Vietnam’s transition to a sustainable economy hinges on the mobilization of substantial climate finance. With its vast resources, the financial sector holds the key to unlocking this essential capital. In an exclusive interview with The Saigon Times, Darryl J. Dong, International Finance Corporation (IFC) head of the HCMC Office, outlined the crucial steps needed to accelerate the country’s green transition. The Saigon Times: Given the pressing needs for climate finance in Vietnam, where can we find necessary international funding? Darryl J. Dong: International funding for Vietnam’s green transition is readily available. There’s a veritable wall of money from various sources, including international banks, multilateral institutions, corporations, and foundations. The challenge lies not in the availability of funds but in identifying and supporting viable green projects. Many international financial institutions are actively seeking opportunities to invest in climate-related initiatives in Vietnam. However, the lack of well-structured, bankable projects has hindered their ability to allocate funds effectively. There is a disconnect between the eagerness of investors and the readiness of local projects. While some local banks are making strides in green finance, there remains a significant gap in terms of understanding and supporting climate-related projects. It is essential for these banks to […]
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