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Vietnamese Tecco Group Joins PHILUX Global Funds to launch Luxembourg-based infrastructure fund for Vietnam

New York, Aug. 10, 2020 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), announced today that Vietnam-based Tecco Group (https://teccogroup.vn/) has signed an agreement with PHI Luxembourg Development SA, a subsidiary of PHI Group, to launch a??PHILUX Infrastructure Fund,a?? the first-ever Luxembourg-based infrastructure fund for Vietnam.
As one of the fastest growing economies in ASEAN, Vietnam is currently demanding for more foreign financial investment and technical assistance to narrowing its infrastructure gap. According to the Global Infrastructure Outlook, Vietnam requires an investment of US$605 billion to meet 83 per cent of its infrastructure goals by 2040. Among the sectors that have been given utmost priorities are the urban transportation, road & rail and port infrastructure.Currently, just 20 per cent of the countrya??s national roads are paved, and a recently approved plan to build Vietnam's North-South high-speed railway, which allows passengers to travel between capital Hanoi and Ho Chi Minh City in about eight hours, will cost about 26 billion U.S. dollars.The rising population in major cities in recent years has strained and exceeded capacity of the existing connectivity networks and utilities systems. With 50% of Vietnama??s population expected to be living in cities, Hanoi and Ho Chi Minh are building rapid transit systems exceeding US$22 billion in the hope of reducing private vehicle ownership and improving air quality.Various expressway projects are planned and underway to improve connectivity within major cities. Similarly, development and upgrading of urban utilities infrastructure are announced and there are 44 planed PPP projects with total investment value worth up to US$ 120 billion in the road and power sectors.
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