DFC and FUV sign financing agreement for a $37 million loan that is financing the construction of a new campus in Ho Chi Minh City, marking the next phase of the long-term U.S. partnership with Vietnam
WASHINGTON, May 12, 2022 – U.S. International Development Finance Corporation (DFC) and Fulbright University Vietnam (FUV) today signed a financing agreement for $37 million in DFC financing for FUV’s new campus in Ho Chi Minh City, Vietnam. Prime Minister of Vietnam Pham Minh Chinh witnessed the signing ceremony on the margins of the U.S.-ASEAN Special Summit, a testament to the ongoing partnership between the United States Government, the Government of Vietnam, and the private sector to advance economic growth and opportunity in Vietnam.
With support from the United States and Vietnamese governments, this project seeks to close the gap between the demand for skilled employees in Vietnam’s workforce and educational opportunities in the country, which currently falls short of what Vietnam and the region need for further development. Through its new campus, FUV plans to support Vietnam and the region in addressing complex and cross-cutting challenges including climate change, defensive cybersecurity, and urbanization.
“Fulbright University Vietnam is a smart and strategic investment for DFC. FUV has long benefited from bipartisan U.S. support as it develops its cutting-edge, technology-focused curriculum,” said DFC CEO Scott Nathan. “DFC’s investment in FUV’s innovative new campus will help facilitate economic growth and opportunity for the next generation of students and workers in Vietnam and across the region.”
“DFC and Fulbright share a commitment to supporting the development of quality, accessible education in Vietnam. This significant support of DFC would bring us closer to one that is sustainable and community driven, and to a home for the leaders of tomorrow,” Fulbright University’s President Dam Bich Thuy said.
U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.