Saigon Asset Management has signed a strategic partnership with two Vietnamese firms, listed property company NBB Investment Corporation and construction materials supplier Construction and Materials Trading Company (CNT).

Saigon AM manages two Frankfurt-listed investment funds, Vietnam Equity Holding (VEH) and VPH; the latter has invested about 15% in both NBB and CNT. The firm has total assets under management of $125 million.

"NBB and CNT have assets -- not investments -- that we believe are undervalued," says Louis Nguyen, chief executive of Saigon AM in Ho Chi Minh City, but he would not disclose the amount of said assets.

Under the agreements, Saigon AM will provide support in investment, advisory, project finance and co-development of real estate projects. The asset manager will also help the two firms seek foreign developers and financing partners.

NBB is a leading property developer and infrastructure contractor with a strong landbank that includes over 50 hectares of land in Ho Chi Minh City and more than 1,000 hectares of land in other cities. CNT is one of Vietnam's largest suppliers of building materials, as well as a real estate developer and contractor.

Saigon AM has similar agreements with other companies in its portfolio, including Phu My Bridge, Savimex and Thanh Nien Corporation.

In addition, in November, Saigon AM and RNG Invest, the investment arm of Refrigeration Electrical Engineering (REE) Corporation, launched an offshore fund investing in Vietnam.