-based conglomerate Geleximco
and Hong Kong United Investors Holding (HUI) have asked for the Ministry of Transport’s permission to invest in four large-scale infrastructure projects in Vietnam, which is thirsty for funding to bolster its slowing economy.
The consortium is interested in four projects namely two sections of the North-South expressway, an expressway that spans three economic hubs of the northern province of Quang Ninh, the North-South high-speed railway, and the Long Thanh International Airport in southern Vietnam.
The total investment of the four projects could amount to $50 billion. However, it’s unknown how much the two firms will invest, the Ministry of Planning and Investment-run Dau Tu (Investment) newspaper reported.
According to CEO of Geleximco Vu Van Tien, HUI is financially backed by large investment fund managers in Hong Kong such as Huarong Overseas Investment, China Minsheng Financial, and China Orient Asset Management International. Further, FUI has participated in the development of transport infrastructure and airport projects.
The consortium will guarantee financing and expertise for the proposed projects, Tien affirmed.
Geleximco, which stands for Hanoi Export-Import Company, was established in 1993 to operate in import, export and trade sectors. The corporation has gradually made ventures into industry, real estate, banking and information technology.
The firm now has some 30 subsidiaries and affiliates operating across Vietnam. It holds strategic shares in several large firms such as An Binh Commercial Bank, An Binh Securities, Thang Long Cement JSC, An Hoa Paper Company, and CMC
HUI set up Hong Kong United Investors Holding Vietnam on August 15, 2016 to prepare for its investment roadmap in Vietnam. It has a registered capital of $50 million and its business scope focuses on civil construction and development of railways and roads.