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Vietnam equities are on a tear, but US asset manager Invesco still has zero allocation to the market, despite bullishness among local players.

The recent change in tack comes amid other plans to liberalise Vietnam's financial markets. Meanwhile, the first locally listed exchange-traded funds are in the pipeline.

It is taking longer than planned for Vietnam's Dragon Capital to hit $50 million for its new private equity fund. Meanwhile, it is eyeing microfinance and plans to use Ucits to sell into Europe.

The firm establishes a private equity vehicle in partnership with FIDP to target deals in Vietnam, Cambodia and Laos.