New USAID and Standard Chartered deal promotes clean energy in Vietnam

April 17, 2024 | 08:00

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The United States Mission to Vietnam announced the signing of an MoU between the United States Agency for International Development (USAID) and Standard Chartered Bank Vietnam on April 16.

New USAID and Standard Chartered deal promotes clean energy in Vietnam

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

“Through this new MoU, USAID will collaborate with Standard Chartered Bank in Vietnam to facilitate financing for the private sector to develop the country'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 USAID/Vietnam Mission director Grubbs.

“Our MoU with USAID is part of our commitment to support our clients and help them access sustainable financing and achieve net-zero goals. We will continue to work closely with our clients and our partners to provide access to finance to where it matters most and to contribute to the sustainable development of Vietnam,” said Nguyen Thuy Hanh, deputy general director, head of Corporate and Investment Banking at Standard Chartered Bank Vietnam.

Under the partnership, USAID will collaborate with Standard Chartered, a financial institution with one of the strongest commitments to green financing and clean energy in Vietnam, to mobilise private sector investment in advanced energy systems such as rooftop solar, modernised utilities, and energy trading. USAID support includes training, capacity development, transactional support, and matchmaking activities.

Under the Comprehensive Strategic Partnership, the US is a committed partner to Vietnam in advancing the country’s transition to a clean, secure, and market-based energy sector.

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By Thanh Van

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