The International Finance Corporation (IFC) has been helping Vietnam enhance sustainable growth of the apparel sector. IFC aims at empowering garment and textile units in the country to upgrade their machinery and equipment so as to make them save more energy and become more sustainable. IFC has been proactive in granting companies access to finance through its client banks. IFC now works with 70 factories that supply to big retailers and apparel firms like VF, Target, Puma, New Balance, and Adidas, among several others. Vietnamese factories have been helped to invest in resource efficiency measures and programs that has helped them save in water, energy and chemical operating costs.

IFC has over 60 years of experience in unlocking private investment and also creating markets and opportunities where they are most required. Since 1956, IFC, a member of the World Bank Group, has financed businesses in developing nations.

Unparalleled growth, over the last few years, has made Vietnam one of the top five textile exporters in the world. With Vietnam’s increasing participation in trade agreements, including the Trans-Pacific Partnership and the EU free trade agreement, the textile sector is poised for faster growth, creating increased demand for sustainable energy and water use practices.