DNV provided due diligence and market assessment to the Asian Development Bank (ADB) for their $135 million climate financing of VinFast’s electric vehicle (EV) expansion project in Vietnam

DNV provided due diligence and market assessment to the Asian Development Bank (ADB) for their $135 million climate financing of VinFast’s electric vehicle (EV) expansion project in Vietnam

(PRESS RELEASE) BÆRUM, 8-Dec-2022 — /EuropaWire/ — DNV, the independent energy expert and assurance provider, has announced that the company provided  due diligence and market assessment services to the Asian Development Bank (ADB) for their $135 million climate financing of VinFast’s electric vehicle (EV) expansion project in Vietnam.

DNV, the global independent energy expert and assurance provider, announced today that it has provided due diligence and market assessment support to the Asian Development Bank (ADB) in connection with the $135M climate financing package the bank extended to VinFast for its electric vehicle (EV) expansion project in Vietnam.

VinFast, a Vietnamese automotive company that produces EVs for the domestic and international markets sought financing from the ADB to support its operations and expansion into the manufacturing of electric buses and the development of a nation-wide EV charging network. VinFast is a subsidiary of the Vingroup Joint Stock Company, the largest listed company in Vietnam.

Drawing on DNV’s longstanding technical advisory, qualification, and verification experience, DNV leveraged its expertise and insights to help the ADB to assess the opportunities and challenges of the EV market. DNV experts also conducted a technical due diligence assessment of VinFast to offer the ADB an objective evaluation and independent assessment of the company.

“It was a pleasure to work with the ADB to provide in-depth independent technical knowledge to support this transaction. The rise of EV manufacturers from around the world shows the extent of potential innovation in the space and is an exciting sign of a developing market,” said James Lam, Electric Vehicle Lead and Project Manager, DNV.

EVs have arrived
In the latest edition of its Energy Transition Outlook (ETO), DNV estimates that the battery electric passenger vehicle market will grow from a total of 12.7 million EVs in 2022, to about 193 million in 2030. Between 2021 and 2030, a compounded annual growth rate (CAGR) of 36% is expected.

While EVs have been gaining momentum worldwide as a result of the push for zero-emission transport, interest has increasingly shifted towards electrifying public transportation systems. Greening public transport offers a higher reduction in fossil fuel consumption and has a larger and more immediate impact on greenhouse gas emission cuts. Switching from diesel to electric buses also improves air quality, reduces noise pollution, and lowers operational and running costs.

Vietnam – a renewable energy powerhouse
With an urbanization rate of around 3% per year and a transport sector accounting for 18% of the country’s annual greenhouse gas emissions, Vietnam is looking to transition to a zero-emission transport system running on mostly carbon-free electricity. The growth of the country’s middle class is opening up an opportunity for the uptake of the electric passenger vehicle market.

“As the financial community ventures into new technologies and asset classes to support the world’s net-zero ambitions, independent project assessments will be critical to better manage uncertainty and risk. DNV is pleased to assist the ADB in their goal of combating climate change and supporting low-carbon transport projects. By harnessing sustainable technologies and new kinds of public-private partnerships, we can hasten the energy transition while also supporting the growth of new high-tech industries,” added Brice Le Gallo, Vice President and Regional Director-Asia Pacific, Energy Systems at DNV.

With over 16.5 GW of solar PV and 4 GW of wind power capacity installed since 2018, and a target of 50 GW of renewables by 2030, Vietnam is leading the charge in Southeast Asia’s transition to clean energy.

At the recently concluded COP27 conference, the country renewed its 2016 call on the G7 and multilateral organisations to support the transfer of advanced wind and solar technologies and assist ASEAN nations in improving their capacity to adapt to climate change, ensuring a just transition.

About DNV
DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.

Whether assessing a new ship design, qualifying technology for a floating wind farm, analysing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.

Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.

In the energy industry
DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world’s leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.

Media contacts:

Michelle Gozum
Marketing and Communications Manager Asia Pacific

Neil James Slater
Head of Media Relations, Energy Systems
Phone: +44 2038165702

Penda Sall
Media Relations, Energy Systems
Phone: +33 651 69 88 64



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