On the morning of May 15, according to local time, Prime Minister Pham Minh Chinh received Mr. Charles Kaye, General Manager of Warburg Pincus – one of the oldest and largest private investment funds in the world.
Warburg Pincus is headquartered in New York with more than 200 investment professionals in 14 offices in 10 countries. Since inception, Warburg Pincus has raised 19 private equity funds and invested more than $94 billion in more than 940 companies in more than 40 countries. Today, the Fund manages more than $64 billion in private equity assets, with an active portfolio of more than 205 companies across industries, including real estate, financial services, consumer technology…
Vietnam is Warburg Pincus’ third largest investment destination in Asia (after China and India). Since 2013, the Fund has invested nearly USD 2 billion to build and develop leading companies in Vietnam, joint ventures with Vingroup, VinaCapital, Techcombank, Becamex, MoMo e-wallet…; including Ho Tram Resort and Metropole Hanoi project (joint venture with Hanoi Tourist).
At the meeting, which discussed issues with the business environment in Vietnam, leaders of the Warburg Pincus Group, according to a report by the government newspaper, expressed interest in policies to limit investor ownership. foreigners in Vietnam’s banking sector; discuss plans to expand real estate investment in Vietnam; and some difficulties and obstacles in the implementation of projects, including the Ho Tram project.
He also said there are four things that investors are always interested in: the responsiveness of domestic companies; macroeconomic stability; the infrastructure; and the capacity for dialogue and exchange with authorities.
The leader of Warburg Pincus Group confirmed that Vietnam’s increasingly stable macroeconomic and business environment is generally favorable for foreign investors, but that there are many points that need more improvement. more, such as in the field of infrastructure.
In Vietnam, Warburg Pincus is known as an investor involved in Techcombank’s record 2018 IPO event. One of the content that this investment fund mentioned in the above-mentioned contact with Prime Minister Pham Minh Chinh It is also a point that has been repeatedly raised by foreign investors to increase the ownership limit in commercial banks.
However, under current regulations, the foreign ownership ratio in Vietnamese banks is limited to 30%. Over the years, a number of focal points representing investment organisations, industries and research by authorities have set a direction for expanding this ownership relationship, especially in banks that need to promote restructuring. structure or forced buyback, consider selling back to foreign investors… But so far the cap has not been adjusted.
According to the government newspaper, Prime Minister Pham Minh Chinh said at the meeting that the expansion of Warburg Pincus’ investment in real estate in Vietnam is appropriate and timely, including the project. Ho Tram has great potential; The Prime Minister suggested that the research group will continue to expand its investment in Vietnam and build a bridge with a large customer network in the world to bring US investors in particular and foreign investors in general. to invest in Vietnam.
In which, focusing on technology transformation, capital market, digital transformation, energy, overcoming war effects, responding to climate change in the Mekong Delta, central and mountainous areas. the north, developing strategic infrastructure projects.
In the spirit of “sincerity, trust, responsibility” to solve problems, “harmonization of interests, sharing risks, legal compliance, win-win”, the government of Vietnam will always guide, support and create conditions for foreign investors to to invest and conduct effective and successful business in Vietnam.
“I want to completely allay your concerns, even on the specific project you bring up. If you walk out of this room and keep wondering, I’m more confused than you are. If you continue. If we keep wondering, we can continue to meet in Hanoi,” the Prime Minister said, ordering Vietnamese authorities to discuss and resolve specific issues with the Warburg Pincus Group.
Source: CafeF.vn
