International Finance Corporation to Increase Investment in Vietnam
Deputy Minister of Finance Nguyen Duc Chi on November 13 had a reception and working session with a delegation of the International Finance Corporation (IFC).
Speaking at the meeting, Deputy Minister Nguyen Duc Chi highly appreciated the fact that IFC and international organizations have mobilized direct and indirect capital from commercial financial institutions to invest in the private sector of Vietnam.
Thereby, helping Vietnam increase access to finance to serve the goal of developing the private economic sector, meeting capital needs to implement Vietnam's commitments at the 26th United Nations Climate Change Conference (COP26) and realize its goals on green growth and equitable energy transition.
|At the meeting between Deputy Minister of Finance Nguyen Duc Chi and International Finance Corporation (IFC) Regional Vice President for Asia and the Pacific Riccardo Puliti, and IFC Vice President and Treasurer John Gandolfo. Photo: Custom newspaper|
The Deputy Minister affirmed that the Finance Ministry always creates the most favorable conditions to help IFC continue to invest and mobilize resources to invest in Vietnam, promoting economic development, especially in the private sector.
Faced with the news that the IFC will increase investment in Vietnam shortly, Deputy Minister Nguyen Duc Chi said that the Finance Ministry will research and discuss with ministries and branches to report to the Prime Minister on future content. IFC's proposal related to tax regulations on income and assets of organizations other than IFC.
The Deputy Minister emphasized that the Finance Ministry will try to solve difficulties in the spirit of ensuring compliance with legal regulations.
Speaking at the meeting, IFC Regional Vice President for Asia and the Pacific Riccardo Puliti, thanked the Finance Ministry for taking the time to discuss with IFC to jointly resolve obstacles in the cooperation process between the two parties, and at the same time, informed that IFC wishes to increase the scale of investment capital in Vietnam from USD 2 billion to USD 5 billion shortly.
At the meeting, IFC Vice President and Treasurer John Gandolfo affirmed that IFC is always willing to coordinate with the Finance Ministry of Vietnam to find solutions to increase the scale of investment capital in Vietnam in general and increase the mobilization of investment capital to support Vietnam's private sector in particular in many fields.
In recent times, IFC has supported Vietnam's private sector in different fields, through three main forms of funding including directly from IFC's regular capital sources (loan A); syndication with other foreign sponsors (loan B); indirectly through foreign legal entities to sponsor projects, businesses, and subsidiaries in Vietnam. In 2022, IFC mobilized more than USD 1 billion in loan A to Vietnam's private sector.
During their working trip to Vietnam, the IFC's delegates also was received by Prime Minister Pham Minh Chinh.
PM Chinh asked the IFC to continue to offer Vietnam resources and investments, particularly in setting up funds serving the development of the private sector in emerging and high-tech fields such as semiconductors, clean energy, and electric vehicles.
The IFC leaders said they are committed to further support Vietnam, especially in promoting its strong development of private enterprises and attraction of top investors.
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