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Friday, July 19, 2024

IFC pledges nearly US$1.9 billion of investment in Vietnam

The Saigon Times

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HCMC – The International Finance Corporation (IFC) has pledged nearly US$1.9 billion of investment in new projects in Vietnam in the fiscal year 2023, with US$520 million earmarked for long-term investment.

The IFC, a member of the World Bank Group, highlighted Vietnam as one of the top five countries in the Asia-Pacific region to receive substantial long-term investment capital for the fiscal year ending June 30.

The majority of IFC’s projects in Vietnam are focused on addressing challenges related to climate change, food security, trade barriers, and housing credit. The aim is to support businesses in their post-pandemic recovery and help them navigate local and global challenges.

A significant portion of the US$520 million in long-term investment capital will be directed towards providing funding for small and medium-sized businesses and social home buyers.

Additionally, IFC has invested in various ventures such as BaF, an agriculture company, the retail chain GS25, and has provided loans to Thanh Thanh Cong – Bien Hoa to bolster Vietnam’s agricultural value chain and enhance domestic food security.

IFC has poured over US$1.3 billion into businesses involved in garment and textile manufacturing, as well as agricultural product trading, to strengthen their business and supply chains. This support aims to help these enterprises increase exports and maintain approximately 100,000 jobs.

To date, IFC has committed to providing funding exceeding US$900 million for climate-related projects in Vietnam.

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