IFC to Double Annual Investments in Vietnam

The International Finance Corporation (IFC) under the World Bank (WB) has pledged to double its annual investments in Vietnam, totaling some US$100-150 million, over the next three years, said Lars Thunell, IFC’s executive vice president at a press conference in Hanoi on August 17 before concluding his four-day working visit to Vietnam .

 

Such a move is aimed at helping Vietnam deal with major challenges during its socio-economic development process such as tough global competition, financing of large investment in infrastructure.

 

The new funding will focus on investment and technical assistance, supporting growth of the finance sector which will account for 30-40 per cent of IFC’s total support, improving the business environment, and developing infrastructure through public and private partnerships.

 

IFC and WB will revoke their investment if any corruption sign is detected in IFC and WB-funded projects, he confirmed.

 

Thunell highly appreciated socio-economic development of the country over the past 15 years while adding that the IFC expects to continue contributing to this robust development process in Vietnam.

 

IFC has been backing Vietnam’s shift to a more market-based economy by directly financing and advising private sector companies since 1992. To date, IFC has invested nearly US$500 million in more than 25 companies in Vietnam.