UAE’s $830bn investment fund eyes various projects in Vietnam

The Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates (UAE) is keen on investing in various projects in Vietnam and is ready to help Vietnam build and develop investment funds, according to managing director of ADIA Sheikh Hamed Bin Zayed Al Nahyan.

The ADIA leader made the statement during his meeting with Vietnamese Prime Minister Pham Minh Chinh in Abu Dhabi on Tuesday as part of his official visit to the Middle Eastern country.

After briefing Chinh on the ADIA’s operations, Zayed Al Nahyan shared plans to seek investment opportunities and expand relations with Vietnam, and affirmed that ADIA’s strategy is to invest with a long-term commitment in the Southeast Asian country.

Established in 1976, the ADIA represents the government of Abu Dhabi in managing Abu Dhabi’s investment funds.

Currently, ADIA is managing assets of about $830 billion, making it the fourth largest investment fund in the world.

In Vietnam, ADIA has invested in The CrownX JSC through Platinum Orchid, acquiring approximately 90 percent of the Masan Group Corporation’s shares, Nhan Dan (People) newspaper reported.

PM Chinh told the ADIA leader that during his visit, the two countries established a comprehensive partnership and signed the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA).

Therefore, the two sides need to make the most of ‘time and intelligence’ to immediately proceed with specific actions and plans in the new development stage for the sake of the two countries and peoples.

With favorable geographical positions, Vietnam and the UAE each play an important role in the ASEAN region and the Gulf Cooperation Council, respectively.

As a populous developing country, Vietnam has a great demand for attracting investment from other countries, including the UAE.

Highly valuing the effectiveness of ADIA’s activities as well as its contributions to the economic and investment development of Abu Dhabi and the UAE in general, PM Chinh said that Vietnam has issued a national list of projects calling for foreign investment.

The government chief noted that Vietnam is accelerating projects in the fields of transport infrastructure, green transformation, energy transformation, and digital transformation. 

The country is also building large seaports and the Long Thanh Airport.

Vietnam is also preparing to invest in the North-South high-speed railway project with a total capital of about $67 billion, along with many other big-ticket railway projects.

In addition, the country is planning to establish national data centers and build information technology infrastructure among other infrastructure works.

The PM proposed that ADIA cooperate and support Vietnam in building an investment fund for projects in the fields of transport infrastructure, infrastructure for climate change response, green transformation, energy transformation, digital transformation, innovation and artificial intelligence.

He also suggested the fund cooperate in setting up financial centers in Ho Chi Minh City and Da Nang, free trade zones, cargo transit centers such as those for storage and transfer of crude oil reserves and petrochemical products in Vietnam.

Furthermore, ADIA can cooperate with Vietnam’s food corporations to contribute to ensuring food security for the UAE, the PM advised.

He affirmed Vietnam’s policy to protect the legitimate and legal rights and interests of investors, and create the most favorable conditions for investors to operate effectively, stably, sustainably and long-term in the country. 

The ADIA leader said that the fund is willing to carry out various cooperation and investment projects in Vietnam, especially in the areas mentioned by the PM, adding that these are also the areas in which the ADIA has a lot of experience.

Emphasizing that ADIA is also ready to assist Vietnam in building and developing investment funds, Zayed Al Nahyan said that he will quickly send a working delegation to Vietnam to turn the cooperation ideas into reality as soon as possible.

PM Chinh assigned the Ministry of Planning and Investment as the focal agency to support and provide information to ADIA, and asked the two countries’ embassies to connect information between the two sides.

He also directed the Vietnam Oil and Gas Group (PetroVietnam), the State Capital Investment Corporation (SCIC) and food corporations to discuss in detail potential projects that the two sides could cooperate in the coming time.

By Vinh Tho & Ngoc An – Tuoi Tre News – October 30, 2024