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UAE firm keen on Vietnam’s smart grid development

The Saigon Times

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HCMC – Sirius International Holdings, a subsidiary of the United Arab Emirates’ (UAE) International Holdings Company, is actively exploring opportunities for collaboration with Vietnamese partners in smart grid development, infrastructure, and carbon credit exchange.

During a meeting held on December 19 between Vietnam’s Minister of Industry and Trade and the leadership of Sirius International Holdings, their discussions centered on the UAE company’s interest in advancing technology, particularly in smart grid development, infrastructure, carbon credit exchange, e-commerce connectivity, and digital currencies.

Minister of Industry and Trade Nguyen Hong Dien highlighted the substantial progress made in negotiations between the two nations, with the aim of signing a comprehensive economic partnership agreement in early 2024. The minister encouraged investment and collaboration between Sirius International Holdings and Vietnamese enterprises, leveraging opportunities provided by the bilateral Free Trade Agreement (FTA).

Vietnam has inked a total of 16 bilateral and multilateral FTAs. By the end of November, the country’s total import-export turnover had reached US$619.17 billion.

Regarding foreign investment, Vietnam boasts a robust portfolio of over 38,000 foreign-invested projects with pledged capital exceeding US$462 billion as of November.

Sirius International Holdings, headquartered in Abu Dhabi with a market capitalization surpassing US$250 billion, is a publicly-listed company and part of the International Holdings Company. The conglomerate operates over 480 subsidiaries across various sectors, including real estate, agriculture, technology, energy, industry, and retail, as disclosed by the firm’s director, Akshay Kumar Mahajan.

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