Prime Minister requests ADIA to support the establishment of an investment fund for transport infrastructure development

NDO - On the morning of October 29, local time, in Abu Dhabi, during his official visit to the UAE, Prime Minister Pham Minh Chinh received Mr. Sheikh Hamed Bin Zayed Al Nahyan, Director of the Abu Dhabi National Investment Fund (ADIA).

ADIA (1976) is the agency representing the Government of Abu Dhabi, UAE in managing Abu Dhabi's investment funds. ADIA is managing assets of approximately 830 billion USD, the fourth largest investment fund in the world. In Vietnam, ADIA has invested in The CrownX Joint Stock Company (TCX) through Platinum Orchid Company (owned by ADIA), together with TPG (an investment fund established in San Francisco, USA, managing and investing assets worth 108 billion USD) and SeaTown Holdings International (an investment fund based in Singapore) to acquire shares (approximately 19%) of Masan here.

At the meeting, the Director of ADIA introduced the Fund, presented ADIA's plan to seek investment opportunities, expand relations with Vietnam; affirmed ADIA's strategy is to invest with long-term commitment.

Prime Minister Pham Minh Chinh said that during this visit, the two countries established a comprehensive partnership and signed the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA); the two sides need to make the most of “time and intelligence” to immediately implement specific tasks, bringing benefits to the two countries and two peoples. With favorable positions and geographical locations, Vietnam and the UAE play an important role in the ASEAN region and the Gulf Cooperation Council (GCC). Vietnam is a developing country with a large population and a great need to attract investment from countries, including the UAE.

Prime Minister Pham Minh Chinh received Sheikh Hamed Bin Zayed Al Nahyan, Director of the Abu Dhabi National Investment Fund (ADIA). (Photo: Nhat Bac/VGP)

Appreciating the effectiveness of ADIA's activities, contributing to the economic development and investment of Abu Dhabi in particular and the UAE in general, the Prime Minister said that Vietnam has issued a National List of projects calling for foreign investment, ADIA can refer to and study the above list of projects, to consider and invest in Vietnam in key national projects. More specifically, the Prime Minister said that Vietnam is promoting the development of transport infrastructure, infrastructure to respond to climate change, green transformation, energy transformation, digital transformation; is building large seaports, Long Thanh airport with the role of international transit; preparing to invest in the North-South high-speed railway project with a total capital of about 67 billion USD, along with many other railway projects with capital sources of up to billions of USD; building national data centers, information technology infrastructure, infrastructure to exploit new development spaces.

The Prime Minister proposed that ADIA cooperate and support Vietnam in building an investment fund to develop transport infrastructure, infrastructure to respond to climate change, green transformation, energy transformation, digital transformation, innovation, artificial intelligence, etc.; cooperate in building and developing financial centers in Ho Chi Minh City and Da Nang, free trade zones, cargo transit centers such as transit centers, crude oil reserves and petrochemical products in Vietnam; develop tourism and people-to-people exchange.

In addition, ADIA can cooperate with Vietnam's Food Corporations to contribute to ensuring food security for the UAE.

The Prime Minister affirmed that Vietnam is committed to protecting the legitimate rights and interests of investors and creating the most favorable conditions for investors to operate effectively, stably, sustainably and long-term.

Sheikh Hamed Bin Zayed Al Nahyan highly agreed and said that ADIA is ready to implement the Prime Minister's ideas in implementing cooperation and investment projects in Vietnam, especially in the fields mentioned by the Prime Minister, which are also the leading fields of ADIA with a lot of experience. ADIA is also ready to make recommendations and help the Vietnamese side build and develop investment funds. He said that he will quickly send a working delegation to Vietnam to turn these cooperation ideas into reality as soon as possible.

The Prime Minister assigned the Ministry of Planning and Investment to be the focal agency to support and provide information to ADIA, the two Embassies to connect information between the two sides, the National Oil and Gas Group, the State Capital Investment Corporation (SCIC) and the Food Corporations to discuss specifically about potential projects that the two sides can implement cooperation in the coming time.

Source: https://nhandan.vn/mong-muon-adia-hop-tac-ho-tro-viet-nam-xay-dung-quy-dau-tu-phat-trien-ha-tang-giao-thong-post839320.html