Energy consultancy DNV provides due diligence support for financing Vietnam electric bus network

Global energy consultancy DNV has provided due diligence and market assessment support to the Asian Development Bank in connection with a $135 million funding package the bank has mobilized for VinFast’s fully-electric public transport bus fleet in Vietnam.

This ADB financing is also for the development of a nationwide EV charging network for VinFast, the EV producer of Vingroup, the largest listed conglomerate in Vietnam.

Norway-headquartered DNV has leveraged its expertise and insights to help ADB to assess the opportunities and challenges of the global EV market.

With over 16.5 gigawatts of solar power and 4 GW of wind power capacity installed since 2018, and a target of 50 GW of renewables by 2030, Vietnam is leading the charge in Southeast Asia’s transition to clean energy, DNV said Thursday.

DNV is an independent expert in risk management and assurance, operating in more than 100 countries.

At the recently concluded COP 27 conference, Vietnam renewed its 2016 call on the Group of Seven (G7) industrialized nations and multilateral organizations to support the transfer of advanced wind and solar technologies and assist ASEAN nations in improving their capacity to adapt to climate change, ensuring a just transition. Vietnam looks to carbon neutrality by 2050.

VinFast gets global ESG assessment

Vietnamese EV maker VinFast said Thursday it has received an indicative corporate environmental, social and governance (ESG) assessment from Morningstar Sustainalytics, a globally recognized ESG research, ratings and data firm.

VinFast received a score of 23.3 from Morningstar, the top ESG rating (i.e. lowest potential risk).

Sustainalytics had performed a broad-based corporate ESG assessment of VinFast covering seven categories: carbon - product and services; human capital; product governance; business ethics; carbon-own operations; human rights - supply chain; and corporate governance.