Hanoi, Vietnam, April 11, 2022— IFC's Regional Vice President for Asia Pacific, Alfonso Garcia Mora, has arrived in Vietnam for a five-day visit with the aim of spurring private sector investment in the country to help meet future goals on climate and growth and address ongoing challenges from the COVID-19 pandemic.
During his visit, Garcia Mora will meet with senior government officials to discuss how IFC can best support the country's recovery from COVID-19 to sustain Vietnam's rapid economic growth and reach the next level of development by 2045. He will be 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.
"Vietnam has set ambitious twin goals to become a high-income country by 2045 and achieve carbon neutral status by 2050," said IFC Vice President for Asia Pacific, Alfonso Garcia Mora. "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."
The Vice President will also meet business representatives to gain an insight into the challenges the local private sector is facing and how IFC can promote a dynamic, competitive and innovative private sector to drive Vietnam's economic transformation.
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, channeling $13.3 billion into more than 190 projects since its first in-country investment in 1994.
"IFC is committed to supporting Vietnam to leverage more private sector investment to meet its climate goals by direct financing and spurring more long-term private sector investments in green projects. This will help the country build back better and greener, reinvigorating the private sector and building future resilience," Garcia Mora said.
As of June 30, 2021, IFC's committed portfolio in Vietnam reached nearly $1.9 billion (including mobilization). According to IFC estimates, Vietnam's climate-smart business investment potential is at $753 billion by 2030 as the country transitions to a climate-resilient and low-carbon economy.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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