Vietnam has been granted a loan worth $102 million (£80m) to boost the adoption of energy efficient technologies.

Under the project, industrial firms can access a new line of credit to fund their purchase of energy saving and production optimisation technologies, helping reduce energy use and production costs.

Funding will be provided to participating financial institutions, which will then lend the cash to invest in energy efficiency projects.

Ousmane Dione, World Bank’s Country Director for Vietnam said: “We are committed to support Vietnam’s drive to meet its future energy demand and 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.

“If stronger programmes and policies are put in place, businesses would also have the incentive to cut down on wasteful practices and adopt more energy efficient technologies.”

Last year, Vietnam unveiled its power plans for 2030 which include stopping the construction of coal-fired power plants.