The Hanoitimes - Vietnam remains huge opportunities for foreign investors, while Jardine Matheson would continue to explore investment options in the country’s priority sectors, said the UK-based conglomerate’s executive.
UK-based Jardine Matheson is committed to expanding investments in Vietnam, which has been maintaining high economic growth in recent years, according to Ben Keswick, chairman and managing director of Jardine Matheson.
Vietnam remains huge opportunities for foreign investors, while Jardine Matheson would continue to explore investment options in the country’s priority sectors, said Keswick in a meeting with Deputy Prime Minister Trinh Dinh Dung on September 10.
Overview of the meeting. Source: VGP.
Deputy PM Dung expressed delight that the Vietnam – UK strategic partnership has been growing strongly in all spheres, particularly in economic, trade and investment activities.
In 2018, bilateral trade reached US$6.74 billion, up 9.5% year-on-year, of which Vietnam exported US$5.7 billion and spent US$970 million on imports from the UK.
According to Dung, Vietnam is restructuring state owned corporations, presenting opportunities for foreign investors such as Jardine Matheson to acquire stakes at major Vietnamese firms in various fields.
Dung requested Jardine Matheson to expand investments in scopes to include such fields as infrastructure development, energy, industry, supporting industries and tourism, among others.
The Vietnamese government would continue to create favorable conditions for multinationals such as Jardine Matheson doing businesses and investments in the country.
As one of Asia's biggest conglomerates, Jardine Matheson has interest in luxury hotels, motor vehicles, property, food retailing, transport financial services and agribusiness. The group, through its subsidiaries Jardine Cycle & Carriage (JC&C) and Platinum Victory, has invested over US$2.5 billion in Vietnam since 1992.
Platinum Victory currently is the third largest shareholder at Vinamilk with 10.62% stake, after State Capital Investment Corporation (SCIC) with 36% and F&N Dairy Investment with 17.31%.
Additionally, Jardine Matheson also owns 26.5% shares at Truong Hai Auto Corporation (Thaco), Refrigeration Electrical Engineering Corporation (REE) with 25%.