Middle Eastern capital forecast to accelerate into Vietnam

After years of being viewed mainly as a potential source, capital from Gulf countries has entered a new phase in Vietnam -- larger in scale, more institutionalized, and increasingly long term. Vietnam is emerging as a strategic destination in the portfolio allocation of sovereign wealth funds, intergovernmental investment vehicles, and financial institutions from the region.

Within this shift, Vietnam Oman Investment (VOI) has played a notable role, both as a direct investor and as a channel connecting Middle Eastern capital with the Vietnamese market in a structured and selective manner aligned with long-term investment standards. Over 18 years of operation, VOI's activities have begun to leave a visible imprint on Vietnam's capital market.

From commitment to tangible presence

To date, VOI has invested approximately $400 million in Vietnam, significantly exceeding its initial commitment of $100 million. Beyond scale, the figure reflects growing confidence among Gulf investors in Vietnam's investment climate and business environment.

Rather than dispersing capital broadly, VOI has concentrated its investments in large, established enterprises with the capacity to scale and contribute to the depth and stability of the capital market.

Most recently, VOI participated in a private placement to become a shareholder of BIDV. According to a VOI representative, investing in Vietnam's largest bank by assets demonstrates a long-term commitment by Middle Eastern investors to supporting the modernization, sustainability, and international integration of Vietnam's financial system.

Earlier, in 2025, several companies that received early-stage funding from VOI completed initial public offerings or listings, bringing Middle Eastern capital from a largely private position into greater public visibility.

One example is F88, a long-term VOI investment, which registered for trading on the UPCoM market in mid-August. The company's shares reached VND634,900 ($24.50) on the first trading day. Subsequently, following VOI's strategic investment in Techcom Securities (TCBS), the firm listed on the Ho Chi Minh Stock Exchange (HoSE) and became the largest securities company by market capitalization, at VND108 trillion ($4.17 billion).

"This series of events shows that VOI and Middle Eastern capital are not limited to holding shares, but are contributing to diversifying market offerings and supporting the standardization of Vietnam's capital market," a VOI representative said.

VOI's deals in the financial sector contribute to diversifying the "product basket" and standardizing Vietnam's capital market. Photo courtesy of VOI

Alongside investment activity, exchanges between Vietnam and Oman have intensified in recent years. Representatives of the Oman Investment Authority (OIA), including Vice President of Operations Sheikh Nasser Sulaiman Al Harthy, met with Vietnamese government leaders several times last year. Vietnamese delegations have also visited Oman to engage with its investment agencies.

One outcome of this engagement is ongoing discussions toward a memorandum of understanding to establish the Vietnam New Era Growth Fund, with an initial committed capital of at least $200 million. The proposed fund would focus on four priority areas aligned with Vietnam's development strategy: technology, telecommunications, finance, digital transformation, and Halal agriculture. If established, the fund would expand bilateral investment cooperation while drawing on Oman's experience in connecting with global financial markets.

Visits and working sessions between Vietnam and Oman not only strengthen bilateral relations but also help promote Gulf capital flows into Vietnam. Photo courtesy of VOI

Foundation for new growth phase

Recent developments also highlight another dimension of Middle Eastern capital flows: the integration of investment with sustainability and social responsibility. For VOI, investment activities are accompanied by initiatives related to knowledge sharing, community engagement, and support for healthcare and education.

The fund has sponsored heart surgery programs, community eye-care initiatives, and hosted international academic delegations and MBA students studying Vietnam's market. These activities reflect VOI's stated approach that long-term capital should align with broader social and human development objectives.

In addition to its impact on the capital market, VOI strives to contribute to the community. Photo courtesy of VOI

As Vietnam seeks new growth drivers to support its development goals for the 2026-2030 period, capital from sovereign wealth funds and international financial institutions is viewed as an important complement to domestic investment. Such capital can help reduce reliance on borrowing while easing inflationary pressures.

Beyond financial resources, long-term institutional capital also brings governance standards, investment discipline, and a longer planning horizon. When directed toward leading enterprises and projects with spillover potential, this capital can contribute to higher-value employment and improvements in overall economic quality.

VOI's recent activities suggest that Middle Eastern capital has moved beyond an exploratory phase and toward a more sustained presence in Vietnam. According to the fund, its priorities in the coming period include expanding its investment scale and continuing its role as a bridge connecting Gulf capital with key sectors of Vietnam's economy.

"After the pivotal year, 2026 is expected to see an increase in investment activity from Middle Eastern capital," a VOI representative said. "This could support Vietnam's objective of achieving rapid and sustainable growth."