Russian Direct Investment Fund and Vietnamese State Capital Investment Corporation to create a $500 million Russian-Vietnamese investment platform
Press release, 16.05.2016
Moscow, May 16, 2016 – TheRussian Direct Investment Fund (RDIF) and The Vietnamese State Capital Investment Corporation (SCIC) have signed a memorandum of understanding to establish a Russian-Vietnamese investment platform. RDIF and SCIC will identify attractive investment projects in bilateral trade, which are in line with Russian-Vietnamese strategic interests.
Under the agreement, RDIF and SCIC will each invest $250 million in the platform. The funds will be directed towards projects that promote bilateral trade and foreign direct investment flows between the two countries, as well as business activities of Vietnamese corporations in Russia.
The signing ceremony took place today in Moscow in the presence of Dmitry Medvedev, Russian Prime Minister, and Nguyen Xuan Phuc, Vietnamese Prime Minister.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Currently, the investment cooperation between Russia and Vietnam is mainly focused on energy projects. However, following last year’s free trade agreement between the Eurasian Economic Union and Vietnam, RDIF has identified a major opportunity to strengthen cooperation between the two countries in a broader range of sectors beyond commodities. This investment platform will focus on leveraging these potentially high-growth opportunities for the mutual benefit of Russian and Vietnamese businesses.”
Nguyen Duc Chi, Chairman of the State Capital Investment Corporation, said: “RDIF and SCIC are playing the same roles as the government's investment arms of both countries with important mandates to the economy. Thus, for SCIC, strengthening the relationship with RDIF, especially by signing a Memorandum of Understanding with RDIF, will enable RDIF and SCIC to set out efficient framework for identifying and realizing cooperation potential and effectively invest in projects in Russia and Vietnam for mutual benefit.”
Russian Direct Investment Fund (RDIF) was established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
SCIC - Incorporated in 2006 under the Decision of the Prime Minister, SCIC is acting as the state ownership representative at companies and investing in key industries/sectors of the economy to reinforce the controlling state sector in the economy while respecting to the market principles. SCIC is currently managing a portfolio of various companies that are operating in diversified industries of the economy such as financial services, energy, industry, telecommunications, construction, transportation, consumer goods, healthcare, IT. By April 2016, the total amount of state capital under SCIC's mangement has reached 18,755 billion dongs, the estimated market value of which has reached 98,000 billion dongs. By 2020, SCIC is targeted at becoming the government's strategic investor and a regionally sizable financial group and an effective drive to uphold the state sector in key industries and sectors of the economy.
For additional information contact:
Russian Direct Investment Fund
Director of External Communications
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
Andrew Hayes / Yulianna Vilkos
Tel: +44 (0) 20 7796 4133