IFC supports private sector’s growth

IFC would help Vietnam build back a better and greener industry, rejuvenating the private sector and consolidating future resilience. (Photo: tinnhanhchungkhoan.vn)

The International Finance Corporation (IFC) is committed to supporting Vietnam to leverage more private sector investment to meet its climate goals.

The remark was made by Alfonso Garcia Mora, IFC’s Regional Vice President for the Asia Pacific, during his five-day visit to the country.

The Vice President said IFC would help Vietnam build back a better and greener industry, rejuvenating the private sector and consolidating future resilience.

“Vietnam has set ambitious twin goals to become a high-income country by 2045 and achieve carbon-neutral status by 2050. With COVID-19 already depleting public resources, the private sector can play a key role in the country’s transition to a low-carbon growth model if the conditions are right and policies are in place,” he said.

During his visit, Garcia Mora will meet with senior government officials to discuss ways to help Vietnam sustain rapid growth amid the pandemic and reach the next level of development by 2045.

The Vice President will also talk with business representatives to gain an insight into the challenges facing the private sector and how IFC can promote a dynamic, competitive and innovative private sector to accelerate Vietnam’s economic transformation.

Garcia Mora has been accompanied by Thomas Jacobs, who earlier this month was appointed IFC’s new Country Manager for the Mekong region covering Vietnam, Cambodia and Lao PDR.

Active in Vietnam for more than 20 years, IFC has been a key partner in the development journey of the country and its private sector, pouring 13.3 billion USD into more than 190 projects since its first in-country investment in 1994.

As of June 30, 2021, IFC’s committed portfolio in Vietnam hit nearly 1.9 billion USD.

According to the corporation, Vietnam’s climate-smart business investment potential will top 753 billion USD by 2030 as the country transitions to a climate-resilient and low-carbon economy./.