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ADB provides climate financing package for electric mobility in Viet Nam
The Asian Development Bank (ADB) mobilized a US$135 million climate financing package for VinFast Trading and Production Joint Stock Company (VinFast) for manufacturing Viet Nam's first fully-electric public transport bus fleet and first national electric vehicle (EV) charging network.
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| The climate financing package will help develop Viet Nam's first fully-electric public transport bus fleet and first national electric vehicle (EV) charging network - Illustration photo |
The package targets to support Viet Nam’s bid to reach net-zero greenhouse gas emissions by 2050 and facilitate the high-tech automobile manufacturing industry here.
The climate financing comprises 7-year tenor financings, including a US$20 million loan funded by ADB, parallel loans of US$87 million facilitated by ADB as mandated lead arranger, and concessional financing of up to US$28 million.
The climate financing is certified by the Climate Bonds Initiative, a scientifically-based standard for labelling bonds, loans and other debt instruments which contribute to addressing climate change.
So far, ADB has partially offset the project's risks by utilizing concessional financing through its managed trust funds comprising loans from the Australian Climate Finance Partnership funded by the Australian Government (ACFP), the Clean Technology Fund (CTF) and a grant from the Climate Innovation and Development Fund, which is funded by Goldman Sachs and Bloomberg Philanthropies.
Parallel loans were also mobilized by ADB from Export Finance Australia, the Finnish Fund for Industrial Cooperation, Oesterreichische Entwicklungsbank AG, and responsAbility.
"This project delivers a high-impact, sustainable transport solution for Vietnam while helping it meet its climate goals and supporting the growth of climate finance in the region," said ADB Private Sector Operations Department Director General Suzanne Gaboury.
“Asia and the Pacific are the frontlines of the global fight against climate change, and private sector projects like this one with innovative partners such as VinFast are crucial to help its countries decarbonize their economies."
Viet Nam's transport sector made up 18 percent of annual greenhouse gas emissions, and its decarbonization, through options like e-mobility, will directly impact the country's ambition to achieve net zero emissions by 2050./.
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