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CFA Viet Nam
Phase 2 has been launched!
The Climate Finance Accelerator (CFA) is a global technical assistance programme funded by the UK government to directly support climate projects to access finance. The CFA operates in nine countries (Viet Nam, Colombia, Nigeria, Mexico, Türkiye, South Africa, Peru, Egypt, Pakistan) with the aim of encouraging the flows of finance required to deliver on countries’ ambition to limit global warming to 1.5°C.
Delivery of the CFA in Viet Nam is led by PwC (Vietnam) Limited. The CFA programme provides project developers with support and training from technical, financial and gender equality and social inclusion experts. It also facilitates knowledge sharing and learning with financial institutions and public bodies, both nationally and internationally. Following the training, CFA Viet Nam will bring project developers and financiers/investors together for an in-country workshop where projects will have the opportunities to meet potential financiers/investors and present their projects.
CFA Viet Nam's Phase 1 was implemented from December 2022 to May 2023 with nine (09) projects selected from a wide range of sectors with the highest potential to provide in-depth capacity building over 2.5 months. An in-country event was subsequently organised in Ha Noi in May 2023 to connect selected project proponents, financiers and investors, government representatives, and other stakeholders.
CFA Viet Nam Phase 2 Call for Proposals is open from 23 August to 04 October 2023. Phase 2 will select 8-10 projects in (but not limited to) the following sectors: Clean Energy and Energy Transition, Energy Efficiency, E-Mobility, Water supply, Decarbonisation of Construction, Wastewater Treatment, Waste Management, Low-Carbon Manufacturing, Agriculture, Forestry, and Other Land Use, and Circular Economy. More information can be found in the Application details section below.
About CFA Viet Nam
How CFA Viet Nam can support your project
CFA Viet Nam is a practical and deal-oriented programme that supports climate projects to improve their bankability and appeal to financiers.
Preparing projects that are attractive to financiers/investors is challenging. Low carbon projects are often perceived as higher risk as new technologies and business models are not widely understood. Regulatory and policy barriers can also create blockages in accessing capital at scale.
The CFA offers a range of support to assist climate mitigation projects in accessing finance.
Please note that the CFA does not provide financing to projects.
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CFA Viet Nam | Chương trình Thúc đẩy Tài chính khí hậu Việt
Applications are open until 4 October 2023. Selected projects will be announced in November 2023. Apply here.
Please click here to see the application questions.
Capacity building
Project developers will gain valuable insights and develop capabilities to make projects attractive and ready for investors. This includes benchmarking projects against what a bankable / successful project looks like, gaining confidence in speaking to financiers, and learning how to structure project financing. Exchanges of best practices with other CFA countries will also be enabled.
Access to sources of finance
The CFA provides project developers greater opportunities to access finance by working directly with potential investors to understand their needs and develop their projects accordingly. Through the CFA’s reach, project developers have the opportunity to reach commercial and concessional investors, operating both nationally and internationally.
Building networks & raising profile
Project developers will have the opportunity to raise their profile and expand their network with stakeholders across the climate finance landscape, including local and international financiers, policy makers, researchers and other private sector organisations, in addition to a cohort of projects facing similar challenges. The network will provide project developers with long-lasting benefits to current and future low carbon opportunities.
Achieving low carbon objectives
The CFA supports projects to realise and communicate their positive impacts. The CFA has access to climate, sectoral and social impact specialists and can assist projects to support local and national climate ambitions, as well as helping to unlock co-benefits such as poverty reduction, improved gender equality and social inclusion, and tackling biodiversity loss.
Application Details
The types of projects the CFA can support
The CFA supports low carbon projects that are seeking finance.
Candidate projects should:
- Be designed to achieve measurable climate outcomes in terms of direct or facilitated greenhouse gas emission reductions.
- Come from existing companies in Viet Nam looking to green their product lines and project portfolios or introduction of new innovative low carbon projects in Viet Nam.
- Have a minimum total financing need of USD5M (there is no limit on the maximum amount of financing). Smaller projects may be considered in special circumstances. Funds or similar structures consisting of multiple smaller projects are also welcomed.
- Be (at least) at the pre-feasibility stage of development.
- Have a business model that will generate commercially viable returns in the long-term (although some element of concessional financing may be required initially).
- We strongly encourage projects that can demonstrate positive social impacts and how they contribute to furthering gender equality and social inclusion.
- Sectors which the CFA can support include (but are not limited to):
- Clean Energy and Energy Transition (including but not limited to Clean energy- onshore wind, offshore wind, rooftop solar; utility scale solar; Biomass, Waste-to-energy; Sustainable fuel, transmission infrastructure/green transmission corridors, repurposing coal plants, new technologies like hydrogen, and pilots on storage/BESS, pumped hydropower storage, fuel blending; Carbon Capture and CCUS and transitional projects with flexible gas and LNG/Gas to power projects);
- Energy Efficiency (including but not limited to energy efficiency in buildings, industrial parks, street-lighting, municipal energy efficiency, etc.);
- E-Mobility;
- Water supply;
- Decarbonisation of construction (including but not limited to green building, green construction materials, green construction technologies);
- Wastewater Treatment;
- Waste Management (including but not limited to plastic recycling);
- Low-Carbon Manufacturing (including but not limited to low-carbon manufacturing products, decarbonising manufacturing, and eco-industrial parks and industrial clusters with economical and efficient use of energy/clean energy and resource efficiency technology solutions);
- Agriculture, Forestry, and Other Land Use (greening of value chains, Agritech solutions-smart and digital applications); and
- Circular Economy
- Submission language: English and Vietnamese, however submission in English is highly encouraged
For further information on whether your project is suitable, please get in touch here
Key dates for CFA Viet Nam
| 2 August 2023 | 23 August 2023 | 4 October 2023 | November 2023 | November 2023 - March 2024 | March 2024 |
| CFA Viet Nam Phase 2 Launch event (HCMC, Viet Nam) | Call for proposals opens |
Call for proposals closes | Announcement of selected projects | Capacity building for selected projects | CFA Viet Nam In-country event |
* These dates may change.
