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IFC Vice President Calls for Increased Public-Private Partnerships to Support Vietnamese Economy

Hanoi, Vietnam, August 18, 2010 —Increased cooperation between governments and private companies is critically important in providing cleaner energy, better transportation routes, and reliable financial services to the people of Vietnam, said Rashad R. Kaldany, Vice President for Asia, Eastern Europe, Middle East and North Africa at IFC, a member of the World Bank Group.
Kaldany, who is visiting Vietnam and Laos this week, discussed opportunities for scaling up IFC’s partnership with Vietnam during meetings with private sector partners and senior government officials in Hanoi on Monday. The talks centered on IFC’s support for the privatization of state-owned commercial banks, public-private partnerships in infrastructure, energy efficiency financing, and corporate governance. Kaldany met with Deputy Prime Minister Nguyen Sinh Hung, Minister of Planning and Investment Vo Hong Phuc, Deputy Governor of State Bank of Vietnam Nguyen Toan Thang, and Vice Minister of Finance Tran Xuan Ha, among others.
“IFC is committed to Vietnam, where we have more than a decade of hands-on experience in supporting the country’s economic growth,” said Kaldany. “At a time when many financing sources have been scaled down, we have increased our commitments in Vietnam by combining long-term investments in support of small and midsized businesses with advice that fosters innovation and strengthens business standards.”
IFC's investments in Vietnam during the year that ended on June 30, 2010 totaled a record $369 million. IFC has a three-pillared strategy in Vietnam: working with the government to improve the country’s investment climate, helping build the capacity of small and midsized enterprises that are committed to good environmental and social performance, and supporting the development of projects with high impact in the financial, infrastructure, and manufacturing and services sectors.
Kaldany travels from Hanoi to Vientiane, the capital of Lao PDR, which will be the final stop on his visit to the Mekong region.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org .