16:07 (GMT +7) - Wednesday 21/08/2019

Business

IFC CEO visits Vietnam

Released at: 15:36, 09/08/2019

IFC CEO visits Vietnam

Photo: IFC

IFC leader to meet government officials and visit country's first private grid-connected solar farm.

by Hong Nhung

Mr. Philippe Le Houérou, CEO of the International Finance Corporation (IFC), a member of the World Bank Group, has arrived in Vietnam for an official visit, where he will meet senior government officials and business representatives and visit projects supported by the IFC.

“Vietnam’s development achievements and its economic rise have been remarkable,” Mr. Houérou said. “The country is now one of the fastest growing economies in the world, with a strong manufacturing base and a young, dynamic workforce. The economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing.”

The IFC began engaging with Vietnam in 1992, responding to the country’s quest for foreign investment and expertise to help its transition to a successful market-oriented economy.

One of his stops will be a visit to the first private grid-connected solar farm, the TTC Phong Dien solar power plant in the central highlands’ Gia Lai province, developed by the Gia Lai Electricity JSC (GEC) with the IFC’s support.

In addition to supporting this innovative approach to renewable energy, the IFC has played a key role in other sectors. These include the first private port project, the first build-operate-transfer power project, the first private leasing company, the first equity fund supporting small and medium-sized enterprises (SMEs), and the first internationally-accredited university. An IFC-supported bank was the first private bank to list on Vietnam’s stock exchange.

“We are committed to continuing our work to mobilize finance and unlock private sector solutions to help Vietnam achieve its aspirations of becoming a modern and dynamic middle-income country,” he said.

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