Established in Ho Chi Minh City in 1994, Dragon Capital has grown into Vietnam’s financial powerhouse. Today, Dragon Capital has about US$5 billion in assets under management with some 200 employees.
Dominic Scriven, founder and chairman of Dragon Capital, recalls the company’s early days – when it had a team of six, with assets under management of just $18 million. Its first office was located in a shophouse “next to a noodle shop, and a stone’s throw from the quay where Ho Chi Minh departed Saigon to recreate his nation in 1911,” Scriven says.
“Just to set the scene, when we first started out, according to the World Bank annual gross domestic product per capita was $120, a scarcely believable level now that it has reached $4,700. At that time there was no stock market, the US had only just released Vietnam from a trade embargo, and the ink on the first ever Company Law was still drying,” he recalls.
Staying focused
Dragon Capital has been recognised in this year’s Asia Asset Management Best of the Best Awards as Best Asset Management Company (30 years) in Vietnam, an award that recognises the company’s achievements, success and contributions over the past three decades.
“The last thirty years have passed in a blink of an eye. I sometimes stop and reflect on everything we have done, and I am so thankful for our integrity, decision-making, and the perseverance and passion that has led us to grow alongside Vietnam,” Scriven says.
“On that note, I would like to express my heartfelt gratitude to all our stakeholders and underline our commitment to the journey of this magnificently forgiving nation, as it celebrates 50 years since Reunification.”
He points to three key success drivers for Dragon Capital. First, is that the company had a group of people who shared the same vision and understood Vietnam’s full potential. Second, is that the company had the trust and capital of its shareholders.
“Last, and certainly not least, is Vietnam itself, its government, its people, and its economy, that have shaped our business. Our growth has been deeply tied to the country’s success,” he says.
Successes and challenges
Scriven also recalls numerous memorable moments that he and his team at Dragon Capital have shared.
“One of the first was the opening of the HCMC Stock Exchange in 2000 on which our business is dependent. Listed equity is really our main area of focus,” he says.
In 2001, the International Finance Corporation (IFC) became an investor in Dragon Capital. It was a significant moment for Scriven because the IFC has helped Dragon Capital set up many of its systems and policies, including its commitment to environmental, social and governance (ESG).
In 2003, the company received the country’s first domestic asset management licence, which allowed Dragon Capital to launch Vietfund Management. In the same year, it partnered with the Ho Chi Minh City government to form Ho Chi Minh Securities, and in 2008, the company opened its office in Hong Kong with Type 4 and Type 9 SFC licences.
However, one of Scriven’s proudest moments was receiving the 3rd-class Labour Honour from the Ministry of Finance in 2014 for himself and the company and again in 2022 for their contribution to Covid-19 prevention efforts, highlighting Dragon’s ongoing contribution to Vietnam beyond the world of finance.
“This is the highest honour available to a foreigner and this award recognised not just my contributions but also the efforts of so many who helped build this business,” he says.
In line with the saying “What doesn’t kill you makes you stronger”, Dragon Capital can also attribute its success today to the lessons it learned during challenging moments, including the Asian Financial Crisis of 1997, the Global Financial Crisis of 2008, the Vietnamese banking crisis of 2011, and the domestic bond crisis of 2023.
“We have been buffeted by foreign exchange fluctuations, political turbulence, and the moodiness of capital. Our clients have told us they appreciate that we have been through both bull and bear markets, and because battle scars make us wiser, we are still here. I suppose it is these scars of volatility, from both global and Vietnamese challenges, that have shaped us,” he says.
He adds that these challenging events have taught him and his team to move forward with confidence and remain calm, be patient, to reassess its proposition, and make the necessary changes to survive.
“These challenges have only strengthened our resilience and made us even more relevant to what the future might hold,” he says.