How the CFA can work with investors:
As we enter a key decade for climate action, both local and international financial institutions are critical in supporting the development and implementation of low carbon projects to achieve national climate commitments.
The flows of climate finance depend on various elements including, crucially, a stock of strong projects being financed by willing investors, with these transactions being supported by a conducive enabling environment. Finance providers often lack familiarity with low-carbon opportunities in these markets, hence have a lower risk appetite or willingness to invest.
The Climate Finance Accelerator (CFA) has been established to support project developers and financiers work together to fund low carbon opportunities.
By engaging with the CFA programme, financiers can benefit from:
Visibility of low carbon project pipeline
The CFA provides local and international financial institutions in Viet Nam early visibility of, and closer engagement with, a credible pipeline of profitable low carbon projects. The projects supported by the CFA will be socially and environmentally sustainable, contributing to sustainable and inclusive development.
Best practice and capacity building
Local and international financial institutions in Viet Nam that engage with the CFA will benefit from the opportunity to better understand alternative financial mechanisms, such as innovative approaches to blended and green finance, as well as a deeper understanding of where projects are across the ‘climate finance supply chain’ - from project origination, to development, financing and refinancing.
Increased stakeholder networks
The CFA will enable local financial institutions to raise their profile and expand their networks. Deeper contacts will be fostered with other financiers, project developers, government representatives at national and local level, national and international development banks & agencies. The network will provide project developers with long-lasting benefits to current and future low carbon opportunities.
Sharing knowledge and skills
Local and international financial institutions in Viet Nam can share their knowledge and skills with project developers, to support them in building projects that are more investment-ready. This in turn will help financiers to see the level of readiness of projects.
CFA Viet Nam's Phase 1 project cohort
CFA Viet Nam's first project cohort
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Events & Media
Phase 2 Launch Event
2 August 2023 - Ho Chi Minh City, Viet Nam
The high-level Launch Event on 2 August 2023 was attended by The Rt Hon Graham Stuart, Member of Parliament, Minister of State for Energy Security and Net Zero (DESNZ) from the UK Government and 100+ in-person and virtual attendees including financiers, projects developers, CFA alumni, business associations, and government representatives from Viet Nam and the UK.
Phase 1 In-country Event
15-16 May 2023 - Ha Noi, Viet Nam
The first-ever CFA Viet Nam In-country Event was organised on 15-16 May 2023 with the participation of 80+ project representatives, financiers, climate experts, government representatives, business associations, and PwC leaders.
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Frequently Asked Questions
- Does the CFA provide funding for projects?
- Can the same project developer submit the application for several projects?
- Will projects developed outside of Viet Nam be considered?
- Can projects related to specific cogeneration issues be considered?
- Once a proposal has been submitted, can changes be made?
- Should project with total financing need of less than US$5M apply?
- What financial instruments will be used for each of the projects?
- Can we submit a proposal at any time during the call for proposals stage?
Does the CFA provide funding for projects?
No. The CFA does not provide or guarantee funding for projects. The CFA facilitates access to suitable investors, and provides capacity building, networking opportunities, and visibility for projects to achieve their low carbon project objectives.
Can the same project developer submit the application for several projects?
Of course! There is no limit to the number of projects that apply to the call for proposals as long they meet the requirements described above.
Will projects developed outside of Viet Nam be considered?
No, projects are only considered in Viet Nam. It is possible for projects with different branches or partner projects in different countries to take part in the CFA, as long as the main project is in Viet Nam.
Can projects related to specific cogeneration issues be considered?
Yes, cogeneration-related projects are most welcome. Please specify how the project will cause GHG emission reductions.
Once a proposal has been submitted, can changes be made?
Once the online application has been submitted to the Accelerator, no changes can be made. A new application must be filled out if changes are required and you should notify us by email to consider only one proposal.
Should project with total financing need of less than US$5M apply?
Yes, if you believe your project will make substantial positive impacts to climate in Vietnam. We will consider smaller projects on a case-by-case basis, however projects with finance need of at least US$5M are prioritised.
What financial instruments will be used for each of the projects?
Financial instruments offered by the financiers and investors will depend on the project and its characteristics, and different instruments may be used, such as green bonds, loans, equity investments and public-private partnerships, among others.
Can we submit a proposal at any time during the call for proposals stage?
Yes, but we suggest doing it sooner rather than later as we review proposals on a rolling basis.
Get in touch
Giang My Huong
Senior Manager, Capital Projects and Infrastructure, PwC Vietnam
Tel: +84 976 065 886
Nguyen Thuy Linh
Manager, Capital Projects and Infrastructure, PwC Vietnam
Tel: +84 90 32 28 580