IFC is gradually making its presence in Vietnam!
Through its much talked about Vietnam Improvement Programme, better known as VIP, IFC has helped the apparel and textile firms of Vietnam save US $ 30 million.
And how! Improvement in resource efficiency and significant reduction in operating costs were the methods employed to make it a success story for the garment and textile firms in the country.
In last 3 years, VIP has been instrumental in creating awareness about sustainability among apparel companies in Vietnam and thereby helping 82 garment and footwear factories invest US $ 37 million in resource efficiency measures.
Consequently, these companies ended up saving US $ 30 million in water, energy and chemical costs every year.
Additionally, these firms together saved 4 million cu m of water and curbed 303,000 tonnes of greenhouse gas emissions every year.
Encouraging the companies to adopt these practices, Kyle Kelhofer, IFC Country Director for Vietnam, Cambodia and Laos, said “The textile and garment sector is an important contributor to job creation and economic growth in regional economies, including Vietnam and Cambodia. Adopting sustainable energy and water use practices has demonstrated a strong business case for local manufacturers, as they can save production costs and improve their competitiveness in the global supply chains simultaneously.”