French billionaire Pinault forms Vietnam fund

PARIS, March 3 (Reuters) - Artemis, the holding company of French billionaire Francois-Henri Pinault's family, said it had set up a new fund to invest in Vietnam, whose growing economy has attracted many overseas investors.

Artemis said on Monday that it had set up the Red River Holding fund with Openasia Capital. Red River Holding has $225 million available to invest mainly in Vietnamese companies that are not quoted on the stock market.

Vietnam, once a French colony, has recently experienced strong economic growth since joining the World Trade Organisation.

The Vietnam government is targeting GDP (gross domestic product) growth of between 8.5 and 9 percent for this year, although it is also having to battle against rising inflation and a trade deficit.

Pinault, who is chief executive of French retail group PPR (PRTP.PA), joins other leading French companies who have invested in Vietnam.

French insurer AXA (AXAF.PA) and French bank BNP Paribas (BNPP.PA) have both set up Vietnamese ventures, while construction group Saint Gobain (SGOB.PA) bought Vietnamese company Vinh Tuong in November. (Reporting by Sudip Kar-Gupta; Editing by Quentin Bryar)