Citi Vietnam discusses sustainable investment policies at US-Vietnam Business Summit

March 10, 2022 | 12:15
At the recent fifth US-Vietnam Business Summit in Hanoi, Prime Minister Pham Minh Chinh welcomed the support from US businesses through institutions working on climate change, providing green finance and clean technology.
Citi Vietnam discusses sustainable investment policies at US-Vietnam Business Summit
The fifth US-Vietnam Business Summit in Hanoi

The PM called on businesses from both countries to strengthen their partnerships and focus on solutions that will make business more successful in Vietnam.

The premier also expressed that Vietnam and the US share mutual interests in climate change and digital transformation. He noted that, as one of the hardest-hit countries by climate change, Vietnam committed at COP26 to achieving net zero emissions by 2050 and a 30 per cent cut in methane emissions by 2030.

In a panel discussion where business sector representatives and government agencies shared their views on promoting sustainable investment and creating stable policies to energise economic recovery, Citi country officer Ramachandran A.S presented Citi’s environmental, social, and governance journey and expressed the company's interest in supporting Vietnam to achieve its climate goals.

The prime minister called on businesses of both countries to strengthen their partnerships and focus on solutions that will make business more successful in Vietnam.

“Citi can play an important role in tackling climate change by driving capital to where it can have the most positive impact and working with our clients to transition to a net zero economy. Citi provides and facilitates a wide array of environmental solutions,” said Ramachandran.

Last April, Citi committed $1 trillion to sustainable finance globally by 2030. The commitment includes $500 billion for environmental finance and $500 billion for social finance.

“In countries like Vietnam, we need new forms of funding to help bridge the financing gap and scale the capital we need to undertake the transition. Citi has direct experience in working with the Asian Development Bank on the Energy Transition Mechanism – an innovative financing initiative designed to crowd-in private funding, launched at COP26. Vietnam is a market for the scheme,” said Ramachandran.

The fifth US-Vietnam Business Summit was jointly held in Hanoi on March 8 by the Vietnam Chamber of Commerce and Industry, the American Chamber of Commerce in Vietnam, and the US Chamber of Commerce.

Prime Minister Pham Minh Chinh attended the summit together with leaders from the ministries of foreign affairs, industry and trade, planning and investment.

US Special Presidential Envoy for Climate John Kerry also delivered a keynote speech at the summit via videoconference. In addition, public and private sector leaders from the US, Vietnam, and across the region participated in the summit in person and virtually.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional