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Establishment of representative office in Vietnam

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Tundra Fonder, a Swedish Mutual Fund company with focus on frontier markets such as Vietnam, wanted to establish a Representative Office in HCMC in order to strengthen its local presence and deepen local insights.

Tundra Fonder was established in 2011 and invests in new growth markets with high potential, such as Pakistan, Vietnam, Sri Lanka and Nigeria. With a strong and experienced investment team in Stockholm, an office in Vietnam was needed to obtain deeper insights in the market through personnel on site.

As Tundra offers ethical funds, it was important to the company that it was definitively confirmed that the establishment was done in a transparent and correct way. Furthermore, the process to establish a representative office for a mutual fund company in Vietnam is more complex than for other types of companies, as the Vietnamese State Securities Committee (SSC) handles the process.

"The Vietnamese State Securities Committee is very demanding with regard to the bureaucracy and documentation that is required to approve a representative office for a foreign mutual fund company. Therefore it was natural for us to turn to Business Sweden to handle the process. We are happy that the application process went quicker and smoother than we had expected, and that we are present with an office in Vietnam”, says Jon Scheiber, CEO at Tundra Fonder.