US Berggruen Holdings to help Vietnam set up investment funds

The US-based group Berggruen Holdings stands ready to partner with Vietnam and assist in human resource training by providing consultancy services to help Vietnam establish an investment fund fostering development.

Prime Minister Pham Minh Chinh and CEO of Berggruen Nicolas Berggruen. Photos: Nhat Bac/VGP

“This aligns with Vietnam's development strategy and the Communist Party of Vietnam's mission to enhance the well-being and prosperity of its people,” said Nicolas Berggruen, founder and CEO of Berggruen Holdings during a meeting with Prime Minister Pham Minh Chinh on January 7.

At the meeting, Prime Minister Chinh emphasized that after elevating the Vietnam–US relationship to a Comprehensive Strategic Partnership, bilateral ties have deepened substantially, laying a solid foundation for economic, trade, investment, and other forms of collaboration between the two nations.

In 2024, major US companies like NVIDIA, Apple, and Google planned to invest or expand their operations in Vietnam. Additionally, cooperation in educational and scientific research between the two countries is gaining momentum, he said.

The Prime Minister stated that Vietnam is renewing traditional growth drivers while fostering new ones, tapping into space, marine resources, and underground space. He stressed that, alongside domestic efforts, Vietnam needs international support and collaboration, particularly from the US, in areas such as capital investment, science and technology, innovation, smart governance, human resource development, and green growth.

Prime Minister Chinh highlighted education and training as an outstanding area of cooperation, with increasing numbers of Vietnamese students studying in the US. He invited Berggruen Holdings to consider investing in projects with cultural and historical significance.

“Such initiatives could promote Vietnamese culture globally, internationalize its unique heritage, and support the development of a cultural industry,” said Chinh. He also encouraged collaboration in education, research, and human resource development.

For his part, Berggruen expressed his gratitude for the meeting and his admiration for Vietnam's remarkable transformation after its sacrifices and challenges. He noted the vibrancy and beauty of Hanoi and looked forward to visiting Ho Chi Minh City, Danang, and Hue.

Overview of the meeting.

Berggruen acknowledged Vietnam's rapid development and its potential for even greater success. He praised the country's confidence, resilience, ambitious yet practical goals, youthful population of over 100 million, and rich cultural heritage shaped by a history of overcoming adversity. Vietnam's growing political and global supply chain prominence further solidifies its position as a dynamic nation.

He also noted Vietnam's historical challenges, including wars and sanctions, and praised its progress based on three pillars: socialist democracy, socialist rule of law, and a socialist-oriented market economy. Vietnam's development philosophy puts people at the center, the driving force, and the beneficiary of growth, ensuring social equity, progress, and environmental protection alongside economic growth.

Vietnam is currently focusing on six key priorities and three strategic breakthroughs: institutional reform, infrastructure development, and human resource training. These efforts are aimed at building an independent and self-reliant economy with deep global integration.

After nearly 40 years of reform, Vietnam has achieved historic socio-economic milestones. In 2024, GDP growth is projected at 7%, with the economy reaching approximately $470 billion. Macroeconomy remains stable, inflation is kept below 4%, and the economy achieves strong surpluses across major balances.

Vietnam's total trade turnover is expected to reach an all-time record of nearly $800 billion, while FDI hit approximately $40 billion, placing the country among the top 15 developing nations for FDI.

Berggruen Holdings, with operations in the US, Europe, and Asia, manages an investment portfolio of approximately $2 billion.