Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
PM Chinh made the proposal at a Wednesday meeting in Doha with Sheikh Bandar bin Mohammed bin Saoud Al-Thani, chairman of QIA and governor of the Qatar Central Bank, and Sheikh Faisal Bin Thani Al Thani, chief of Asia-Pacific & African Investments at QIA.
Prime Minister Pham Minh Chinh and Sheikh Bandar bin Mohammed bin Saoud Al-Thani, chairman of QIA and governor of the Qatar Central Bank, in Doha, Qatar, October 30, 2024. Photo courtesy of the government’s news portal.
He urged QIA to consider investing in Vietnam in the realms of strategic infrastructure projects, including expressways, high-speed railways, urban railways, metros, seaports, telecommunications infrastructure and climate change-resilient infrastructure; digital transformation; healthcare; education; and wind power, solar power, energy storage systems and power transmission.
Chinh encouraged QIA to send delegations to Vietnam to explore the portfolio of key national projects, increase cooperation with State Capital Investment Corporation (SCIC), and promote policy consultations.
QIA and SCIC have signed two memorandums of understanding (MoU) to exchange information and explore opportunities for cooperation and investment in Vietnam. The two agencies have agreed to sign an MoU to set up a joint investment fund.
For his part, Sheikh Bandar bin Mohamed bin Saud Al-Thani recognized abundant investment opportunities in Vietnam and shared that QIA aims to increase presence in Far East and East Asia, which is eligible for long-term investments.
He affirmed that QIA is willing to expand investments in Vietnam and will send a delegation to Vietnam to explore specific projects, particularly in the sectors highlighted by the Vietnamese PM.
PM Pham Minh Chinh arrived in Doha on Wednesday evening (local time) for a three-day official visit to Qatar. Qatar is the last leg of Chinh’s Middle East tour that includes the UAE and Saudi Arabia.
According to the Vietnamese Ministry of Foreign Affairs, annual trade between Vietnam and Qatar averaged $400 million in 2019-2023, with the tally in 2023 rising 32% year-on-year to $497 million.
Qatar has only one investment in Vietnam worth $3.23 million in the processing industry.
QIA has indirectly invested some $500 million in several real estate and industrial projects in Vietnam.
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