, Vietnam

JBIC, Vietcombank opens credit line for Vietnam RE projects

It is the second credit line signed by JBIC with Vietcombank.

The Japan Bank for International Cooperation (JBIC) inked a loan agreement with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) for a $300m credit line that will finance the development of renewable energy projects in Vietnam.

In a statement, JBIC said it will account for $165m of the fund. The credit line is co-financed with Mizuho Bank, Joyo Bank, and Shiga Bank, with JBIC providing a guarantee for the portion covered by private financial institutions.

The credit line is aligned with the Asia Zero Emissions Community Concept, and the Just Energy Transition Partnership signed by Vietnam with partner countries like Japan and the US last December.

READ MORE: Vietnam’s energy transition faces hurdles due to gas-fired power growth

This is the second credit line signed for Vietcombank following the first signed in June 2019. It is the first loan with JBIC under the Vietnam Climate Finance Framework that was announced in January 2023.

Under Vitenam’s Eight Power Development Plan, it aims to reach a renewable energy capacity of 72,238 megawatts (MW) out of the country’s total power generation capacity of 156,385MW.

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