Viet insurance group. Offers open-ended equity and bond funds directly comparable to VCBF's product range.
• Mirae Asset Fund Management Vietnam: Vietnamese asset management arm of Mirae Asset (also a VCBF distribution partner via M-Stock). Manages local open-ended funds and competes with VCBF in the retail mutual fund segment.
• SSIAM (Shinhan Securities Investment Management): Vietnamese asset management subsidiary of Shinhan Financial Group (also a VCBF distribution partner via San Xin Ha). Manages open-ended equity and bond funds and is structurally comparable to VCBF as a foreign-affiliated Vietnamese fund manager.
• Eastspring Investments Vietnam: Vietnamese fund management arm of Prudential's asset manager, offering open-ended equity, balanced, and bond funds. Comparable to VCBF in product breadth and institutional/retail client segments.
• KIM Vietnam Fund Management: Vietnamese fund management company managing multiple open-ended funds across equity and fixed-income strategies. Operates in the same competitive set as VCBF within Vietnam's mutual fund industry.
• VinaCapital: One of Vietnam's largest asset management groups managing open-ended funds, closed-end funds, and real estate investments. Directly comparable to VCBF across equity, balanced, and fixed-income product offerings for retail and institutional investors.
• PVI Asset Management (PVIAM): Vietnamese asset management company under PVI Holdings, managing open-ended equity and bond funds for retail and institutional clients. Competes with VCBF in Vietnam's mutual fund market.
• Dragon Capital: Vietnam-focused asset management firm operating multiple open-ended equity and balanced funds (e.g., DCVFMVN DIAMOND, VESAF). Competes head-to-head with VCBF in Vietnamese retail and institutional fund markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@VCBFquymo
• Facebookfacebook.com/quymovcbf
• LinkedInlinkedin.com/company/vietcombank-fund-management
• Instagraminstagram.com/vcbfquymo
• TikToktiktok.com/@quymovcbf?lang

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VCBF