Cerberus chairman takes aim at Vinaconex ITC

January 17, 2012 | 11:00

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Leading US-based capital management firm Cerberus is a step closer to investing in Vietnam after its chairman, former US secretary of the treasury John Snow, signed a memorandum of understanding with Vinaconex ITC last week.

The document will see Snow, who served as the US treasury secretary under President George W. Bush, acting as a bridge between international and US investors for Vinaconex ITC's $1-billion plus Cat Ba Amatina project in northern Quang Ninh province, as well as other real estate projects in Vietnam.

Snow will kick things off by assigning or authorising foreign investors to set up a joint venture with Vinaconex ITC to mobilise investment for the Cat Ba Amatina project. Snow has also committed to staking out other investment opportunities in Vietnam's real estate, banking and finance, and highly advanced education and vocational training sectors.

In return, Vinaconex ITC will help Snow and his partners with the local investment climate and assist them to ensure more efficient investment into Vietnam.

Snow said that linking up with experienced and capable Vinaconex ITC which owned many large scale projects in Vietnam was a good opportunity for him to support and attract other international and US investors to come to Vietnam.

Invested by Vinaconex ITC, Cat Ba Amatina is a resort complex that consists of 800 villas, three marinas, a tourism boat wharf, an international convention palace, an international commercial centre, seven five-star hotels and some other service areas.

Cat Ba Amatina occupies 172 hectares and has drawn total investment of over $1 billion. The project was designed by French Land Design Group.

Vinaconex ITC is a Vietnamese real estate investment and development firm with chartered capital of VND360 billion ($18 million) invested by three founding members: Vinaconex JSC, Eximbank and Agriseco.

Snow visited Vietnam at the end of 2011 to participate in international conferences on global brand names, decision making in this unstable economic period and investment opportunities in Vietnam, organised by the LinkWorld Unlimited International Vietnam.

Cerberus is a world’s leading American capital management firm with total asset estimated at $3.2 trillion as of 2010.

At present, Cerberus does not have any direct investment in Vietnam but its indirect investment here – through capital injection into its counterparts operating in Vietnam - has already reached $28 billion.