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UAE’s IHC eyes ties with Vietnam in seaport, smart city projects

UAE’s IHC eyes ties with Vietnam in seaport, smart city projects

Sunday, December 03, 2023, 12:05 GMT+7
UAE’s IHC eyes ties with Vietnam in seaport, smart city projects
Vietnamese Prime Minister Pham Minh Chinh affirmed that Vietnam would create favorable conditions for foreign investors to do business in the country. Photo: Ngoc An / Tuoi Tre

The United Arab Emirates’ conglomerate International Holding Company (IHC) and Norwegian energy company Equinor would like to invest in infrastructure development, digital transformation, and offshore wind power projects in Vietnam, the leaders of these businesses said at their meetings with Vietnamese Prime Minister Pham Minh Chinh in Dubai on Saturday.

A leader of IHC affirmed that the holding company considers Vietnam a top strategic priority and it explored the possibility to cooperate with the Southeast Asian nation in the seaport, logistics, digital transformation, smart city, and non-tariff area sectors.

PM Chinh spoke highly of the outstanding business outcomes that IHC has achieved and added that infrastructure development and digital transformation are also among Vietnam’s top priorities.

Vietnam pledged to create optimal conditions and keep its business climate stable for foreign investors, including those from the UAE, to do business effectively and sustainably in the country, PM Chinh said.

With its rich resources, experience, and modern administration capacity, Abu Dhabi Ports Group, a subsidiary of IHC, should collaborate with Vietnamese state agencies in researching and developing infrastructure projects in Vietnam, PM Chinh suggested.

The Vietnamese government leader proposed that Sirius International Holding, another subsidiary of IHC, and other IHC units expand cooperation with Vietnam in digital transformation in the years to come.

At the meeting, Abu Dhabi Ports Group and Sirius International Holding exchanged memoranda of understanding on cooperation with the Vietnam Maritime Administration and Vietnamese Ministry of Information and Communications’ National Digital Transformation Agency, respectively.

Vietnamese Prime Minister Pham Minh Chinh (R) receives the leader of Norwegian energy company Equinor, Dubai, UAE, December 2, 2023. Photo: Ngoc An / Tuoi Tre

Vietnamese Prime Minister Pham Minh Chinh (R) receives the leader of Norwegian energy company Equinor in Dubai, UAE, December 2, 2023. Photo: Ngoc An / Tuoi Tre

As for Equinor, its leader said the Norwegian energy company had opened its representative office in Hanoi in May last year and looks to facilitate cooperation with the wholly state-owned Vietnam Oil and Gas Group (Petrovietnam) in developing offshore wind power projects and engaging in green transition in Vietnam.

The top Vietnamese official requested Equinor to continue effectively executing existing projects in Vietnam and maintaining good cooperation with PetroVietnam as well as relevant agencies in studying and developing renewable energy projects to serve domestic consumption and export.

Vietnam pledged to offer favorable conditions to and protect the legitimate rights and interests of foreign investors, PM Chinh added.

IHC is a major listed company headquartered in Abu Dhabi, the capital city of the UAE, with its market capitalization exceeding US$250 billion.

The firm has more than 480 subsidiaries operating in various fields such as real estate, agriculture, technology, energy, and retail. Among them, Abu Dhabi Ports Group focuses on logistics, industrial park, and free trade area development, while Sirius International Holding operates in digital transformation, digital solutions, and information technology.

IHC invested in Vietnam through TTEK Company, centering on providing technology solutions for the customs sector and digital payment services.

Regarding Equinor, it is the largest energy company in Norway, whose major shareholder is the Norwegian state with a 67-percent holding. Equinor booked $75 billion in profits last year.

With 50 years of experience in developing offshore industry and over a decade of experience in implementing offshore wind power projects, Equinor has made its presence in 33 countries and territories.

It aims to be a net-zero emissions company by 2050.

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Hong Ngan - Ngoc An / Tuoi Tre News

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