Standard Chartered to finance Vietnam firms $3 bln for climate change response

Standard Chartered Vietnam has signed five memorandums of understanding (MoUs) valued at approximately $3 billion in sustainable financing to support five companies in Vietnam in achieving their sustainability goals.

The signing took place last weekend during the “Mobilizing finance to achieve Vietnam’s commitment on climate change” event held by the bank and Vietnam’s Ministry of Natural Resources and Environment of Vietnam in Dubai, UAE, on the side-lines of the 28th United Nations Climate Change Conference (COP28).

MoUs were signed with Sovico Group on wind power and green projects; The Green Solutions Corporation on green hydrogen production plant in Tra Vinh province; GuarantCo, a part of Private Infrastructure Development Group, on financing climate change and the energy transition.

The other two were inked with state-controlled BIDV bank on sustainable finance transactions; and The PAN Group, a pioneering agriculture and food group, on sustainable projects.

“Finance can enable and accelerate the just transition to a net zero, towards a nature-positive economy,” said Michele Wee, CEO of Standard Chartered Vietnam, affirming the bank’s commitment to sustainable social and economic development.

On the same day, Bill Winters, the bank’s Group Chief Executive, had a bilateral meeting with PM Chinh, where the bank highlighted the most recent developments of its sustainability work, as well as its commitment to continue supporting the Vietnamese government in the nation’s sustainability plan.

Standard Chartered Bank has committed to reaching net zero carbon emissions in its own operations by 2025, and in financing activity by 2050. The bank aims to provide $300 billion in sustainable finance by 2030. Standard Chartered has collaborated with the Vietnamese government in hosting strategic global business events, including those at COP26 in the UK in 2021, COP27 in Egypt in 2022, and COP28 this year in the UAE.

These events have showcased Vietnam's resolute commitment to sustainability and helped to facilitate high-quality foreign direct investments into the country, the bank said.