DFC CEO returns to Vietnam to bolster private sector

U.S. International Development Finance Corporation (DFC) CEO Scott Nathan on Thursday traveled to Ho Chi Minh City, his second trip to Vietnam in two months, in a move to bolster the private sector in the country.

CEO Nathan joined President Biden’s visit to Hanoi on September 10-11, during which the two nations elevated their relationship to a comprehensive strategic partnership.

During CEO Nathan’s previous trip to Vietnam, DFC signed deals with TPBank and VPBank to provide seven-year loans of $100 million and $300 million, respectively. The loans will bolster lending to small businesses across the country, including those owned by women.

With $737 million in exposure, Vietnam is now DFC’s largest market in Southeast Asia.

“Over the past year, Vietnam has become our largest market in Southeast Asia, with DFC making commitments across our priority sectors, including energy, agriculture, health, and small business support,” said CEO Nathan.

“We look to do more here, both to strengthen the comprehensive strategic partnership between our two countries and to unleash the power of private capital and create greater opportunity and prosperity for Vietnam’s people,” he added.

During this visit, the CEO met with current and prospective clients, public and private-sector leaders, and beneficiaries of DFC’s work. In particular, he met with a delegation of visiting companies looking to further invest in the country, and with stakeholders investing in renewable energy and advancing the Just Energy Transition Partnership (JETP).

He also visited Fulbright University Vietnam, which is using its $37 million loan from DFC to construct its new campus in HCMC.

In an interview with The Investor last month, DFC spokesperson Pooja Jhunjhunwala said DFC’s priority areas in Vietnam include infrastructure and critical minerals, energy, health, food and agriculture, and small business support – through transactions like the VPBank and TP Bank deals.

The corporation also focuses on investments that address climate change, and support women and other underserved communities.