The International Finance Corporation (IFC), a unit of the World Bank, has committed to investing nearly $1.9 billion in Vietnam through the 2023 financial year.
"IFC's investment and advisory programs addressed core challenges for Vietnam – from climate change and food security to trade barriers and housing finance gap – helping local companies recover from the Covid-19 pandemic and navigate challenging internal and external environments," the corporation said in a statement.
Customers shop in a supermarket in Ho Chi Minh City.
Among the firms IFC has invested in are livestock producer BaF and retail operator GS25.
IFC has also provided over $1.3 billion in short-term trade and supply chain finance to local companies in Vietnam, particularly garment and agribusiness suppliers, enabling them to continue importing and exporting goods while protecting about 100,000 jobs.
It has also committed over $900 million in long-term finance to support climate-related projects in the country.
The corporation is supporting relevant ministries in developing policies to incentivize green projects and encourage private sector participation in the voluntary carbon market.
Across the Asia and Pacific region, IFC has committed a record $11 billion to 108 projects this financial year, a 10% year-on-year increase.