OPEC Fund Makes First Non-Bank Investment in Vietnam with $25M Loan to EVF

Overview

EVF (Electricity Finance JSC) has secured a $25 million loan from the OPEC Fund for International Development (OFID), marking the first investment by an OPEC fund in a non-bank financial institution in Vietnam. The funds will be used to expand financing for small and medium-sized enterprises (SMEs), a key growth driver for the company and the broader economy.

Key Facts

• EVF (Công ty Cổ phần Tài chính Điện lực) raised a $25 million loan (approximately VND 660 billion) from OFID.
• The transaction was advised by Emerging Markets Global Advisory LLP (EMGA), marking EMGA’s first deal for EVF in Vietnam.
• OFID is a multilateral development finance institution established in 1976 by OPEC member countries, with a cumulative commitment of over $32 billion across 125 countries.
• OFID’s disbursements in 2025 reached a record $3.2 billion, up 39% year-on-year.
• OFID holds AA+ credit ratings from Fitch and S&P.
• Total OFID funding approved for Vietnam now stands at $409.87 million, with the financial sector receiving the largest share ($135 million).
• OFID previously provided a $40 million loan to MSB (Maritime Bank) in 2023 and credit to SeABank.

What Happened

On May 11, 2026, EMGA announced the completion of a $25 million credit facility between OFID and EVF. The loan represents OFID’s first investment in a non-bank financial institution (NBFI) in Vietnam, expanding its portfolio beyond traditional banks.

Mr. Dinh Ngoc Bao, Head of Capital Markets at EVF, stated that the transaction marks a milestone in EVF’s strategy to expand financial access for SMEs, which are a key driver of innovation and economic growth. He emphasized the alignment with OFID’s mission to support entrepreneurship and sustainable private sector development. EMGA executives also expressed satisfaction with the deal, noting it supports EVF’s SME and climate action goals.

Market Context

EVF is listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker EVF. The company operates as a non-bank financial institution specializing in consumer and SME lending. The $25 million loan provides EVF with additional low-cost, long-term funding, which could improve its lending capacity and net interest margins. The transaction also signals growing international investor interest in Vietnam’s non-bank financial sector, which has been expanding rapidly but remains underpenetrated relative to regional peers.

Strategic Significance

The OFID loan enhances EVF’s funding diversification and reduces reliance on domestic bank loans and bond issuances. It also provides a reputational boost, as OFID’s AA+ rating and development mandate may attract other international development finance institutions to EVF. For Vietnam, the deal underscores the country’s increasing appeal to multilateral funds seeking exposure to high-growth SME lending. The focus on SMEs aligns with the government’s priority of supporting private sector development and financial inclusion.

What to Watch

• EVF’s Q2 2026 earnings report for evidence of loan growth and margin improvement from the new funding.
• Any subsequent OFID or other multilateral fund investments in Vietnamese NBFIs.
• EVF’s capital adequacy ratio and non-performing loan trends as it scales SME lending.
• Regulatory changes affecting non-bank financial institutions in Vietnam.
• EVF’s potential expansion into climate finance, given OFID’s focus on climate action.