Different from traditional models, Thien Viet Securities Corporation (Ticker: TVS) has opted for a development track to become a “Boutique Merchant Investment Bank”—focusing on crafting personalized financial solutions that enhance value for Vietnamese investors.
Transforming into a boutique merchant investment bank – a strategic governance initiative
Recently, Thien Viet was honored in the “Top 50 Best-Performing Companies in Vietnam 2024 – TOP50” by Nhip Cau Dau Tu Magazine for its groundbreaking strategies. Despite a medium capital scale, Thien Viet has a stock performance of 126.0%, a compound annual growth rate (CAGR) of 28%, a profitability of 16%, while its capital size reflects an efficient operational capacity, deserving of a spot in the TOP50 2024. Instead of engaging in the fiercely competitive brokerage and margin lending segment, Thien Viet has opted for a separate pathway with challenges: the “boutique investment bank” model, also known globally as a “Boutique Merchant Investment Bank“. This is a lean banking model that focuses on specialized financial services, such as Asset Management, M&A advisory, Private Placements, and IPOs. On a medium-sized scale, the specialized investment bank focuses on providing “bespoke” financial solutions for its investors.
The specialized investment bank model has long been established globally and recognized for corporate support in M&A advisory and private placement activities. There were some notable transactions. Pfizer’s acquisition of Allergan (US$160 billion), where Pfizer was advised by Guggenheim Partners and Centerview Partners, while Allergan was supported by J.P. Morgan and Morgan Stanley. Additionally, Evercore played a key role in Dell’s acquisition of EMC (US$67 billion), and Rothschild & Co. supported ArcelorMittal in its acquisition of Essar Steel (US$5.7 billion).
In Vietnam, Thien Viet has persistently followed this path, marking its achievements with prominent deals such as advising Unicharm on its acquisition of Diana (2011) valued at nearly US$180 million, successfully supporting Nam Long to raise capital from IFC (2014), assisting CII in securing nearly US$100 million from Metro Pacific (2015), and advising MoMo in raising funds from Warburg Pincus (2018).
Positioning itself as a boutique merchant investment bank, Thien Viet’s management has built a strategy rooted in core values and an innovative vision. This approach has enabled Thien Viet to stay ahead of new investment trends in Vietnam during the era of technology transformation, achieving notable success through consistent and sustainable growth over the past 17 years.
An investment portfolio designed to foster prosperous financial future for the community
Thien Viet has demonstrated a stable growth performance with a diversified investment portfolio across sectors such as fintech, AI, consumer goods, healthcare, and education. The success of investments in unicorns like MoMo, Finhay, Nhi Dong 315, and NamiTech underscores Thien Viet’s distinctive investment strategy that drives innovation. Ms. Nguyen Thanh Thao, CEO of Thien Viet, shared: “Thien Viet is not merely an investor but a strategic partner that works closely with businesses in their specific operational activities. Unlike many investors who only provide capital, Thien Viet supports businesses in building a solid governance foundation and long-term growth strategies. Our team brings extensive expertise in financial management, business operations, and strategic planning while also helping businesses expand their network of relationships and partnerships for enhanced market competitiveness. The key differentiator of Thien Viet compared to other funds is that we choose to invest in a select number of businesses, optimizing our resources to help our partners overcome challenges and continuously innovate and grow in this highly challenging technological era.”
According to Frost & Sullivan, the ASEAN digital healthcare market is expected to grow at 16% annually by 2028, while Vietnam’s AI sector could reach $2.06 billion by 2032. Notably, the semiconductor industry is experiencing rapid growth globally, and ASEAN nations, such as Vietnam, are actively participating in this dynamic landscape. Recently, the tech giant NVIDIA officially acquired VinBrain, an artificial intelligence (AI) startup under the Vingroup corporation. This acquisition followed NVIDIA’s agreement with the Vietnamese government on December 5, 2024, to establish the Vietnam Research and Development Center (VRDC) and an AI Data Center in Vietnam. Vietnam’s technology market is projected to exceed $36 billion by 2029, with a compound annual growth rate (CAGR) of 9.1%. Such figures underscore the vast opportunities within this sector, making the presence of boutique merchant investment banks like Thien Viet all the more essential.
Boutique merchant investment banks are also trusted by Vietnam’s High Net-Worth Individuals (HNWIs) and family offices to manage their investment portfolios. This model stands apart from traditional banks thanks to highly personalized services and deep expertise. With the changing investment behaviors among the wealthy—shifting from a 45% allocation in real estate to greater diversification into technology, listed equities, and startups (20%)— the demand for comprehensive and specialized investment solutions in Vietnam is growing rapidly. This creates both opportunities and challenges for boutique investment banks like Thien Viet, as they continually expand their resources and update global and regional investment trends to meet the increasingly sophisticated demands of Vietnam’s wealthy elite.
Thien Viet’s success in executing major investment deals and its impressive growth in asset management has solidified its reputation as a leading boutique investment bank in Vietnam. With a team of experts trained on international standards, possessing extensive local market experience and a forward-thinking vision, Thien Viet has been steadily strengthening its market position, becoming a trusted partner for both domestic and international investors. In the coming periods, Thien Viet will continue investing in resources to deliver specialized and comprehensive financial services, contributing to the growth of Vietnam’s economy as a whole and fostering personal financial prosperity for Vietnamese individuals.
