The Bank for Investment and Development of Vietnam (BIDV) and corporations, namely Vietnam Petrol, Vietnam Coal and Mineral Resources, Vietnam Post and Telecommunications, Song Da, Urban Investment and Development, have lately announced they will join hands in establishing the Vietnam Industry and Energy Mutual Fund.

At a press conference on April 25, General Director of BIDV Tran Bac Ha revealed that the foundation had the chartered capital of 10,000 billion VND, the largest so far in Vietnam. Hong Kong and Shanghai Banking Corporation (HSBC) was appointed as the fund’s bank and trustee.

The fund managing company will be responsible for carrying out investment in projects and businesses operating in industry and energy sectors such as hydro-power plant projects in Vietnam, Laos and Cambodia and gas- and coal-based thermo power plant projects in Vietnam.

The fund is expected to invest in 22 projects in 2007 at a cost of 1,474 billion VND.

Source: HNM

Translated by Hoang Anh