Under the project, industrial enterprises can access a new line of credit to fund their purchases of energy-efficiency and production-optimization technologies, thus reducing energy consumption and production costs and increasing their overall competitiveness in the domestic and international markets, said the WB Vietnam in a press release.
"Improving energy efficiency is the single best and cheapest option, because it will help consumers save energy and reduce the need for new thermal power generation, while also reducing pollution and mitigating the risks of climate change," said Ousmane Dione, the WB Country Director for Vietnam.
"If stronger programs and policies are put in place, businesses would also have the incentive to cut down on wasteful practices and adopt more energy-efficient technologies," Dione added.