SCIC and Oman Investment Authority (OIA) sign Memorandum of Understanding to launch new growth fund, boost Gulf-Viet Nam economic partnerships

HANOI, Viet Nam, May 28, 2025 - The State Capital Investment Corporation (SCIC) and the Oman Investment Authority (OIA) formally executed a Memorandum of Understanding on investment cooperation.

The signing ceremony took place under the distinguished witness of H.E. Nguyen Minh Vu, Permanent Deputy Minister of Foreign Affairs of Viet Nam.

Representing OIA at the ceremony were H.E. Sheikh Nasser Sulaiman Hamed Al Harthy - Deputy President of the Oman Investment Authority and Chairman of the Board of Directors of Vietnam-Oman Investment Joint Stock Company (VOI), alongside senior leadership from OIA and Oman's Ministry of Agriculture, Fisheries and Water Resources.

SCIC was represented by Mr. Nguyen Chi Thanh, Chairman of the Board, Mr. Nguyen Quoc Huy, Board Member and General Director, along with other board members, executive leadership, and functional department representatives from SCIC.

The ceremony also welcomed representatives from major enterprises including VNSteel, Vinapharm, Bao Minh Insurance Group, MB Bank, BIDV, Vinafood 1, and Truong Hai Group Corporation.

Mr. Nguyen Chi Thanh - Chairman of SCIC and H.E. Nasser Sulaiman Hamed Al Harthy - Deputy President of Oman Investment Authority and Chairman of Vietnam-Oman Investment Joint Stock Company representing both organizations at the MOU signing

Under the terms of the newly signed memorandum, SCIC and OIA will establish the "Vietnam New Era Growth Fund," targeting sustainable long-term growth investments that deliver lasting benefits for participating nations. The fund will be capitalized through contributions from both SCIC and OIA, with additional fundraising from other Gulf region investment funds. Priority investment sectors include digital infrastructure and telecommunications technology, minerals and metallurgy, finance and state enterprise equitization, and agriculture.

This investment cooperation memorandum between SCIC and OIA represents a strategic enhancement of their investment partnership, particularly following SCIC's February 2025 delegation to Oman, where both organizations agreed to explore expanded investment cooperation in Viet Nam.

Since 2008, SCIC has actively promoted investment cooperation with Oman through the establishment of Vietnam-Oman Investment Joint Stock Company (VOI). The VOI fund has successfully executed over 20 investments across critical sectors including infrastructure, energy, industry, finance, education, healthcare, and real estate. The fund has deployed more than $384 million, significantly exceeding its initial $100 million commitment. With its substantial deployed investment value, extensive experience, and positive investment performance in Viet Nam over recent years, the VOI model has become recognized as a successful investment cooperation framework in Viet Nam, building confidence to attract new investors from Gulf nations.

Speaking at the ceremony, Mr. Nguyen Chi Thanh, Chairman of SCIC's Board of Members, emphasized the excellent relationship between SCIC and OIA through the Vietnam-Oman Investment Joint Stock Company (VOI), which has implemented numerous diverse investment projects throughout Viet Nam. He expressed confidence that their years of cooperation, built on mutual trust, would open a new chapter following this signing, marking the beginning of fresh opportunities and development potential as both organizations advance toward shared prosperity and future progress. Notably, through this MOU with OIA, SCIC aims to establish a new cooperation platform, mobilizing capital from Omani investors specifically and inviting additional partners from the broader Gulf region to invest in Viet Nam, targeting long-term growth investments that serve socioeconomic development and contribute to Viet Nam's overall economic advancement.

H.E. Nasser Sulaiman Hamed Al Harthy, Deputy President of OIA, expressed his pleasure at visiting and working with leadership from the Ministry of Foreign Affairs and SCIC, emphasizing that Oman values strengthening cooperation with Viet Nam, particularly in investment cooperation - a highly promising field. He noted that the establishment of Vietnam-Oman Investment Company (VOI) in 2008 represents a bright spot in bilateral economic relations between the two countries.

Additionally, Deputy President Al Harthy provided insights into OIA, explaining that strengthening indirect investment in Viet Nam constitutes one of the primary objectives supporting Oman's expansion strategy in the Asia-Pacific region. Oman stands ready as a trusted partner to collaborate with Vietnam in contributing to growth objectives through investment activities across sectors including food and agriculture, infrastructure, Halal food, mineral extraction, and energy.

Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu delivering his remarks at the ceremony.

Speaking at the ceremony, Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu noted that following the February 2025 meeting between SCIC and Oman during the Ministry of Foreign Affairs delegation's participation in the 8th Indian Ocean Conference, extensive discussions and agreements led to today's memorandum signing. This represents a smooth beginning that welcomes not only capital from Oman but also from Gulf investment funds interested in Viet Nam's economy and market. The Deputy Minister affirmed that Viet Nam consistently values its friendship and excellent cooperation with Oman, expressing satisfaction with the robust bilateral development, particularly in investment cooperation. He noted that OIA's areas of investment interest - including energy, finance, and Halal food - align with Viet Nam's priority development areas. The Ministry of Foreign Affairs and related agencies fully support and stand ready to facilitate favorable conditions for joint investment funds between Viet Nam and Oman to operate even more effectively, contributing to consolidating and strengthening multifaceted cooperation between Viet Nam and Oman. He also emphasized that Prime Minister Pham Minh Chinh warmly welcomes Gulf investors and requests partners like OIA to further strengthen cooperative activities in Viet Nam.

Permanent Deputy Minister Nguyen Minh Vu also designated SCIC as the focal agency to support and provide information to OIA regarding potential projects that both sides can develop cooperatively in the coming period.

Concluding the working session, SCIC Chairman Nguyen Chi Thanh expressed his appreciation for Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu's presence, which helped maintain and enhance the relationship between SCIC and OIA, while extending sincere gratitude to H.E. Nasser Sulaiman Hamed Al Harthy, Deputy President of OIA. He proposed that both sides should further strengthen cooperation, maintain regular information exchange, and actively promote investment opportunities toward sustainable development goals for both nations.

Delegates attending the signing ceremony pose for commemorative photos