UAE's ADQ partners with SCIC to explore investment in Vietnam
UAE's ADQ partners with SCIC to explore investment in Vietnam
On February 8, ADQ, an active global sovereign investor focused on critical infrastructure and supply chains, and State Capital Investment Corporation (SCIC) announced the signing of an MoU to establish a framework for collaboration in key sectors of mutual interest in the Southeast Asian country.
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As part of the agreement, both entities will collaborate to identify and assess potential co-investment opportunities that support Vietnam’s economic ambitions and align with its strategic development objectives.
Vietnam is the third-largest economy in Southeast Asia, after Indonesia and Thailand, and is projected to grow by 6.5 per cent in both 2025 and 2026. In October 2024, the Vietnam and the UAE finalised a Comprehensive Economic Partnership Agreement, Vietnam’s first with a Middle Eastern nation, paving the way for enhanced collaboration across key sectors, including oil and gas, renewable energy, and agriculture.
Mohamed Hassan Alsuwaidi, Group CEO of ADQ said, “This partnership aims to deepen the strengthening bilateral ties between the UAE and Vietnam, while also highlighting ADQ’s commitment to investing in high-growth markets that align with our strategic investment priorities."
Vietnam’s rapidly expanding economy presents a unique opportunity to drive impactful investments in key sectors of mutual interest. By leveraging the expertise within our diverse portfolio, we strive to be a catalyst for sustainable growth, unlocking tangible value and supporting Vietnam’s long-term economic ambitions.”
Nguyen Chi Thanh, chairman of State Capital Investment Corporation said, “The signing of the MoU on investment collaboration is a significant milestone, laying a solid foundation for the partnership between SCIC and ADQ in particular and contributing to the development of bilateral relations between the two nations in general. SCIC stands ready to provide support and facilitate the most favourable conditions for the two parties to pursue long-term collaboration in the future. To further strengthen bilateral cooperation, we would like both sides to come together and organise dedicated business forums in specific sectors in the coming period.”
Established in 2005 by the government of Vietnam, the SCIC manages state investments in a diverse portfolio of over 110 enterprises across various sectors. It plays a key role in enhancing the efficiency and competitiveness of state-owned companies while optimising enterprise performance and executing strategic investments to drive sustainable economic growth.
Established in 2018, ADQ manages a diverse portfolio of over 25 companies with operations spanning across more than 130 countries. Its investments encompass key sectors of the economy such as energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences. ADQ has a track record in building strategic alliances with governments worldwide and has successfully exported the expertise of its portfolio companies to markets including Egypt, Turkey, Greece, Oman, and Jordan.
In 2023, trade between the UAE and Vietnam reached $4.7 billion, marking a 5.9 per cent on-year increase, cementing the UAE’s position as Vietnam’s leading trade partner in the Arab world.
In the first eight months of 2024 alone, trade exceeded $4.47 billion, reflecting a remarkable 45 per cent surge compared to the same period in the previous year, highlighting the growing economic synergy between the two nations.
