PM receives heads of leading investment firm, authority of Qatar

Amir Ali Salemi said that in Vietnam, JTA is working with T&T Group to consider investment partnerships, including a cooperation agreement on investment in a sport complex and trade centre in Dong Anh district of Hanoi.

PM Pham Minh Chinh and officials witness the handover of an MoU on sports and entertainment cooperation between T&T Group and JTA International Investment Holding on October 31. (Photo: VNA)

PM Chinh spoke highly of JTA’s productive investment and business activities in Qatar as well as around the world. He also voiced his support for its vision and social responsibility as seen in its operations oriented towards sustainable development and green growth.

The Vietnam - Qatar relations are growing well with mutual trust, which provides a solid cornerstone for their enterprises to expand cooperation. However, economic collaboration has not matched their political - diplomatic ties or the two peoples’ aspirations, he noted.

PM Chinh applauded the group's plan to invest in a sport complex project in Dong Anh district amid the fact that Hanoi has a population of about 10 million but still lacks a symbolic sport complex living up to its stature.

The PM also asked JTA to keep expanding cooperation and investment in Vietnam while promoting its role in encouraging potential investors of Qatar and other countries to come to the Southeast Asian nation.

He called on the firm to carry out projects with the spirit of “doing as it says, and implementing what it pledges”, adding that if there are any problems during the implementation, Vietnamese agencies and localities will handle in accordance with their power or report to competent authorities for settlement. At the end of the reception, the PM witnessed the exchange of the memorandum of understanding (MoU) on cooperation in investing in a sports and trade centre complex project in Hanoi's Dong Anh district between T&T and JTA.

Under the signed document, JTA will be responsible for arranging capital sources to implement the project. T&T will work with JTA to propose consultants, develop ideas, plans, designs, and management and operation options, and complete legal procedures in accordance with Vietnamese and international laws.

Earlier, on October 30 evening, PM Chinh received leaders of the Qatar Investment Authority (QIA) - Qatar's national investment fund with estimated assets of about 475 billion USD in 2023.

Chairman of QIA and Governor of the Central Bank of Qatar Sheikh Bandar Al Thani, and Chief Investment Officer for Asia-Africa at QIA Sheikh Faisal Al Thani said that the authority manages the Qatari Government’s oil and natural gas surplus.

With a strategy to reduce risks from dependence on energy prices, QIA mainly invests in non-energy sectors and in international markets.

The QIA leaders said that the fund is very strict in choosing investment locations. However, through research on emerging markets, it recognises investment opportunities in Vietnam, which is in line with its strategy towards the Far East and East Asia.

In Vietnam, the State Capital Investment Corporation (SCIC) and QIA have signed two MOUs to enhance information exchange and seek measures to promote cooperation and investment opportunities. They have also agreed to establish a joint investment fund.

Welcoming QIA's cooperation with the SCIC, the Vietnamese leader said that the bilateral relationship is developing well, with mutual trust, robust economic cooperation and great potential, noting this lays a solid foundation for businesses of the two countries to expand cooperation. However, investment cooperation between the two countries remains modest.

He suggested QIA consider boosting investment in Vietnam, focusing on strategic infrastructure projects such as highways, high-speed railways, urban railways, subways, seaports, transit airports, and telecommunications infrastructure; climate change response, digital transformation, health care, and education; wind power, solar power, power storage, and power transmission projects.

The PM welcomed QIA sending delegations to Vietnam, directly discussing with Vietnamese agencies or through online channels, specifically studying Vietnam's portfolio of key projects calling for investment, selecting suitable projects for investment, enhancing cooperation with the State Capital Investment Corporation (SCIC), and increasing policy consultations and recommendations.

PM Chinh affirmed that the Vietnamese government is committed to protecting the legitimate rights and interests of investors while promoting three strategic breakthroughs by building open institutions, developing strategic infrastructure, and training a high-quality workforce.

Additionally, Vietnam is focused on improving the investment and business climate by streamlining administrative procedures, reducing logistics, input and compliance costs, and enhancing products' competitiveness, developing social infrastructure to ensure social services for investors and workers, along with improving skills of workers to support investors, he said.

Sheikh Bandar agreed with the PM’s opinions and affirmed QIA’s readiness to expand its investment in Vietnam in the coming time.

He revealed that QIA will send a working delegation to Vietnam soon to promote specific projects, particularly in the sectors mentioned by the PM.