A fund management company that will focus on financing industrial and energy projects within the country will become operational by the second quarter of this year.
The Energy and Industry Fund Management Company was designed to manage a fund of the same name worth 10 trillion VND (625 million USD), said BIDV General Director Tran Bac Ha at a press briefing in Ha Noi on April 25.
According to Ha, the fund, the largest of its kind in Viet Nam, will prioritise investment in energy and industrial projects carried out by its founding members.
The fund is to be jointly set up by the Bank for Investment and Development of Viet Nam (BIDV) and the Viet Nam National Oil and Gas Group (PVN), the Viet Nam Coal and Mineral Industry Group (Vinacomin), the Viet Nam Post and Telecommunications Group (VNPT), the Song Da Corporation and the Urban and Industrial Zones Development Investment Corporation (IDICO).
The portfolio will initially focus on projects to build power plants in Viet Nam, Laos and Cambodia and explore mineral deposits both within and outside the country.
Ha said the fund will allow for investments of more than 7.36 trillion VND in total (460 million USD) for 82 projects during the period between 2007-2009.
BIDV, one of Viet Nam’s largest commercial banks, had previously established two fund management companies, which currently manages over 12 trillion VND (750 million USD).
Source: VNA
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