PM meets leaders of investment firm Kohlberg Kravis Roberts, Visa Group in New York

May, 17/2022 - 09:56
Prime Minister Phạm Minh Chính met with leaders of global investment firm Kohlberg Kravis Roberts (KKR) and Visa Group in New York, and held phone talks with the Deputy Managing Director of the International Monetary Fund (IMF) during his trip to the US.

 

Prime Minister Phạm Minh Chính (right) had a meeting with Joseph Bae, Co-Chief Executive Officer of the private equity firm Kohlberg Kravis Roberts in New York on May 16. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính met with leaders of global investment firm Kohlberg Kravis Roberts (KKR) and Visa Group in New York and held phone talks with the Deputy Managing Director of the International Monetary Fund (IMF) during his trip to the US.

At a meeting with Joseph Bae, Co-Chief Executive Officer of KKR, on May 16 (US time), the PM asked the firm to share its experience and offer proposals to Việt Nam.

Joseph Bae expressed KKR's wish to expand its operation in real estate, infrastructure, digital transformation, food, consumer goods and technology in Việt Nam, noting that the firm had invested more than US$1 billion in three Vietnamese companies.

Việt Nam is an attractive market for investors with incentives rolled out by the Government, along with its favourable geographical location, and young, dynamic population, according to Bae.

The Southeast Asian nation is also the destination for many added value services.

PM Chính lauded KKR’s investment in the private sector in Việt Nam, and welcomed its plan to expand investment in the country, stressing that the firm’s investment focuses match Việt Nam’s priorities.

He told the Co-CEO that Việt Nam lured investments worth $1.3 billion in start-ups last year, the biggest ever number despite impacts of the COVID-19 pandemic.

During the meeting, KKR shared its experience in promoting investment in energy infrastructure, digital transformation and medical infrastructure, which Bae said needed strong public-private partnerships (PPP) and a transparent legal framework to consolidate investors’ confidence, and improve the efficiency of the capital market as well as project management capacity.

He believed that the comprehensive cooperation between the Vietnamese and US government would facilitate investment activities.

Chính also asked for KKR's policy consultations and support in technology and personnel training, and suggested the firm increase its presence in Việt Nam to enhance the cooperation.

 

Vietnamese PM Phạm Minh Chính met with Alfred Kelly, Chairman and Chief Executive Officer (CEO) of Visa Inc. on May 16. — VNA/VNS Photo Dương Giang

The same day, the Vietnamese PM met with Alfred Kelly, Chairman and Chief Executive Officer (CEO) of Visa Inc., a global digital payments company, and some CEOs from US groups like Citigroup and Standard & Poor.

Visa has operated in Việt Nam for more than two decades and is expanding its investment in online payment.

The Visa leader expressed his impressions of Việt Nam’s dynamic development, and congratulated the country on its hosting of SEA Games 31, which showcases Việt Nam’s competent handling of COVID-19 and subsequent reopening.

Visa also highly valued Việt Nam’s cashless payment plan and the development of the service in the country, with its growth expanding from 8 per cent in 2020 to 28 per cent this year.

Kelly said he believed that the Vietnamese government would achieve the target of cashless payment by 2027.

Visa wanted to further its cooperation with Việt Nam, helping the country fulfill its growth and reform targets in the financial sector, while providing support in digital transformation, assisting small and medium-sized enterprises, building smart cities and developing smart transport, he continued.

Praising Visa’s operation in Việt Nam over the past 20 years, Chính emphasised that the firm had played a role in the development of card payment in Việt Nam, called on the firm to expand its investment, work on new products, foster its partnerships with local commercial banks, and further engage in restructuring, digital transformation and financial development in Việt Nam.

The PM showed his support for cooperation between Visa and the Vietnamese Government in financial reform and cashless payment development, suggesting the company coordinate with the State Bank of Việt Nam (SBV) to help with the implementation of the 2021-25 project on cashless payment development in Việt Nam.

PM Chính also held a phone meeting with Antoinette Monsio Sayeh, Deputy Managing Director of the IMF.

The PM thanked the IMF for its support in accessing vaccines and finances, as well as its advice in COVID-19 prevention and control, macro-economic policy making, sustainable development, and especially monetary policy stabilisation.

Briefing Sayeh on Việt Nam’s initial achievements in socio-economic recovery post pandemic, the PM suggested the IMF assist the country in these efforts, and provide consultations, recommendations, technical support and assistance in personnel training during the planning and implementation of the 2021-25 socio-economic development plan, and the 2021-30 socio-economic development strategy.

Chính also called for the fund’s support for socio-economic development in Việt Nam in order to make it a developing country with modern industry and high middle income by 2030, and a developed, high-income nation by 2045.

For the short term, he suggested the IMF help Việt Nam with consultations in ensuring the macro-economic stability; developing a transparent, sustainable capital market; controlling inflation; developing logistics; technological innovation and digital transformation; climate change response; and energy transition.

Sayeh affirmed Việt Nam was a good partner of the IMF, noting that the fund stood ready to support the country as suggested by the PM, including policy consultations.

She added that she wanted to visit Việt Nam to hold working sessions with competent agencies on specific programmes. — VNS

 

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