In October 2022, OeEB signed a USD 25 million credit line to VinFast Trading and Production Joint Stock Company (VinFast). The credit line is part of USD 135 million financing package mobilized by the Asian Development Bank (ADB) for VinFast for manufacturing Vietnam's first fully-electric public transport bus fleet and first national electric vehicle charging network.
|Project name||VinFast Trading and Production Joint Stock Company|
|Region||Southern and Eastern Asia|
|OeEB project volume||USD 25 million|
|International climate finance according to UNFCCC||Yes|
|Projekt partner(s)||ADB, Export Finance Australia, the Finnish Fund for Industrial Cooperation, ResponsAbility|
Established in 2017, VinFast is Vietnam's first domestic car company and vehicle manufacturer. VinFast is a subsidiary of Vingroup Joint Stock Company, Vietnam's largest private company and the largest listed company in Vietnam. VinFast is developing e-cars for the domestic and international markets and investing in a nationwide network of fast-charging units to support the expansion of e-vehicles in Vietnam.
OeEB’s funds are used to finance investments to build the first electric bus fleet for local public transport in Vietnam and the country's first nationwide charging station network for electric vehicles. The electrification of the transport sector in Vietnam is essential to reduce greenhouse gas emissions and meet the country's commitment to net-zero greenhouse gas emissions by 2050, as well as to reduce air pollution in Vietnam's cities.
The climate financing is certified by the Climate Bonds Initiative, a science-based standard for labelling bonds, loans, and other debt instruments that help combat climate change.