This funding, along with a $2 million contribution from the Japan Fund for Prosperous and Resilient Asia and the Pacific financed by the Government of Japan, will support technical assistance to expand inclusive and climate finance in the country.
The grant will improve Tien Phong Commercial Joint Stock Bank's capacity to lend to women-owned and led small and medium-sized enterprises, hire staff, and promote its services to female borrowers.
The partnership establishes the foundation for cooperation activities between PVN and ADB such as strategy and roadmap for the green energy transition.
International leaders believe that Vietnam’s commitments to global climate issues help boost investors’ confidence in supporting the country’s green growth targets.
Vietnam is working on simplifying the ODA management process to speed up disbursement. It hopes ODA providers harmonize their own procedures with local legislation.
Vietnam continues to remain an attractive investment destination in the long term.
Growth could be aided by a revival of domestic demand, an acceleration in the disbursement of public investment funds, an expansion to new export markets, and the expected global economic recovery.
Vietnam’s remarkable achievements were due to extraordinary levels of cooperation and unity.
About 243,000 people, including 126,300 from ethnic minority groups, are expected to benefit from the project.
An integrated nature-based approach that uses biodiversity and ecosystem services will help people adapt to the adverse effects of climate change.