ADB LEADS A $135 MILLION USD PACKAGE FOR ELECTRIC MOBILITY IN VIETNAM
The Asian Development Bank (ADB) is mobilizing a $135 million USD climate financing package for VinFast Trading and Production Joint Stock Company (VinFast). The goal? Manufacturing Vietnam’s first fully electric public transport bus fleet and first national electric vehicle (EV) charging network in order to help the country’s efforts to achieve net-zero greenhouse gas emissions and, at the same time, expand high-tech manufacturing industries.
The climate financing includes 7-year tenor financing, to which is added a $20 million USD loan funded by ADB, parallel loans of $87 million USD facilitated by ADB as mandated lead arranger and concessional financing of up to $28 million USD. This climate financing is certified by the Climate Bonds Initiative, a scientifically based standard for labelling bonds, loans and other debt instruments which contribute to addressing climate change.