IFC to Support Vietnam in Developing Transmission System, Energy Sector

The International Finance Corporation (IFC), an investment arm of the World Bank Group, plans to help Vietnam in developing transmission line system and energy sector, IFC’s CEO Philippe Le Houérou said at a meeting in Hanoi with Vietnamese Prime Minister Nguyen Xuan Phuc on August 15. IFC will help Vietnam build power lines to transmit electricity from Laos and develop the use of liquefied petroleum gas (LPG), the director said, adding that Vietnam also has huge potential in developing renewable energy projects. IFC will also boost the financial and securities consulting activities in Vietnam. It aims to work with ministries and agencies of the country to boost Vietnam’s socio-economic development. PM Phuc, for his part, stressed that Vietnam is facing risk of an energy shortage, especially in electricity supply. He hopes that IFC will help Vietnam develop renewable energy sector such as solar energy and wind energy projects as well as the transmission system to help the current renewable power plants run at their full capacity. (Bao Chinh Phu, Bao Chinh Phu, VTV, Tin Tuc, Thoi Bao Tai Chinh Viet Nam)