SCIC business trip to the State of Kuwait and the State of Qatar

With the consent of the Prime Minister, the Ministry of Foreign Affairs, and the Committee for Management of State Capital at Enterprises, the SCIC delegation led by His Excellency Nguyen Chi Thanh, Chairman of the Board of Members, paid a visit to Kuwait City, Kuwait, and Doha City, Qatar from March 13-18, 2023.

In Kuwait, the delegation has met and worked with the Kuwait Investment Authority (KIA). Established in 1953, KIA is the world's first Sovereign Wealth Fund (SWF) and is responsible for the management and administration of the General Reserve Fund of Kuwait (GRF, established 1960), and the Future Creation Fund (FGF, established in 1976). FGF was founded in 1976 and every year 10% of state revenues have been transferred to FGF. KIA manages FGF assets for the benefit of future generations, allowing oil assets to be diversified into long-term financial investments. Currently, KIA is one of the global largest public funds, with total assets of more than 750 billion USD, ranking 4^th in the list of 100 largest SWFs in the world.

His Excellency Nguyen Chi Thanh, Chairman of SCIC with His Excellency Ghanem Al-Ghenaiman, CEO of KIA

The meeting with KIA was attended by His Excellency Ghanem Al-Ghenaiman, CEO of KIA.

At the meeting, Mr. Nguyen Chi Thanh introduced to KIA the opportunity to invest in Vietnam through the purchase of corporate shares in SCIC's divestment portfolio, discussed Viet Nam high demand to attract foreign investment in developing the system of seaports, airports, and highways; studied the possibility of establishing a specialized investment fund in the field of infrastructure. Mr. Ghanem Al-Ghenaiman expressed KIA's interest in large-scale infrastructure projects in Vietnam. The two sides agreed to continue to enhance information exchange and study cooperation opportunities as discussed.

In Kuwait, the delegation also had a meeting with the Union of Investment Companies (UIC) which manages about 30 leading Kuwaiti investment companies. On the UIC's side, there was His Excellency Saleh S.Al-Sleml, Chairman and leader of UIC.

At the meeting, Mr. Nguyen Chi Thanh introduced UIC Vietnam's advantages in attracting foreign investment compared to other countries in the ASEAN region, exchanged information on SCIC's business portfolio, including some large-scale enterprises with the largest market shares of the Vietnamese economy which have the potential to trade with Kuwaiti businesses.

Mr. Saleh S.Al-Sleml appreciated Vietnam's development prospects and investment attraction environment. UIC also expressed interest in commercial cooperation for projects of the private sector in Vietnam.

In addition, the delegation met and discussed with a number of financial experts and investment companies in Kuwait to learn more about the investment taste as well as their interest in Viet Nam. The schedule included meetings with KIPCO Investment Company (Kuwait Project Company – KIPCO) and NBK Investment Bank (NBK Capital), which is a wholly owned subsidiary of the National Bank of Kuwait (National Bank of Kuwait).

The delegation with the Union of Investment Companies (UIC)

The delegation with the Embassy of the Socialist Republic of Viet Nam in the State of Kuwait

In Qatar, the SCIC delegation had a meeting with Qatar Investment Authority (QIA) on March 16, 2023. QIA is the sovereign wealth fund of the State of Qatar and invests across a wide range of asset classes and regions.

As one of the largest and most active sovereign wealth funds globally, QIA invests in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.

The meeting was attended by His Excellency Mansoor Ebrahim Al-Mahmoud, CEO of QIA, His Excellency Tran Duc Hung, Ambassador of Vietnam to the State of Qatar, and His Excellency Nguyen Chi Thanh, Chairman of SCIC.

At the meeting, Mr. Nguyen Chi Thanh and Mr. Mansoor Ebrahim Al-Mahmoud discussed the potential for collaboration between SCIC and QIA. Mr. Nguyen Chi Thanh provided an overview of the Vietnamese economy and investment opportunities in the country.

Within the framework of the business trip, the SCIC delegation visited and worked with the Embassy of the Socialist Republic of Viet Nam in the State of Kuwait and the Embassy of the Socialist Republic of Viet Nam in the State of Qatar.

His Excellency Nguyen Chi Thanh, Chairman of SCIC with His Excellency Mansoor Ebrahim Al-Mahmoud, CEO of QIA

His Excellency Nguyen Chi Thanh, Chairman of SCIC with His Excellency Tran Duc Hung, Ambassador of the Socialist Republic of Viet Nam in the State of Qatar