Vietnamese Government chief meets Managing Director of UAE Investment Authority

At the meeting, Sheikh Al Nahyan said that the ADIA wishes to continue expanding relations and investment with the Vietnamese side, affirming that ADIA's strategy is to invest with long-term commitment.

ADIA is the agency representing the Government of Abu Dhabi in the UAE in managing their investment funds. ADIA is managing assets of about US$830 billion, the fourth largest investment fund in the world.

In Vietnam, ADIA has invested in The CrownX Joint Stock Company (TCX) through Platinum Orchid Company in order to acquire approximately 90% of Masan's shares.

The two countries have since established a comprehensive partnership and signed the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA), PM Chinh said, adding that both sides need to make the most of “time and intelligence” in order to immediately implement specific tasks, bringing about benefits to the two countries and two peoples.

With favourable positions and good geographical locations, each side plays an important role in ASEAN and the Gulf Cooperation Council (GCC), respectively. Vietnam is a developing country with a large population and is in great need to attract investment from other countries, including the UAE, PM Chinh went on.

Appreciating the effectiveness of ADIA's activities as a contribution to the economic development and investment of Abu Dhabi in particular and the UAE in general, PM Chinh said that Vietnam has issued a national list of projects calling for foreign investment. Therefore, ADIA can refer to and study the above list of schemes in order to consider and invest in the Vietnamese market in key national projects.

PM Chinh proposed that ADIA co-operate and support Vietnam in building an investment fund to develop transport and climate change response infrastructure, green transformation, energy transformation, digital transformation, innovation, and artificial intelligence (AI).

This is in addition to boosting ties in building and developing financial centers in Ho Chi Minh City and Da Nang, free trade zones, cargo transit centres such as transit hubs, crude oil reserves and petrochemical products locally, tourism, and human exchanges.

Furthermore, ADIA can work alongside Vietnam's Food Corporations as a means of contributing to ensuring food security for the UAE.

PM Chinh affirmed that the country is committed to protecting the legitimate rights and interests of investors whilst offering the most favourable conditions possible for investors to ensure effective, stable, sustainable, and long-term operations.

The UAE Minister highly agreed and said that ADIA is ready to implement PM Chinh's ideas in implementing co-operation and investment projects in the nation, especially in the fields mentioned by the PM, which are also ADIA's leading fields with a lot of experience.

ADIA also stays ready to make recommendations and help the country to build and develop investment funds. He said that he will quickly send a working group to Vietnam to turn these co-operation ideas into reality as soon as possible.

PM Chinh assigned the Ministry of Planning and Investment to represent the focal point 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 work together in the future.