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IFC partners VF Corp, Target Corp to boost resource efficiency

A member of the World Bank Group, IFC is partnering with global leading apparel and footwear company VF Corporation and consumer products retailer Target Corporation to improve resource efficiency at their supplier factories in Vietnam. Under the first phase of this program, energy and water efficiency assessments will be conducted at about 30 factories over the next 12 months to help them reduce operating costs and improve productivity while contributing to the country’s green growth and climate change targets.

Incidentally, the textile, apparel and footwear sector is a significant contributor to Vietnam’s economy. In 2015, the sector’s exports reached $39.2 billion and generated approximately three million jobs, most of which are for women. While this sector is energy and water intensive, there are opportunities for reducing resource consumption by 20 per cent or higher by using latest technology and good operating practices.

Commented Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR, with Vietnam’s increasing participation in trade agreements, including the Trans-Pacific Partnership and the EU Free Trade Agreement, the local textile sector is poised for faster growth, creating increased demand for sustainable energy and water use practices. Vietnam’s textile enterprises stand to benefit from this IFC program by further access to global markets while implementing resource efficiency best practices.