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Nov 10, 2023 / 08:33

US International Development Finance Corp to advance strategic relations with Vietnam

With $737 million in exposure, Vietnam is DFC’s largest market in Southeast Asia.

The US International Development Finance Corporation (DFC) Chief Executive Officer (CEO) Scott Nathan on November 9 traveled to Ho Chi Minh City, his second trip to the country in two months, in a firm demonstration of the importance of the country to DFC and to the US.

 DFC CEO Scott Nathan (third from right) during a cooperation signing ceremony in Vietnam. Source: DFC

“My return two months after my participation in President Biden’s historic visit demonstrates DFC’s commitment to bolstering Vietnam’s private sector,” said Nathan.

“Over the past year, Vietnam has become our largest market in Southeast Asia, with DFC making commitments across our priority sectors, including energy, agriculture, health, and small business support. We look to do more here, both to strengthen the Comprehensive Strategic Partnership between our two countries and to unleash the power of private capital and create greater opportunity and prosperity for Vietnam’s people.”

Nathan met with current and prospective clients, public and private-sector leaders, and beneficiaries of DFC’s work. In particular, he met with a delegation of visiting companies looking to further invest in the country; met with stakeholders investing in renewable energy and advancing the Just Energy Transition Partnership (JETP); and visited Fulbright University Vietnam, which is using its $37 million loan from DFC to construct its new campus in Ho Chi Minh City that will expand access to higher education in Vietnam.

In September 2023, CEO Nathan joined President Biden in Hanoi to elevate the US‐Vietnam relationship. This time, in Ho Chi Minh City, CEO Nathan, along with US Ambassador to Vietnam Marc Knapper, conveyed DFC’s enduring commitment to helping build a strong, independent, prosperous, and resilient Vietnam within the framework of the Comprehensive Strategic Partnership.

During CEO Nathan’s previous trip to Vietnam, he announced two new commitments that nearly tripled DFC’s portfolio of investments in the country – more than $400 million in new financing to help expand access to finance for two major Vietnamese banks, VPBank and TPBank. These investments will bolster lending to small businesses across the country, including those owned by women, a group that has often faced significant challenges accessing finance.

The US International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, infrastructure, agriculture, small business and financial services while adhering to high standards and respecting the environment, human rights, and worker rights.