ABU DHABI, 8th February, 2025 (WAM) -- ADQ and State Capital Investment Corporation (SCIC), a sovereign wealth fund owned by the Government of Vietnam, today announced the signing of a Memorandum of Understanding (MoU) to establish a framework for collaboration in key sectors of mutual interest in the Southeast Asian country.

As part of the agreement, both entities will collaborate to identify and assess potential co-investment opportunities that support Vietnam's economic ambitions and align with its strategic development objectives.

Vietnam is the third-largest economy in Southeast Asia, after Indonesia and Thailand, and is projected to grow by 6.5 percent in both 2025 and 2026. In October 2024, Vietnam and the UAE finalised a Comprehensive Economic Partnership Agreement, Vietnam's first with a Middle Eastern nation, paving the way for enhanced collaboration across key sectors, including oil and gas, renewable energy, and agriculture.

Mohamed Hassan Alsuwaidi, Minister of Investment and Managing Director and Group Chief Executive Officer of ADQ, said, "This partnership aims to deepen the strengthening bilateral ties between the UAE and Vietnam, while also highlighting ADQ's commitment to investing in high-growth markets that align with our strategic investment priorities. Vietnam's rapidly expanding economy presents a unique opportunity to drive impactful investments in key sectors of mutual interest. By leveraging the expertise within our diverse portfolio, we strive to be a catalyst for sustainable growth, unlocking tangible value and supporting Vietnam's long-term economic ambitions."

Nguyen Chi Thanh, Chairman of State Capital Investment Corporation, commented, "The signing of the Memorandum of Understanding (MoU) on investment collaboration is a significant milestone, laying a solid foundation for the partnership between SCIC and ADQ in particular and contributing to the development of bilateral relations between the two nations in general. SCIC stands ready to provide support and facilitate the most favourable conditions for the two parties to pursue long-term collaboration in the future. To further strengthen bilateral cooperation, we would like both sides to come together and organise dedicated business forums in specific sectors in the coming period. These forums would help foster connectivity and partnership opportunities, explore investment prospects, and develop joint investment mechanisms."