IFC's Executive Vice President, Lars Thunell arrived in Ho Chi Minh City on August 14 for a four-day visit, his first to Vietnam since joining IFC in January.
Mr. Thunell’s trip, which also takes him to Hanoi and Bac Ninh, comes as IFC looks forward to playing an even greater role in helping Vietnam meet the challenges of a rapidly growing economy and increasing integration with international markets.
Vietnam's Progress and Challenges
Vietnam has made rapid progress over the past 15 years. During the 1990s, its economy doubled in size, helping reduce poverty levels by half. The country now enjoys annual growth of about 7 percent, but must overcome several major challenges, including increasing global competition, financing of large investments in infrastructure, and additional job creation, if it is to continue on its upward path.
IFC in Vietnam: Investment and Technical Assistance
To help Vietnam meet these challenges, IFC is continuing its support to the government and private sector. From 1992 to date, IFC has provided nearly $500 million in financing to more than 25 companies in a wide range of sectors, including finance, health care, education, information technology, manufacturing, and agribusiness. To support private companies too small for direct financing, IFC has invested in banks and investment funds that in turn finance smaller enterprises.
The Mekong Private Sector Development Facility, IFC’s multidonor-funded technical assistance initiative, has also been working in Vietnam since 1997 to reduce poverty through sustainable private sector development. MPDF works to improve the business environment; develop the financial sector; improve managerial capacity; and increase sustainable business practices in tourism, agribusiness, and garment manufacturing, sectors that are central to economic growth and poverty reduction.
IFC’s priorities for Vietnam include investments and technical assistance in sectors where domestic demand is growing, or where the country has a comparative advantage. IFC will continue to support viable private sector investments that have strong demonstration and mobilization effects.
For additional information contact:
Andrew Mak
Hong Kong
Tel: (852) 2509 8110
Fax: (852) 2509 9363
E-mail: amak@ifc.org
or
Ann Bishop
Mekong Private Sector Development Facility
International Finance Corporation
Tel: (855) 2321 0922 (Ext 217)
E-mail: abishop1@ifc.org
