Minister of Finance calls for more investment from Oman

Minister of Finance calls for more investment from Oman

Minister of Finance Nguyen Van Thang explored new investment partnerships with Oman during a May 29 meeting in Hanoi, aiming to entice Gulf capital through joint funds and billion-dollar projects.

Minister Thang met with Nasser Sulaiman Hamed Al Harthy, deputy president for operations at Oman Investment Authority (OIA), and chairman of the Vietnam-Oman Investment Fund (VOI)

"After 18 years of cooperation, the relationship between the two countries has achieved positive results. During this period, Vietnam's GDP value increased from $100 billion to nearly $500 billion. Oman is also the first Gulf country to establish a cooperative relationship with Vietnam," said Harthy.

He revealed that an MoU is being finalised between the OIA and FPT Corporation to strengthen Vietnamese investment in Oman. Additionally, he noted that Oman is establishing a new financial centre and expressed willingness to share its expertise in this area with Vietnam.

He also highlighted the 'Vietnam New Era Growth Fund,' a joint investment initiative between Vietnam, Oman, and Qatar. Additionally, he expressed interest in long-term investment opportunities involving Vietnamese-listed enterprises and key equitisation projects.

Minister Thang expressed his appreciation for the pioneering and effective role of the VOI, a joint venture between OIA and State Capital Investment Corporation of Vietnam (SCIC), established in 2008. The VOI plays a crucial role in strengthening economic ties between Vietnam and Oman, investing in strategic sectors like high-tech agriculture, infrastructure, and renewable energy.

"To boost the establishment of the Vietnam New Era Growth Fund, the Ministry of Finance will ask relevant units to closely coordinate with the SCIC and OIA to build a specific roadmap, ensure feasibility, efficiency and alignment with the country's development goals in the coming period," said Thang.

Additionally, the minister requested a disbursement plan for the 2025 – 2030 period to be devised, which will clarify the minimum annual disbursement target and expectations on investment performance.

The minister urged the OIA to uphold international standards of efficiency and transparency while aligning with Vietnam's development priorities, including state enterprise equitisation, public infrastructure investment, green energy, high-tech sectors, and Halal food industry cooperation.

To strengthen Vietnam's investment framework, Minister Thang tasked the State Enterprise Development Department with collaborating with SCIC to research and propose legal mechanisms for international-standard investment fund models. This initiative aims to enhance SCIC's ability to pull in foreign investment while enabling funds like the OIA to expand their participation in Vietnam's financial markets.

"The establishment of the Vietnam New Era Growth Fund will strengthen multilateral investment between Vietnam and the Middle East, scaling Gulf-region investment in Vietnam to billions of dollars," Minister Thang said.

He asserted the Ministry of Finance will streamline foreign investment procedures by mandating tighter interagency coordination, slashing licensing timelines to mere days, and advancing legal reforms. These measures aim to create a more competitive environment for all enterprises; state-owned, private, and foreign-invested alike.

VIR