EIB Global, the development arm of the European Investment Bank (EIB), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) have announced a 200 million euros ($232 million) financing agreement to accelerate climate action and environmental sustainability projects across Vietnam.
The long-term financing facility aims to bridge the financing gap for green initiatives, particularly within the private sector, according to an announcement.
With this funding, Techcombank will expand lending for projects including renewable energy, energy efficiency and sustainable transport. The operation will contribute to several Sustainable Development Goals and support Vietnam’s Just Energy Transition Partnership towards a green, carbon-neutral economy by 2050.
Alongside the financing, the EIB Advisory will work with Techcombank to strengthen its climate risk management framework, improve climate-related disclosures and support the implementation of the operation. This advisory support will be provided through the Greening Financial Systems (GFS) programme, financed by Germany and Luxembourg.
“Vietnam has set ambitious goals for its energy transition and sustainable development…These investments will also deliver tangible benefits for citizens, including cleaner air, improved energy efficiency, better access to sustainable energy and new opportunities for jobs and economic growth. This cooperation reflects the European Union’s Global Gateway strategy and our shared commitment to supporting sustainable investment and long-term development of Vietnam,” said EIB Vice-President Nicola Beer, who oversees the Bank’s operations in Vietnam.
“We value the opportunity to partner with the European Investment Bank following its rigorous appraisal process, which underscores Techcombank’s solid financial standing. By integrating climate finance into our banking strategy, we reinforce our commitment to long-term, responsible growth that creates value for the economy, society, and the environment,” said Techcombank Vice Chairwoman of the Board Nguyen Thu Lan.
EIB has been active in Vietnam since 1997, providing about 800 million euros to support sustainable infrastructure, renewable energy, climate action and urban transport. EIB financing has contributed to major projects such as Hanoi Metro Line 3, climate finance initiatives through Vietnamese banks, and provides support for Vietnam’s Just Energy Transition Partnership (JETP), including through the planned 500 million euros framework loan with the Ministry of Finance.
Techcombank has around 18 million retail and corporate customers, which it serves through a market-leading digital banking platform and mobile app, and an extensive network of transaction service outlets at locations across Vietnam.
