Vietnam-based Thanh Nam Long Company Joins Philux Global Group, Inc. (a/k/a PHI Group, Inc.) to launch Luxembourg-based infrastructure fund for Vietnam
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Philux Global Group, Inc. (a/k/a PHI Group, Inc.; www.philuxglobal.com, PHIL), announced today that Thanh Nam Long Co., Ltd., a Vietnamese construction and infrastructure development company, has signed an agreement with Philux Global Group, Inc., the parent and sponsor of PHILUX Global Funds SCA, SICAV-RAIF, to join “PHILUX Infrastructure Fund,” a Luxembourg-based infrastructure fund focusing on the development and implementation of selective infrastructure projects in Vietnam and other geographical areas that are compatible with the investment philosophy and strategy of the fund.
As one of the fastest growing economies in ASEAN, Vietnam is currently demanding for more foreign financial investment and technical assistance to narrow 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 country’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 Vietnam’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.
PHILUX Global Funds SCA, SICAV-RAIF (www.philuxfunds.com), is a Luxembourg-based bank fund with an intent to initially hold “Philux Global Select Growth Fund,” “Philux Energy Fund” and “Philux Infrastructure Fund” for investment in real estate, infrastructure, renewable energy and healthcare as well as the Asia Diamond Exchange (ADE) in the Chu Lai Open Economic Zone, Quang Nam Province, and the Multi-Logistics Center near the new Long Thanh International Airport, Long Thanh District, Vietnam. This will be the first rough diamond exchange in Southeast Asia, expected to be comparable with diamond exchanges in Antwerp (https://www.awdc.be/) and Dubai (https://www.dmcc.ae/gateway-to-trade/commodities/diamonds).
Through Philux Infrastructure Fund, Thanh Nam Long Construction Co. will partner with Philux Global Group to develop and invest in the Ho Chi Minh – Moc Bai, Tay Ninh Expressway and other select infrastructure projects in Vietnam, including but not limited to the Asia Diamond Exchange, the Multi-Logistics Center in Long Thanh District, Dong Nai Province and other expressway, highway, seaport and industrial zone projects.
Nguyen Thanh Long, Chairman of Thanh Nam Long Construction Co., Ltd., commented: “ We are very pleased to join PHILUX Infrastructure Fund and partner with Philux Global Group to respond to the growing needs of infrastructure development in Vietnam and strongly believe that by combining our experiences and expertise we will be able to achieve significant goals through our cooperation.”
Henry Fahman, Chairman and CEO of Philux Global Group, stated: “We are delighted to partner with Thanh Nam Long to advance the PHILUX Infrastructure Fund for Vietnam and are confident that we will be well positioned to serve Vietnam’s infrastructure needs as well as create significant benefits for both companies, our shareholders and all other stakeholders involved.”
About PHILUX Global Funds and Philux Global Group
PHILUX Global Funds SCA, SICAV-RAIF is a Luxembourg-based bank fund (www.philuxfunds.com) intending to hold several sub-fund compartments for investment in real estate, infrastructure, renewable energy and healthcare as well as the Asia Diamond Exchange (ADE) in the Chu Lai Open Economic Zone, Quang Nam Province, and the proposed Multi-Logistics Center near the new Long Thanh International Airport, Dong Nai Province, Vietnam
Philux Global Group, Inc.(www.philuxglobal.com), (PHIL), a/k/a PHI Group, Inc., primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly-owned subsidiary, PHILUX Capital Advisors, Inc. (www.philuxcapital.com) provides M&A consulting services and assists companies to go public and access international capital markets.
About Thanh Nam Long Construction Co., Ltd.
Thanh Nam Long Construction Co., Ltd. is a limited liability company in Rach Gia City, Kien Giang Province, Vietnam. The company is engaged in construction and infrastructure development in Vietnam and managed by experienced and dedicated managers and well-trained, professional staff with advanced construction equipment and machinery. Thanh Nam Long has been a prestigious participant in multiple large-scale, high-quality construction projects in Vietnam.
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Source: PHI Group, Inc.