Vietnam hopes Warburg Pincus would help boost the renewable energy industry in the country, Prime Minister Pham Minh Chinh said at a meeting with the US investment firm’s CEO Charles Kaye on September 28.

Prime Minister Pham Minh Chinh (right) and Warburg Pincus CEO Charles Kaye meet on September 28 to discuss potential investment activities for the US company in Vietnam. Source: VGP

PM Chinh also spoke highly of the partnerships and business activities that Warburg Pincus has built in Vietnam. The Prime Minister suggested the US company strengthen the cooperation with Vietnamese agencies to boost long-term sustainable investment in the said field.

Warburg Pincus may become an active consultant who assists the Vietnamese Government with its policy development while introducing more international investors to Vietnam, PM Chinh added.

He said that Vietnam had achieved outstanding results in socio-economic development, and the stability of the social and political institutions is the key to boosting the confidence of foreign investors.

“Vietnam sees inner strengths as fundamental, strategic, decisive and long-term factors that drive the country’s growth but no less important are breakthroughs and supports of foreign partners and investors in the capital, technology, administration, and institutional and human resources development,” the Prime Minister said.

The PM said that Vietnam would further improve international investors' investment and business conditions, ensuring a transparent, fair, and supportive environment for foreign investors.

The PM said that foreign investors would have the opportunities to succeed in Vietnam and contribute to developing a self-reliant, globally-integrated, and efficient economy for Vietnam.

The bond between Vietnam and US companies is the primary drive to boost the bilateral partnership, PM Chinh said.

The two-way trading value increased by a fifth on year to nearly US$87 billion in January-August 2022. The US remained the largest export market for Vietnamese companies, while Vietnam was the ninth largest trade partner to the US and the biggest in ASEAN. As of September 2022, the US ranked 11th among the top investors in Vietnam. The country became an attractive destination for many US large-cap companies such as Apple, Dell, and Intel.

In response, CEO Charles Kaye highly appreciated that the Vietnamese Government had made great efforts to put the pandemic under control and seize opportunities to achieve remarkable development results.

Vietnam is one of the five most essential destinations to Warburg Pincus as the nation has established a robust and profound macro-economy and mass infrastructures amid the volatility of the world, Charles said.

Warburg Pincus commits to setting up a solid long-term relationship with Vietnam at the Prime Minister's request, especially developing renewable energy for industrial parks and policy development.

The New York-based global investment fund Warburg Pincus is among the world's most reputable private equity funds. The company has invested more than $94 billion in more than 940 businesses spanning more than 40 countries. Warburg Pincus manages more than $64 billion of private equity in various fields, including real estate, financial services, retail, and technology.

Vietnam is the third largest investment market for Warburg Pincus after China and India. Since 2013, the US fund has poured $2 billion into Vietnamese enterprises.

PM Chinh acknowledged the recommendations of Warburg Pincus and said Vietnamese agencies are working to adjust the policies and resolve the issues mentioned by the US company in compliance with the laws of Vietnam and international practices.

The Prime Minister also asked Warburg Pincus to continue its ongoing projects as committed to the spirit of “harmonized interests, shared risks.”