SCIC and CIC pledge to explore co-investment opportunities in Viet Nam

HANOI, Viet Nam, February 27, 2024 – At the head office of the State Capital Investment Corporation (SCIC), Deputy General Director Le Thanh Tuan and representatives of SCIC's departments had a work meeting with the delegation from China Investment Corporation (CIC) headed by Mr. Xu Jing, Director of CIC Private Investment II. Also attending the meeting were representatives from China International Capital Corporation (CICC), Mr. Stephen Ng, Regional Director of Southeast Asia and South Asia and CEO of CICC Singapore, along with other members from CIC and CICC.

Overview of the work meeting between SCIC and CIC

At the meeting, Mr. Xu Jing gave an introduction of CIC, its structure and operating model, as well as notable business results in recent years. Mr. Xu Jing was also pleased to share CIC's successful experience in establishing bilateral co-funds between CIC and investment funds of major countries in Europe, America and Asia. Some typical bilateral co-funds that have so far operated very effectively include those with Goldman Sachs (USA), investment funds in the UK, France, Germany, Japan (Daiwa, Nomura...). Mr. Xu Jing said that Viet Nam and Indonesia are currently two Southeast Asian markets with much room for growth and potential investment cooperation opportunities. Therefore, CIC wishes to increase collaboration and further exchanges with SCIC to identify and promote cooperation opportunities in accordance with the interests and investment criteria of both parties, including the consideration of and research into the possibility of establishing a bilateral co-fund, opportunities to jointly invest in the fields of banking, retail, health care, etc.

On SCIC's side, Mr. Le Thanh Tuan welcomed and thanked CIC for the interest and willingness to cooperate. Mr. Le Thanh Tuan affirmed that Chinese investment funds and financial institutions are always important partners of Viet Nam in general and of SCIC in particular. Viet Nam, currently in the process of stabilizing and recovering economic growth after major impacts from the pandemic, in addition to domestic capital, will need to mobilize a large number of foreign investments to serve national development. With abundant finance, investment experience, professional and effective portfolio management, Chinese investors, such as CIC, promise to be major potential partners of SCIC. Mr. Le Thanh Tuan also shared with the CIC delegation information about current regulations related to the investment process into Vietnamese SOEs and affirmed that SCIC is ready to work with CIC to consider and study proposals for investment cooperation in a way consistent with the wishes of both parties and meets current regulations of Viet Nam.

SCIC and CIC souvenir photos

At the end of the meeting, Mr. Le Thanh Tuan and Mr. Xu Jing pledged that the two sides would maintain a close partnership, regularly exchange and share information about potential cooperation opportunities, and be ready to cooperate on all market fields suitable to the capacity of each party./.