The southern coastal province of Ba Ria-Vung Tau on June 6 launched a development investment fund which operates as a channel to mobilise investment in local infrastructure expansion.

With a charter capital of 500 billion VND (23.5 million USD), the State-run credit institution is tasked with receiving investment from the State budget and individuals and organisations both from home and abroad, and using it for the upgrade of local socio-economic facilities.

The fund is also entitled to directly invest in projects and provide enterprises with a start-up capital, along with financial consultancy services.

Ho Van Nien, Vice Chairman of the provincial People’s Committee, said the fund is believed to work as an efficient tool to lure investment in local infrastructure projects, especially those implemented under the Public-Private Partnership cooperation.

At the launching ceremony, representatives of the fund and its partners signed some capital mobilisation contracts.-VNA