Russia’s largest private conglomerate AFK Sistema to open office in Hanoi, eyes diverse investments

AFK Sistema plans to establish a legal entity and an office in Hanoi, as the Russian giant seeks opportunities in the areas of urban railways, biometric data systems, AI-powered surveillance cameras, and cybersecurity.

Vladimir Yevtushenkov, founder, majority owner and former chairman of AFK Sistema, disclosed the plans at a meeting with Prime Minister Pham Minh Chinh in Moscow during his official visit to Russia. He asked for government support in completing related procedures.

AFK Sistema also aims to form long-term partnerships with Vietnamese manufacturers to produce pharmaceuticals and collaborate on transformer production, including technology transfer for products not yet domestically manufactured.

The group is interested in participating in the International Financial Center in Ho Chi Minh City, including pilot projects in fintech and digital assets.

AFK Sistema is also seeking government support to advance projects such as the Moscow House in Hanoi and those related to urban railway development, pilot initiatives in biometric data systems, AI-powered surveillance cameras, cybersecurity, and artificial intelligence.

In response, PM Chinh praised AFK Sistema's recent engagement with major Vietnamese firms and urged it to scale up and diversify investments in the country.

He instructed government bodies to facilitate AFK Sistema’s participation per Vietnamese laws, ensuring balanced interests, shared risks and investment efficiency, and called on the group to work closely with ministries, agencies and local authorities to advance the projects.

The cabinet leader said the Government supports cooperation in sectors where Russia and AFK Sistema have strengths and Vietnam has growing demand, including data infrastructure, information technology, digital transformation, cybersecurity, pharmaceuticals, nuclear energy, telecommunications, and digital assets.

He added that Vietnam is also seeking partnerships in exploitation of underground space and outer space, including the development of subway systems in Hanoi and Ho Chi Minh City.