Vietnam Industry and Energy Fund shuts down
The fund management company, founded by the Vietnam Bank for Investment and Development (BIDV), with chartered capital of VND100 billion (USD 6,0 mil), has been operational since December 2007 when it was assigned to manage the fund bearing the same name with registered capital of VND10 trillion.
The close-ended fund was co-established by giant state-run groups and corporations including Vietnam National Oil and Gas Group (PetroVietnam), Vietnam National Coal and Mineral Industries Group (Vinacomin), Vietnam Post and Telecommunications Group (VNPT), Song Da Corp. and Urban and Industrial Zones Development Investment Corp. (IDICO). Those giants hold 80% of the fund. However, those shareholders have been forced to cut all investments outside their core business operations and have suspended investments to the fund.
In the original press briefing to introduce the fund in 2007, BIDV chairman Tran Bac Ha said he would allow investments worth over VND7.4 trillion for 82 projects during the period 2007-2009, but the fund has yet to spend a dime on a single project.
The fund was initially tailored to prioritize investment in energy and industrial projects carried out by its founding members within the country and in the former Indochina region including Laos and Cambodia.
