IFC promotes Vietnam’s first blue bond with $150 mln package for SeABank
A financing package of $150 million for private lender SeABank aims to catalyze a viable blue finance market while fostering green bonds, the International Finance Corporation (IFC) said Tuesday.

A SeABank branch. Photo courtesy of SeABank.
It said the package will also facilitate the first green bond issuance by a private commercial bank in Vietnam while supporting smaller businesses in the country. IFC is the World Bank’s private development arm.
As part of the financing package, the IFC's subscription in a blue bond of $25 million will allow SeABank to expand its funding for sustainable economic activities associated with ocean and water (aquaculture and fisheries, water supply, and others).
The corporation's subscription in a green bond of $50 million will help the bank increase its financing of green assets, including green buildings, renewable energy, and energy efficiency.
In addition, the IFC, as the implementing agency for the UK's Market Accelerator for Green Construction (MAGC) Program, will provide a performance-based incentive of up to $0.48 million for retail borrowers to help offset incremental greening costs associated with the purchase of green housing units.
The remaining $75 million loan is aimed at boosting financing for small and medium enterprises (SMEs), including women-owned businesses, towards promoting financial inclusion.
To realize its target of net zero emissions by 2050, Vietnam needs additional investments of about 6.8% of GDP per year, or a cumulative $368 billion through 2040, half of which is expected to come from the private sector, the IFC statement noted.
"IFC's investment will help SeABank increase funding for initiatives that support the country's climate and financial inclusion agenda. We are proud to be issuing the country's first blue bond, as well as the first green bond by a private commercial bank, and we look forward to working with IFC to further bolster our green and blue portfolio strategy," said SeABank vice chairwoman Le Thu Thuy.
Alongside the investment, the IFC said it will advise SeABank on adopting green and blue bond frameworks as also help the bank identify eligible green and blue assets and develop a pipeline.
Earlier this month, SeABank completed procedures to raise its charter capital by VND420 billion ($16.52 million) to nearly VND24.96 trillion ($882 million). The lender said the charter capital increase was part of its long-term development plan, helping it improve its capital adequacy ratio, supplement working capital and invest in technology, thereby affirming its reputation, operational efficiency as well as financial potential in the financial and banking market.
Also in June, SeABank decided to take a $30 million from Norwegian Investment Fund for Developing Countries (Norfund).
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