Hanoi, Vietnam, August 9, 2019
— Philippe Le Houérou, the Chief Executive Officer of IFC, a member of the World Bank Group, has arrived in Vietnam for an official visit. Le Houérou will meet senior government officials and business representatives and visit projects supported by IFC.
“Vietnam’s development achievements and its economic rise have been remarkable,” Le 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.”
IFC began engaging with Vietnam in 1992, responding to the country’s quest for foreign investment and expertise to help the transition to a successful market-oriented economy.
One of Le Houérou’s stops in the country will be a visit to the first private grid-connected solar farm, the TTC Phong Dien solar power plant, developed by Gia Lai Electricity Joint Stock Company (GEC) with IFC’s support.
In addition to supporting this innovative approach to renewable energy, 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 enterprises, and the first internationally accredited university. An IFC-supported bank was the first private bank to list on the 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 dynamic middle-income country,” Le Houérou said.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit