The Japan Bank for International Cooperation (JBIC) has signed a loan agreement with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to set up a credit line of up to USD 300 million for renewable energy projects in Vietnam. JBIC’s portion of the credit line is USD 165 million, with the remainder co-financed by Mizuho Bank, Ltd., Joyo Bank, Ltd., and Shiga Bank, Ltd.
The loan aligns with the Asia Zero Emissions Community (AZEC) Concept and the Just Energy Transition Partnership (JETP), both of which pursue carbon neutrality and economic growth depending on the circumstances of each country.
This is the first loan JBIC extends under the Vietnam Climate Finance Framework (VCFF), which was announced under the Australia-Japan-United States Trilateral Infrastructure Partnership (TIP) in January 2023.
The loan supports the Government of Vietnam’s goal to achieve net zero emissions by 2050 and the expansion of renewable energy, as stated in the Government’s Eighth Power Development Plan. JBIC, as Japan’s policy-based financial institution, will continue to support global environmental preservation efforts in cooperation with local financial institutions.