Oman Investment Authority eyes $1bn commitment to Vietnam amid growing ties

This bold move underscores the Gulf state's strong confidence in Vietnam's reform path and long-term economic potential.

“To date, we have invested some $400 million in Vietnam through the Vietnam-Oman Investment (VOI) Fund,” Sheikh Nasser bin Suliman Al Harthi, deputy president for operations of the OIA, told Tuoi Tre (Youth) newspaper.

“During the ongoing business visit to Vietnam, the OIA has signed a memorandum of understanding with the State Capital Investment Corporation (SCIC) to establish the Vietnam new era growth fund with a capital of $200 million.”

This brought the OIA’s committed capital to nearly $600 million, with a clear pathway toward $1 billion.

He emphasized that such a figure is well within reach.

“If attractive opportunities arise, we are open to investing further and encouraging other regional investors to join us in Vietnam,” he said.

Long-term confidence in Vietnam’s reform path

The OIA’s investment in Vietnam started in 2008, marking the country as the first in the OIA’s G2G fund partnerships.

The authority has invested in nearly 50 countries worldwide, and Vietnam remains a key partner.

“We believe in Vietnam’s economy and its leadership,” he stated.

“The past 17 years has seen remarkable reform efforts, especially in recent years, making the country a prime destination for foreign direct investment.”

He highlighted the recent meeting with Prime Minister Pham Minh Chinh and Minister of Finance Nguyen Van Thang on Thursday, where Vietnam’s ongoing commitment to reform was reaffirmed.

“We were assured that further reforms are underway," he said.

The OIA’s broader mission is to diversify Oman’s economy which traditionally relies on oil and gas.

Accordingly, its investment portfolio is shifting toward renewable energy, food security, technology, aerospace, and other emerging sectors.

“Through the VOI Fund, we’ve already invested in fast-growing areas like science and innovation," he said.

“The upcoming fund will target any opportunity that offers real value to both countries."

He also expressed the willingness to support Vietnam’s ambition to develop international financial centers in Da Nang and Ho Chi Minh City.

“We’ve studied global financial hubs and are happy to share our expertise," he said.

"If Vietnam needs support, we are ready to offer it.”

Bilateral opportunities

During the visit, the OIA also met with private Vietnamese companies in the halal industry, information technology, natural resources, and minerals sectors, aiming to foster connections with Omani firms.

“If there is any cooperation opportunity, we will fully support such partnerships,” he noted.

“Omani companies may invest directly in Vietnam, even beyond the scope of the OIA.”

Meanwhile, he also extended a warm invitation to Vietnamese firms to explore investment in Oman.

“We are the gateway to the Gulf and African markets," he said.

"Like Vietnam, Oman boasts a long coastline and developed ports that connect to global trade routes."

The Vietnam-Oman Investment Fund, founded in 2008, was the first G2G investment initiative between Vietnam and a Gulf state.

This is the first fund among the OIA’s list of 10 G2G investment funds.