Vietnam is Warburg Pincus' third largest investment destination in Asia just behind China and India. Since 2013, the firm has invested nearly US$2 billion to help build and develop leading companies in Vietnam, and set up joint ventures with Vingroup, VinaCapital, Techcombank, Becamex, MoMo e-wallet, including Ho Tram Resort and Metropole Hanoi project.
During the meeting with CEO of Warburg Pincus Charles Kaye, PM Pham Minh Chinh hailed Warburg Pincus’ effective business cooperation activities with Vietnamese partners in recent years and thanked the company for its support for the Southeast Asian nation’s COVID-19 containment efforts over the past time.
He also underlined the need to improve the effectiveness of funding and focus on the key areas that can promote other fields.
Vietnam is redoubling efforts to develop strategic infrastructure, including digital and transport infrastructure, digital transformation, climate change fight, the capital market, and digital transition, calling on the private equity firm to promote sources of investment into Vietnam in these areas, Chinh told his host.
Clarifying the issues of Warburg Pincus’s concern like the cooperation capability of Vietnamese companies, macro-economic stability, infrastructure, and logistics, the PM affirmed that the Vietnamese Government’s readiness to hold dialogue with enterprises so as to field their questions and help them operate successfully in the country, which demonstrates the mutual trust, sincerity, sense of responsibility, and win-win cooperation.
He also asked enterprises, including Warburg Pincus, to fully carry out their commitments and directly liaise with relevant ministries and sectors of Vietnam to promote investment.
Kaye congratulated Vietnam on its success in overcoming the COVID-19 pandemic over the last two years, noting that his firm is poised to increase investment in Vietnam and will help the nation spur stronger development in the time ahead.
Receiving Brendan Duval, CEO of Glenfarne Group, PM Chinh welcomed the group’s interest in energy transition in Vietnam, and said that Vietnam is set to issue the Electricity Development Plan VIII, which includes adjustments to the planning for development of LNG power plants along the country’s coastal provinces. He said he hopes the group to invest in clean energy in Vietnam.
Duval, in turn, said the group operates modern and flexible LNG plants around the world, and in the long term, it hopes to contribute to the energy transition in the nation.
The same day, Prime Minister Pham Minh Chinh attended the opening ceremony of an office of FPT Software, a subsidiary of the FPT Group.
This is FPT Software’s second office in New York, 10th in the US, and 58th in world. The company is providing technological and digital transformation services for tens of businesses in the Fortune 500 list in the North American country.
After 14 years of operating in the US, FPT Software now has 450 employees and its clients are from 30 states across this country. The US is currently one of the two largest markets of the company, whose revenue here rose 52 percent year-on-year in 2021 and 60 percent in the first quarter of 2022.
Dang Tran Phuong, Director of FPT America, said FPT Software is the second Vietnamese company to open an office in New York - the world’s largest economic, financial, and technological hub. It hopes that in the next three years, its office in New York will contribute to 20 percent of its total revenue in the US.
In his address, the Vietnamese Government chief said the office opening is a step forward to boost digital transformation and form a digital economy, thereby helping improve the country's human resources quality and show its technological capabilities, wisdom, and competitiveness in the world, especially in the US, where science and technology is developed.
He voiced his hope that FPT will continue going ahead with stronger development in the US and the world as a while, thereby helping introduce Vietnam’s images and promote the two countries’ comprehensive partnership in a substantive and effective manner.
The Vietnamese cabinet leader also asked the diplomatic and relevant agencies of Vietnam in the US to continue assisting FPT and other Vietnamese businesses to carry out cooperation deals as agreed by both nations’ leaders.
