Viet Nam Prime Minister's Doha talks to encourage more investment into Vietnamese market

DOHA, Qatar, October 30-31, 2024 - On the evening of October 30, 2024, immediately after arriving in Doha to begin his official state visit to Qatar, Prime Minister Pham Minh Chinh received Sheikh Bandar Al Thani, Chairman of Qatar Investment Authority (QIA) and Governor of Qatar Central Bank, and Sheikh Faisal Al Thani, QIA's Investment Director for Asia-Africa region.

Representing the State Capital Investment Corporation at the meeting was Mr. Nguyen Chi Thanh, Chairman of SCIC's Board of Members.

QIA is Qatar's sovereign wealth fund. By the end of 2023, QIA's estimated assets were approximately 475 billion USD. QIA manages Qatar Government's oil and natural gas surplus. Due to Qatar's strategy to minimize risks from its dependence on energy prices, the Fund primarily invests in international markets and non-energy sectors within Qatar. Qatar's National Vision 2030 aims to transition from natural gas-based revenue to investment returns.

Prime Minister Pham Minh Chinh suggests QIA consider boosting investment in Viet Nam, focusing on strategic infrastructure projects, wind power, solar power, energy storage systems, and power transmission projects... (Photo: Government News)

In Viet Nam, the State Capital Investment Corporation (SCIC) and QIA have signed two memoranda of understanding (MOUs) aimed at enhancing information exchange and seeking measures to promote cooperation and investment opportunities, particularly in investing in Vietnam.

Based on the MOUs, SCIC and QIA have established a joint committee between the two agencies. Currently, SCIC and QIA have exchanged and agreed on the intent to establish a joint investment fund with QIA.

During the meeting, Prime Minister Pham Minh Chinh praised the effectiveness of QIA's activities, which contribute to Qatar's economic development and investment, as well as the cooperation between QIA and SCIC.​

According to the Prime Minister, Viet Nam-Qatar relations are developing well with mutual trust, and economic cooperation is growing rapidly with great potential, providing a solid foundation for businesses from both countries to expand cooperation. However, investment cooperation between the two countries remains modest.

The Prime Minister suggested QIA consider increasing investment in Viet Nam, focusing on strategic infrastructure projects (including both hard and soft infrastructure, such as transportation infrastructure comprising highways, high-speed railways, urban railways, subways, seaports, transit airports, telecommunications infrastructure, climate change response infrastructure, digital transformation, social infrastructure, healthcare, and education); wind power, solar power projects, energy storage systems, and power transmission systems.

The Prime Minister welcomed QIA's decision to send a working delegation to Viet Nam to directly engage with Vietnamese agencies or communicate through flexible means such as online meetings, to learn specifically about Viet Nam's national list of key investment projects, select suitable projects for investment; strengthen cooperation with SCIC; and enhance policy consultation and feedback.

The Prime Minister affirmed the Government's commitment to protecting investors' legitimate rights and interests; promoting three strategic breakthroughs in developing streamlined institutions, strategic infrastructure, and high-quality human resources training; improving the business investment environment; simplifying administrative procedures; reducing logistics costs, input costs, and compliance costs; enhancing product competitiveness; focusing on social infrastructure development to ensure social services for investors and workers; and training and improving labor skills to support investors.

Sheikh Bandar Al Thani stated that QIA is ready to expand investment in Viet Nam in the coming time and will send a working delegation to Viet Nam to promote specific projects, especially in the areas mentioned by the Prime Minister (Photo: Government News)

For his part, Sheikh Bandar Al Thani assessed that political relations between the two countries are very good, Viet Nam is an emerging market with many investment opportunities, while QIA's strategy is to increase investment in the Far East and East Asia, selecting locations for long-term investment.

Appreciating the information shared by the Prime Minister about Viet Nam's investment environment and investment attraction priorities, he stated that QIA is ready to expand investment in Viet Nam in the coming time and will send a working delegation to Viet Nam to promote specific projects, especially in the areas mentioned by the Prime Minister.

The Prime Minister assigned the Ministry of Planning and Investment as the focal point to support and provide information to QIA about potential projects that both sides could implement in the upcoming period.