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» World'Vest Base Inc. transformed its subsidiary’s ownership in Vietnam
Hanoi, May 15 2007 -- WVB, Inc. has received the Vietnamese Government’s approval of the transformation of its Vietnam Representative Office ownership into Vietnam WVB Financial Intelligence Services Company Limited effective May 16 2007.
WVB Inc. set up its office in Hanoi, Vietnam in 2003-2004 and so far it has developed successfully with the total number of about 100 staffs, who have made excellent contribution to WVB’s worldwide successful achievements. This transformation underlines WVB’s business commitment in the long term prospects of Vietnam’s economy and the increasing maturity of its financial markets. “The ownership transformation presents a milestone in the development of WVB in Asia,” said WVB CEO Philippe O. Piette. "Our presence in Vietnam, which is attracting growing involvement from domestic and international investors, will continue to be the focus for our significantly strategic expansion in the country in the future.” He added that “ I’m always proud of our Vietnamese staff and I do believe our clients will continue to be provided with products and services of excellent quality and value to them.”
The main activities of the company will continue to include the processing and analysis of financial data, economic information of various countries and regions into the WVB databases. Currently Continental and Eastern European and US company data is being processed in the Hanoi office, as well as end of day pricing for emerging markets, directors and institutional dealing and analytical software development.
New activities, along the lines of those executed in the sister-companies Siam Rating Agency Co. Ltd. and WVB Data and Credit Bureau Middle East Plc., and in accordance to the new license, WVB Financial Service Company (WVBFSC) is the first international company to be allowed to act as an independent credit rating agency in Vietnam. WVBFSC will continue to build upon its Vietnamese private company database and expand the local data collection infrastructure.
World Vest Base Sdn. Bhd. will provide, as in the past few years, administrative, managerial and support to WVBFSC. The company also intends to establish over the next few months a research and development team in Hanoi, to expand upon existing and create new risk metric analytics and statistical models. The presence in Hanoi of a diverse number of universities and in particular a large pool of talented mathematicians and statisticians, gives the company a great opportunity to expand its current endeavors in the credit metric field.
“I am grateful to the Government of Vietnam for the opportunities and trust they have offered the company. It is my strong belief that Vietnam, and especially the Vietnamese people, have the potential to be among the most developed and prosperous nations in South East Asia. It is the company foremost wish to help the country achieve this development in a harmonious, fair and equitable way and offering an opportunity to many talented young Vietnamese women and men to develop their skills. WVBFSC hopes to play a key role as an information bridge between Vietnamese enterprises and the international financial intermediaries, as well as a motivation for Vietnamese enterprises to build their image and credit levels during the global integration. “ said WVB CEO Philippe O. Piette.
For further information, please contact Mr. Giang Dam at or Mr. Terry Rowe at .