Business

State investment fund needed to attract foreign indirect investment

Vietnam needs to develop a state investment fund to attract foreign indirect investment as an additional source of capital for economic development, said Chairman of the State Capital Investment Corporation (SCIC) Nguyen Chi Thanh as quoted by Dau tu (Investment) Newspaper.
State investment fund needed to attract foreign indirect investment ảnh 1SCIC should be developed into a State-owned investor to compete with foreign investment funds. (Photo www.hanoimoi.com.vn)
Hanoi (VNS/VNA) - Vietnam needs to develop a stateinvestment fund to attract foreign indirect investment as an additional sourceof capital for economic development, said Chairman of the State CapitalInvestment Corporation (SCIC) Nguyen Chi Thanh as quoted by Dau tu (Investment) Newspaper.

The study for the foundation of a state investment fund hasrecently resumed with the goal that the investment would become one of the twocore business operations of SCIC.

The development strategy for 2030 and the restructuring projectwere being finalised before being submitted to the Prime Minister for approval,which would pave the way for the foundation of the state investment fund.

SCIC’s portfolio included 119 enterprises with a total Statecapital of 47.8 trillion VND out of more than 166 trillion VND charteredcapital.

SCIC reported a revenue worth 10.69 trillion VND in 2022,equivalent to 151% of 2021 and 135% of the plan, and an after-tax profit of 6.8trillion VND, nearly doubling the plan.

Thanh said the foundation of a state investment fund was necessaryas the corporation aims to expand investment with the focus firstly on keysectors of the economy following the Government’s requirements.

The state investment fund would help attract indirect investmentas an additional resource to promote economic development while the competitionin attracting capital gets fiercer.

Thanh cited statistics that Vietnam attracted only 5.15 billionUSD in foreign indirect investment in 2022, dropping by 25% against 2021.

This capital continued to fall strongly in January by 60.7% to 174million USD.

“It is necessary to have a state investment fund to open up the inflowof indirect investment,” Thanh stressed, adding that SCIC should be developedinto a State-owned investor to compete with foreign investment funds./.
VNA
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