Vietnam-based Tecco Group has signed an agreement with PHILUX Global Funds, to launch PHILUX Infrastructure Fund, the first-ever Luxembourg-based infrastructure fund for Vietnam. PHILUX Global Funds Sis a Luxembourg-based bank with various investment sectors including real estate, infrastructure, renewable energy, and healthcare. It is also backing the proposed Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE) in the Chu Lai Open Economic Zone in Quang Nam province, which will be the first rough diamond exchange in Asia, comparable with diamond exchanges in Antwerp and Dubai.
Besides supporting transport infrastructure, Tecco Group will use the Luxembourg infrastructure fund for several ports, industrial zone cluster, and airport projects together with modern technologies. The negative impact from the coronavirus pandemic has heightened pressure on the Vietnamese government in its efforts to maintain economic growth, especially in the backdrop of decreasing ODA financings, failure or negative consequences of build-transfer (BT), build-operate-transfer (BOT), and public-private partnership (PPP) models, and bottlenecks in public finance funding. Therefore, the launching of an infrastructure fund for Vietnam at this time, according to Huyen Duc Vu, vice chairman of Tecco Group, is crucial.
(Sources: Globe News Wire; Vietnam Investment Review)
