Standard Chartered Bank Vietnam has recently committed MoUs worth up to $8.5 billion in sustainable financing for three Vietnamese businesses namely T&T Group, Geleximco Group and Van Lang Investment and Education Management Corporation, to support their sustainability goals.
|Standard Chartered Vietnam commits MOUs worth up to $8.5 billion for green projects in Vietnam |
The MOUs were exchanged at the conference “In conversation at COP26 with the Prime Minister of Vietnam: Securing a prosperous and sustainable future through private investment” in Glasgow on November 1, on the fringes of the UN climate conference COP26. The event was jointly organised by Standard Chartered Bank, the Ministry of Planning and Investment and the Embassy of Vietnam in the United Kingdom.
Under the MoUs, Standard Chartered Bank Vietnam will arrange financing for T&T Group’s environment, waste treatment, LNG gas fired power plants and renewable energy projects, Geleximco Group’ paper, pulp and afforestation, LNG gas fired power plants, tourism complex and seaport projects and Van Lang Investment and Education Management Corporation’s construction of a green university campus.
“We believe that a green recovery will bring a lot of benefits to emerging economies like Vietnam, especially as it is playing an increasingly important role in the global economy and supply chain. In that process, the private sector has a crucial role to play. Investments like these will help Vietnam in its sustainable development journey and securing its prosperity. We remain committed to Vietnam’s recovery and future sustainable growth and look forward to working closely with the Government of Vietnam, our clients and partners to support Vietnam’s sustainable development, economic recovery and ambitious net zero targets.” said Michele Wee, CEO Standard Chartered Bank Vietnam.
According to Standard Chartered’s Opportunity 2030 research, the combined private sector investment opportunity in Vietnam to 2030 across United Nations' Sustainable Development Goals for clean water, clean energy, industry, innovation and infrastructure are estimated to be $ 45.8 billion.