VinaCapital officially launched Vietnam Infrastructure Limited (VNI), a US $402 million fund dedicated to investment in Vietnam’s rapidly growing infrastructure sector, at a ceremony held in Hanoi this afternoon.
The amount of money would be invested in infrastructure projects in Vietnam in field of energy, traffic system, water supply system and telecommunications, said Mr Don Lam, CEO and Co-Founder of VinaCapital.
The fund would focus its investment in such big cities as Hanoi, Ho Chi Minh City, Da Nang and Can Tho and key economic regions of Vietnam, he added.
Mr William Lean, managing director of VinaCapital said the VNI had bought 3.8% of the shares of the Tan Tao Industrial Park Joint Stock Company (ITACO), valued at nearly US $20 million.
The money was used for infrastructure in Long An province, including a 70-kilometre highway construction from Ho Chi Minh City-based Tan Son Nhat Airport to the centre of the province, a thermo-electric plant and a water supply company.
VNI has also bought 2.4% of the shares of Thac Mo Hydro-Electric Plant, equivalent to nearly US $2 million; and 5.2% of the shares of Ba Ria Thermo-Electric Plant, valued at nearly US $4 million.
Mr Lean added that VNI was also investing in projects to build a highway in Ha Tay province with an investment capital of US $80. The road is 40 metres wide and 24 kilometres long, linking the western part of Hanoi with Son Tay town of Ha Tay province.
At the launching ceremony, VNI signed two memoranda of understanding. The first is an agreement with TRANCO company for the construction of a road in the Hanoi area. The second, with ITACO, is for the development of a 600 MW power plant and supporting coal port.
VinaCapital July 5 listed its fourth fund Vietnam Infrastructure Limited on the Alternative Investment Market (AIM) which is for new and potential firms of the London Stock Exchange (LSE).
The closed-end fund has a size of US $402 million that was mobilised from overseas investors.
After listing, the fund was disbursed US $100 million to invest in hydropower and thermo-power plants. The remaining capital will be used within 12 to 18 months later to buy toll rights in big cities and participate to upgrade local airports into international ones.
With the fourth fund, VinaCapital has managed the amount of some US $1.8 billion investing mainly in Vietnam. The fund manager now also runs three other investment funds in Vietnam - the US $800-million Vietnam Opportunity Fund (VOF), the US $600-million VinaLand, and the US $50-million DFJ VinaCapital L.P. which invests in information technology. The two former funds are now listed on AIM as well.
Source: VNE
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