IFC commits investment of nearly $1.9bn for Vietnam

The total commitments of the International Finance Corporation (IFC), a member of the World Bank Group, in Vietnam reached nearly US$1.9 billion for the fiscal year 2023, including $520 million earmarked in long-term finance. IFC's investment and advisory programs addressed core challenges for Vietnam, including climate change, food security, trade barriers, and housing finance gaps, helping local companies recover from the COVID-19 pandemic and navigate challenging internal and external environments. The majority of the $520-million long-term funding increased lending to small and medium enterprises, including women-owned businesses, and supported lower and middle-income homebuyers. Up to date, IFC has pledged over $900 million in long-term finance to support climate-related projects in the Southeast Asian nation. IFC has focused on facilitating climate business markets and building capacity for local businesses to grasp opportunities in the climate space.