US, StanChart promote clean energy investments in Vietnam

The United States Agency for International Development (USAID) and Standard Chartered Bank Vietnam have signed a memorandum of understanding (MoU) to promote clean energy investments in Vietnam.

USAID Mission director for Vietnam Aler Grubbs and Standard Chartered Bank Vietnam deputy general director Nguyen Thuy Hanh signed the MoU on Tuesday, establishing a five-year partnership to advance the country's goal of net-zero emissions by 2050.

Under this MoU, USAID will collaborate with the bank to mobilize private sector investment in advanced energy systems such as rooftop solar, modernize utilities, and advance power trading. USAID support includes training, capacity development, transactional support, and matchmaking activities.

“Through this new MoU, USAID will collaborate with Standard Chartered Bank in Vietnam to facilitate financing for the private sector to develop Vietnam’s advanced clean energy. This partnership is a model to expand collaboration with financial institutions and help accelerate the country’s goal of net-zero emissions by 2050,” said Grubbs.

Hanh, also head of corporate and investment banking, Standard Chartered Bank Vietnam, said: “Our MoU with USAID is part of our commitment to support our clients and help them access sustainable financing and achieve net-zero goals.”

Under the Comprehensive Strategic Partnership signed during President Biden’s visit in September 2023, the U.S. is committed to advance Vietnam’s transition to a clean, secure, and market-based energy sector, the U.S. Mission to Vietnam said.