(Bloomberg) -- The initial public offering of Vietnam’s first domestic exchange-traded fund has raised twice the amount of money expected, according to the company managing the product.
Ho Chi Minh City-based VietFund Management raised about 200 billion dong ($9.4 million) for the VFMVN30 fund in an IPO that ran from July 21 to Aug. 20. The company had expected to raise about 100 billion dong, Chief Executive Officer Tran Thanh Tan said in an e-mailed response to Bloomberg questions. The fund will track the VN30 index, which comprises the stocks with the largest capitalization and liquidity on the Ho Chi Minh City Stock Exchange. It’s expected to start trading on the bourse next month.