Singaporean GIC - one of the world's leading sovereign wealth funds which oversees USD100 billion forex reserve of the country, has entered Vietnam through pouring capital into a company in Vietnam, NDHMoney’s source says.
GIC was the brainchild of Dr Goh Keng Swee, then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS). He saw the need for an entity dedicated to the task of investing Singapore''s growing reserves for better long-term returns, Dr Goh created what in retrospect, was the prototype sovereign wealth fund.
GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore.
Its aim is to achieve good long-term returns for the Government - a reasonable risk-adjusted rate above global inflation over a 20-year investment horizon. By achieving these returns, it fulfills its responsibility to preserve and enhance Singapore''s foreign reserves. The reserves provide a stream of income that can be spent or invested for the benefit of present and future generations. GIC does not own the funds, it manages. It manages these funds on behalf of the Government of Singapore, its client.
GIC has offices in 9 cities worldwide and is headquartered in Singapore.
GIC is one of the key architects of the Santiago Principles, a set of Generally Accepted Principles and Practices for Sovereign Wealth Funds. The Principles were published in 2008 by the International Working Group of Sovereign Wealth Funds (IWG), made up of 23 member countries including Singapore. GIC adheres to and practises the spirit of the Principles.
GIC invests in the public and private equity, real estate, fixed income, and alternative markets including foreign exchange, commodity, and money markets across the globe. The firm invests through its subsidiaries GIC Asset Management Pte Ltd., GIC Real Estate Pte Ltd., and GIC Special Investments Pte Ltd.