Vietnam consistently protects the legitimate rights and interests of investors, creating favourable conditions for investors to operate effectively in the country, Prime Minister Pham Minh Chinh told Sheikh Hamad Bin Zayed Al Nahyan, Director of the Abu Dhabi Investment Authority (ADIA) of the UAE at their meeting on October 29.
At the reception for Mr. Sheikh Hamad Bin Zayed Al Nahyan as part of the Vietnamese government leader’s ongoing official visit to the Middle East country, PM Pham Minh Chinh said Vietnam has large demands in attracting investment from countries, including the UAE.
PM Pham Minh Chinh said the two countries have established a Comprehensive Partnership and inked the Comprehensive Economic Partnership Agreement (CEPA), urging the two sides to promptly take specific actions that will bring benefits to the two countries and their people.
With their strategic position and advantageous location, Vietnam and the UAE play important roles in the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC).
The PM spoke highly of the effectiveness of ADIA's activities, which contribute to economic and investment development of Abu Dhabi in particular and the UAE in general. He informed that Vietnam has issued a list of key national projects calling for foreign investment, which ADIA can consult and consider to invest in.
According to the Vietnamese leader, Vietnam is accelerating the development of infrastructure serving climate change adaptation, energy transition, digital transformation, and is building seaports, the Long Thanh International Airport as a transit hub. The country has planned to invest in the North-South high-speed railway project worth US$67 billion, along with other railway projects totaling billions of USD. Vietnam also plans to develop national data centers, IT infrastructure, and infrastructure to harness new development spaces.
PM Pham Minh Chinh suggested ADIA collaborate with and support Vietnam in establishing an investment fund for major projects in transportation, climate change, digital transformation, and artificial intelligence (AI). There is also the need for infrastructure in building financial centres in Ho Chi Minh City and Da Nang, free trade zones, and logistics hubs.
He also encouraged ADIA to cooperate with Vietnam in tourism development and cultural exchanges, and partner with leading food corporations of the Southeast Asian nation to contribute to ensuring food security in the Middle East nation.
For his part, Mr. Sheikh Hamad Bin Zayed Al Nahyan said that ADIA, which is the fourth-largest investment fund in the world, currently manages assets worth US$830 billion. In Vietnam, it has invested in The CrownX JSC (TCX) through Platinum Orchid, acquiring approximately 90 percent of Masan Group Corporation (MSN)'s shares.
ADIA's strategy is to invest with a long-term commitment, he noted, adding that the authority wishes to continue expanding its relations with and investment in Vietnam.
Sheikh Hamed Bin Zayed Al Nahyan said he fully agreed with PM Pham Minh Chinh's proposals, affirming that ADIA stands ready to initiate cooperation and investment projects in Vietnam, particularly in areas the Vietnamese leader highlighted.
ADIA is also willing to provide recommendations and support for Vietnam in establishing and developing investment funds, and the authority will quickly send a working delegation to Vietnam to turn these cooperation ideas into reality as soon as possible.
