IFC commits to nearly $1.9 billion in new investments in Vietnam in fiscal year 2023, of which $520 million is long-term investment.
The International Finance Corporation (IFC, a member of the World Bank Group) said that Vietnam is one of the five countries with the most long-term investment in Asia - Pacific in the 2023 fiscal year (ending June 30).
IFC’s projects in Vietnam focus on major challenges such as climate change, food security, trade barriers, and housing credit, thereby helping businesses recover from the pandemic and overcome obstacles at home and abroad.
The majority of the long-term investment capital (totaling 520 million USD) is used for lending to small and medium-sized enterprises, especially those owned by women; and low-income homebuyers.
IFC’s investments in BaF Agriculture Company (nearly $25 million); GS25 retail chain (20 million USD), and a commodity-backed loan to Thanh Thanh Cong - Bien Hoa Joint Stock Company aim to help Vietnam promote agricultural value chains and improve domestic food security.
IFC also provided more than $1.3 billion through trade and supply chain finance for businesses, especially garment suppliers and agribusinesses, helping businesses continue to import and export goods, maintaining about 100,000 jobs.
In addition, to date, IFC has committed more than $900 million in long-term financing to support climate-related projects.
Across the Asia- Pacific region, IFC committed a record $11 billion in investments to 108 projects in the past fiscal year, up 10 percent from last year.
The investment commitments include $4.7 billion in long-term financing from domestic sources, $3.4 billion raised from other investors, and $2.9 billion in short-term financing to promote trade through trade finance and supply chain management.
Duc Minh
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