U.S. Bank to Fund Vietnam $1B for Green Energy Development

The Export-Import Bank of the U.S (Ex-Im Bank) will likely fund up to $1 billion to help Vietnam develop clean energy sources in the future, Chairman Fred Hochberg said. Between Feb 5 and 8, a high-ranking delegation of the Ex-Im Bank led by Hochberg will arrive in Vietnam to introduce its financial aid program in the Southeast Asian nation, the Thoi Bao Kinh Te Vietnam newspaper reported. The bank plans to work with Vietnamese governmental officials and partners in the fields of health care, transport, trade and energy during the visit for future agreements. Vietnam has a huge potential of green energy sources, such as solar, wind, and biomass, however, the country has just tapped little use of these clean energy sources due to a lack of a detailed roadmap and incentives policies. Under the national electricity development plan between 2011 and 2020 with a vision to 2030 (or Plan VII), Vietnam aims to increase the percentage of renewable energies from current 3.5% of the country’s total electricity output to 4.5% by 2020 and 6% by 2030. The country will prioritize wind, solar and biogas energy sources in a move to maximize the advantages of its natural geography with thousands of rivers, hundreds of hot days, and abundant wastes by hundreds of million people. (Thoi Bao Kinh Te Vietnam –Vietnam Economic Times Feb 2)