SCIC and World Bank Advance Cooperation to Study the Establishment of the Vietnam Infrastructure Investment Fund

New York, United States, 23 September 2026 – At a high-level business roundtable held in the presence of General Secretary and President Tô Lâm and senior leaders of the Party and State, the State Capital Investment Corporation (SCIC) and the World Bank (WB) formally conducted the Exchange of Letters (EOL) regarding the World Bank’s support to SCIC in establishing the Vietnam Infrastructure Investment Fund (VIIF).

The exchange of documents took place in New York, United States, on 23 September 2026

The exchange of Letters of Intent demonstrates the commitment of SCIC and the World Bank to jointly study a specialized financial model to mobilize, connect and effectively utilize domestic and international capital for Vietnam’s infrastructure development. The initiative is expected to contribute to meeting Vietnam’s growing infrastructure investment needs and supporting the country’s high-growth objectives for the 2026–2030 period.

Under the cooperation framework, the World Bank will serve as a technical advisory and development partner, supporting SCIC in studying, designing and refining the VIIF model, with a view to establishing a mechanism capable of attracting and leveraging capital flows for Vietnam’s infrastructure development.

Mr. Nguyễn Chí Thành, Chairman of the Members’ Council of SCIC, said:

“In recent years, SCIC has worked closely with the World Bank to study and develop an infrastructure financing platform for Vietnam. This cooperation is being implemented based on the agreement reached between the Vietnamese Minister of Finance and the World Bank. Accordingly, the World Bank is supporting SCIC in assessing options for the establishment and organization of VIIF, drawing on international experience and relevant models in a number of countries. We believe that this cooperation will contribute to developing a professional infrastructure investment model capable of mobilizing long-term capital from domestic and international private sectors, contributing to the development of an integrated infrastructure system, enhancing the competitiveness of the economy, and supporting Vietnam’s long-term development objectives.”

Under the areas agreed upon by the two sides, the World Bank will support SCIC throughout the process of designing the Fund’s structure and operating mechanisms; studying securitization models, investment instruments and governance arrangements; supporting the development and refinement of relevant policies and legal frameworks; preparing and structuring projects with potential for capital mobilization; and mobilizing and connecting resources across the World Bank Group, including the IBRD, IFC and MIGA, as well as appropriate guarantee, risk mitigation and credit enhancement instruments for individual projects and investment structures.

Vietnam has set the goal of achieving double-digit economic growth in the coming years and becoming a high-income country by 2045. Against the backdrop of significant long-term infrastructure financing needs, traditional sources of capital alone may not be sufficient to meet these requirements. Developing financial mechanisms capable of combining public resources with capital from development finance institutions, institutional investors and the private sector is therefore important to expanding the scale of funding available for infrastructure development.

SCIC will work with the World Bank and relevant units of the Ministry of Finance, while consulting stakeholders across the infrastructure investment ecosystem, including project owners and developers such as EVN, VEC,…; providers of long-term capital such as insurance companies, investment funds and institutional investors; commercial banks, credit institutions, development finance institutions, and domestic and international investors. Through this process, the parties will jointly study and finalize the detailed proposal for the establishment and operation of VIIF, with a focus on effectively connecting the financing needs of infrastructure projects with long-term capital and investors, in line with actual market conditions and requirements.

VIIF is being studied as a specialized infrastructure investment platform under SCIC/the Sovereign Wealth Fund, to be professionally managed and capable of mobilizing and connecting multiple sources of capital for investment in Vietnam’s priority infrastructure sectors.

VIIF is not intended to replace existing capital-raising channels, but rather to complement the market by providing financial instruments and structures that are currently lacking, particularly long-term capital and risk-sharing mechanisms, thereby contributing to enhancing the ability of infrastructure projects to mobilize financing.

Further Information on VIIF

Under the proposed framework, VIIF may perform the following key functions:

• Mobilize and connect capital from SCIC/ the Sovereign Wealth Fund, development finance institutions, institutional investors, and domestic and international private investors;
• Invest and co-invest in priority infrastructure projects and enterprises through equity, debt and other appropriate financial instruments;
• Provide credit enhancement and risk-sharing mechanisms, contributing to improving the financing capacity of infrastructure projects, enterprises and infrastructure financing instruments;
• Support project development and structuring, contributing to improving project preparation and appraisal and enhancing projects’ ability to mobilize financing; and
• Develop the infrastructure capital market and strengthen connectivity among the Government, project owners, credit institutions, investors and development finance institutions.