Vietnam Industry and Energy Fund shuts down By Phuoc Minh – The Saigon Times Daily HANOI – Vietnam Industry and Energy Fund Management Joint Stock Co. has been approved to close, according to Decision 463/QD-UBCK signed by the chairman of the State Securities Commission of Vietnam. The close-ended fund was co-established by giant state-run groups and corporations including Vietnam National Oil and Gas Group (PetroVietnam), Vietnam National Coal and Mineral Industries Group (Vinacomin), Vietnam Post and Telecommunications Group (VNPT), Song Da Corp. and Urban and Industrial Zones Development Investment Corp. (IDICO). Those giants hold 80% of the fund. However, those shareholders have been forced to cut all investments outside their core business operations and have suspended investments to the fund. In the original press briefing to introduce the fund in 2007, BIDV chairman Tran Bac Ha said he would allow investments worth over VND7.4 trillion for 82 projects during the period 2007-2009, but the fund has yet to spend a dime on a single project. The fund was initially tailored to prioritize investment in energy and industrial projects carried out by its founding members within the country and in the former Indochina region including Laos and Cambodia.