IFC aims to boost private sector growth

On April 11, Mr. Alfonso Garcia Mora, the International Finance Corporation (IFC)’s Regional Vice President for Asia and Pacific, arrived in Vietnam for a five-day visit, with the aim of spurring private sector investment in the country to help meet future goals in climate and growth and to address ongoing challenges from the Covid-19 pandemic.

Mr. Mora will meet with senior government officials to discuss how the IFC can best support Vietnam’s recovery from the pandemic and sustain its rapid economic growth and reach the next level of development by 2045. He said the IFC is committed to supporting Vietnam in leveraging 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.

“Vietnam has set ambitious twin goals to become a high-income country by 2045 and to achieve carbon-neutral status by 2050,” he said. “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.”

Mr. Mora will also meet business representatives to gain an insight into the challenges the local private sector is facing and how the IFC can promote a dynamic, competitive, and innovative private sector to drive Vietnam’s economic transformation. Having been active in Vietnam for more than 20 years, the 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.