Tecco Group teams up with PHILUX Global Funds to launch infrastructure fund for Vietnam
Tecco Group teams up with PHILUX Global Funds to launch infrastructure fund for Vietnam
PHI Group, Inc. (PHIL), announced today that Vietnam-based Tecco Group has signed an agreement with PHI Luxembourg Development SA, a subsidiary of PHI Group, to launch PHILUX Infrastructure Fund, the first-ever Luxembourg-based infrastructure fund for Vietnam.
Tecco Group ties up with PHILUX Global Funds to launch Luxembourg-based infrastructure fund for Vietnam
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PHILUX Global Funds SCA, SICAV-RAIF is a Luxembourg-based bank fund with multiple sub-fund compartments for investment in real estate, infrastructure, renewable energy, and healthcare, as well as the proposed Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE) in Chu Lai Open Economic Zone in Quang Nam province. This will be the first rough diamond exchange in Asia, comparable with diamond exchanges in Antwerp and Dubai.
Besides supporting transport infrastructure, Tecco Group expects to utilise the Luxembourg infrastructure fund for a number of port, industrial zone cluster, and airport projects together with modern technologies.
Huyen Duc Vu, vice chairman of Tecco Group, commented, “This is the first time Vietnam has the opportunity to access international capital for infrastructure development through a Luxembourg-based bank fund, which helps respond to the overall social development demand and at the same time elevate the competitiveness of the economy. Representing Tecco Group, I am extremely pleased to cooperate with PHILUX Infrastructure Fund to capitalise on the huge potential of the infrastructure construction market in Vietnam.”
He added that, "The negative impact from the coronavirus pandemic has heightened pressure on the Vietnamese government in its efforts to maintain a positive growth economy, especially in the backdrop of decreasing ODA financings, failure or negative consequences of build-transfer (BT), build-operate-transfer (BOT), and public-private partnership (PPP) models, and bottlenecks in public finance funding. Therefore, I strongly believe that the launching of an infrastructure fund for Vietnam at this time is very appropriate. I am confident that the cooperation between PHILUX and TECCO will be a positive beacon for infrastructure investment projects in the near future.”
Henry Fahman, chairman of PHILUX Global Funds SCA, SICAV-RAIF stated, “We are delighted to cooperate with Tecco Group in launching the first-ever Luxembourg-based PHILUX Infrastructure Fund for Vietnam. We look forward to utilising our combined experience and international networks to serve the needs of infrastructure development in Vietnam as well as create meaningful economic value for both companies, our shareholders, and other stakeholders.”
