WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
US-based infrastructure investment fund promises US$1 billion for Vietnam
Son Nguyen 22:13, 2023/04/17
Vietnam said the fund is useful for its digitalization and green transition which are key to the realization of the 2050 net zero commitment.

Investment fund Global Infrastructure Partners (GIP) may pour US$1 billion into Vietnam-based projects, the fund's Vice Chairman Jim Yong Kim said in Hanoi on April 17.

Vice Chairman of the Global Infrastructure Partners investment fund Jim Yong Kim (left) meets Prime Minister Pham Minh Chinh on April 17. Photo: Vietnam News Agency

The infrastructure investment fund making equity and selected debt investments will make further funding for the projects in transportation, energy, and digital transformation, Kim told a meeting with Prime Minister Pham Minh Chinh.

He expected that the Vietnamese Government and ministries will foster the partnership with the Global Infrastructure Partners fund, developing a proper strategy that details potential projects.

Jim added that he admires Vietnam’s achievements in socio-economic growth and that the successes have motivated him and his colleagues to foster the partnership with the nation.

In his part, Prime Minister Pham Minh Chinh said that the Government welcomes the fund to finance the projects in Vietnam’s transportation, digital transformation, green transition, climate change response, and realization of the 2050 net zero emission.

The government leader asked the GIP fund’s vice chairman and officials to develop a special mechanism for Vietnam to access capital resources on the principle of harmonized interests and shared risks.

“Vietnam is consistent with its policies in luring foreign capital flow, which focus on the development of infrastructures, regulations, and manpower,” he said.

PM Chinh wanted GIP fund to share experiences, information, and support for Vietnam in terms of finance, technology, manpower, and governance.

“Vietnam welcomes and will create the best conditions for GIP fund to succeed in the country.”

The Government will assign ministries and agencies to discuss cooperation deals with GIP funds upon the capability and demand of both sides, he added.

“Government agencies will accompany the fund to deploy joint projects to assure their operations and efficiency.”

Furthermore, the Prime Minister appreciated that Jim had done a great effort to foster the relationship between Vietnam and the World Bank as the former president of the latter.

He suggested that Jim continue to provide stronger assistance for Vietnam to access international funds and encourage high-quality investors to come to the country.

Jim Yong Kim is Vice Chairman and Partner at Global Infrastructure Partners, a fund that invests in infrastructure projects across several sectors around the world.

From July 2012 to February 2019, Kim served as the 12th President of the World Bank Group.

RELATED NEWS
TAG: Vietnam news Hanoi news Vietnam international cooperation international collaboration Global Infrastructure Partners Jim Yong Kim foreign investment Prime minister Pham Minh Chinh
Other news
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
20:15, 2024/08/11
Growing number of FDI firms moving to Vietnam
Over the past 20 years, Vietnam has emerged as a significant manufacturing hub, deeply integrated into global supply chains.
11:26, 2024/08/02
Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
The project, once completed, is expected to enhance the logistics ecosystem for Vietnam’s central region.