Based in Hanoi, SCIC Morgan Stanley Securities will soon apply for necessary licenses and hopes to begin operating in the fourth quarter.

The brokerage will offer a broad range of securities services, including investment banking products such as mergers and acquisitions, underwriting, equity and debt sales, and analysis and investment advice.

"Vietnam is important to our emerging market growth strategy," John Mack, Morgan Stanley chairman and CEO, was quoted as saying in a press release.
"Morgan Stanley has a successful track record making long-term commitments to new markets. Working alongside SCIC, we look forward to contributing to the development of Vietnam's capital markets and the country's long-term economic growth."

As the Government's strategic investment arm, SCIC has been expanding cooperation with leading international financial institutions.

"We acknowledge and appreciate the expertise and overwhelming strength of Morgan Stanley in the field of investment banking. We have great confidence in the success of this joint venture and believe that the MoU (memorandum of understanding) will lay a solid foundation for the establishment of the first local investment bank in Vietnam," Le Thi Bang Tam, SCIC chairwoman, said in the release.

The joint venture, though, is still subject to final Government approval. The terms of the MoU were not disclosed.