The initial target of $375 million was upsized to $600 million on the back of strong market response.
The assistance will support Vietnam’s efforts to achieve net-zero greenhouse gas emissions, and expand high-tech manufacturing industries.
As Vietnam accelerates efforts to transition to low-carbon growth, IFC is providing a $70 million loan to HDBank – one of the country’s leading banks in climate finance – to increase its funding for renewable energy projects in Vietnam.
While Vietnam’s prospects remain positive, World Bank said that the authorities should address the heightened social, financial, and fiscal risks.
It is ADB’s first financing of a wind power project in Vietnam, comprising a $35 million A loan directly funded by ADB and an $81 million syndicated B loan.
REE expands its footprint in renewable energy, it is looking for long-term US dollar-based financing that is not readily available in the local market.
In per-labour-force terms, consumer debt even jumped from 41 per cent of income in 2013 to more than 100 per cent in 2020, according to HSBC.
The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.
The national carrier is seeking $500 million government support as it is struggling amid the Covid-19 pandemic.
This is IFC’s first green loan to a bank in Vietnam.