Latest news with #Vietnam-GCC
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
Raise Vietnam-Oman Investment Fund scale to $1 bn: PM Pham Minh Chinh
Vietnamese Prime Minister Pham Minh Chinh recently proposed to the Oman Investment Authority (OIA) that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund (VOI) to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Vietnamese PM Pham Minh Chinh recently proposed to the Oman Investment Authority that Oman should expand and increase the scale of the Vietnam-Oman Investment Fund to $1 billion to support development in the Southeast Asian country. The proposal came at a reception hosted by the prime minister for visiting OIA deputy president for operations Nasser bin Suliman Al Harthi in Hanoi. Though Oman is one of Vietnam's top potential partners in the Middle East, there is still significant room to expand bilateral collaboration, noted the said prime minister. He said that during his meetings with the Gulf Cooperation Council (GCC) secretary general and leaders from the Gulf region at the second ASEAN-GCC Summit in Kuala Lumpur, both sides vowed to promptly initiate negotiations on a Vietnam-GCC free trade agreement, while also exploring investment protection agreements and fostering stronger ties in areas like digital transformation, renewable energy, financial and green economy centres and high-tech agriculture, according to a domestic media report. VOI has been operating for more than 17 years in Vietnam. OIA has collaborated with the State Capital Investment Corporation (SCIC) to establish the Vietnam New Era Growth Fund, with a minimum capital of $200 million. The OIA deputy president affirmed that the fund will prioritise investments in potential sectors like technology, telecommunications, finance, agriculture and digital transformation in Vietnam. Fibre2Fashion News Desk (DS)
Observer
3 days ago
- Business
- Observer
Vietnam proposes boosting Oman Investment Fund to $1 billion
MUSCAT: Vietnamese Prime Minister Pham Minh Chinh has proposed raising the capital of the Vietnam – Oman Investment Fund (VOI) to $1 billion. The proposal was made during a high-level meeting in Hanoi with Shaikh Nasser bin Sulaiman al Harthy, Deputy President for Operations at Oman Investment Authority (OIA), and his accompanying delegation. Reported by the official information channel of the Government of Vietnam, the Prime Minister's remarks reflect Vietnam's intent to enhance its strategic engagement with Oman, a growing economic partner in the Gulf region. The meeting took place against the backdrop of strengthening relations between the two nations, with cooperation expanding across trade, investment, infrastructure, and energy. Highlighting Oman's growing relevance as a key Middle Eastern partner, Prime Minister Chinh commended the longstanding presence and strategic investment role of VOI in Vietnam. Established 17 years ago as a joint initiative between the State Capital Investment Corporation (SCIC) of Vietnam and the OIA, VOI has spearheaded a number of high-impact investments aligned with Vietnam's development goals. The Prime Minister emphasised that an expanded VOI—with a target scale of $1 billion—would allow for greater investment in critical sectors including infrastructure, renewable energy, clean water, healthcare, education, consumer finance, and high-tech agriculture. He noted that beyond economic returns, these investments also contribute to social development and the improvement of public services and livelihoods across Vietnam. 'This fund has proven its long-term vision and commitment to Vietnam's sustainable growth,' said Prime Minister Chinh. 'Now is the time to scale it up to match the size of our economy and development ambitions.' The meeting also touched on Vietnam's broader engagement with the Gulf Cooperation Council (GCC), with Prime Minister Chinh highlighting discussions held during the recent 2nd Asean-GCC Summit. He noted a shared interest in launching negotiations for a Vietnam-GCC free trade agreement and expanding cooperation in areas such as digital transformation, green economy, Halal food production, and investment protection frameworks. In response, Shaikh Nasser bin Sulaiman al Harthy welcomed the Prime Minister's proposal and reaffirmed Oman's interest in intensifying its economic partnership with Vietnam. He described the VOI as a platform for deeper strategic engagement and said Oman could serve as a regional gateway for Vietnamese products and services entering the Middle East. Al Harthy also announced the launch of a new $200 million 'Vietnam New Era Growth Fund' in partnership with SCIC. This fund will focus on emerging and high-potential sectors including telecommunications, finance, technology, Halal agriculture, and digital infrastructure. 'We value the Prime Minister's vision and support the idea of expanding the Vietnam – Oman Investment Fund,' said Al Harthy. 'We are ready to promote Vietnam as a key investment destination for Omani and Gulf investors, while also inviting Vietnamese businesses to use Oman's logistics and seaport networks to reach broader markets in the region.' The OIA delegation's visit is seen as a pivotal moment in advancing Vietnam-Oman relations. Both sides expressed confidence in the long-term trajectory of the partnership, agreeing that expanded joint funds could not only drive economic growth but also strengthen diplomatic ties and regional integration. If realised, the $1 billion VOI would mark a substantial increase from its current capital base and signal deeper strategic alignment between Hanoi and Muscat. It would also reflect Vietnam's growing profile as a destination for Gulf capital and a gateway to Asean markets. As both countries eye a future shaped by green development, high-tech industry, and regional connectivity, the Vietnam-Oman investment axis is poised to become a vital channel for sustainable growth and mutual prosperity.
