Standard Chartered Vietnam has been approved to increase its charter capital to over VND6.9 trillion ($300 million) from VND4.2 trillion ($182.6 million) by the State Bank of Vietnam in accordance with Document No.1343/QD-NHNN dated August 23, 2021. This follows previous increases made in 2018 with around $49 million and in 2019 with $100 million.
|The new head office and branch of Standard Chartered in Hanoi in Capital Place |
Michele Wee, CEO for Vietnam, Standard Chartered Bank, said: “We are very happy to get the approval for our charter increase. This is our third capital injection since 2018, reinforcing our long-term commitment to the country. We have built a strong business here and aspire to take it to even greater heights. We affirm the strong outlook for Vietnam and will continue to invest for the opportunities that the market offers. We will work with our clients, the regulators, and our communities to drive trade, investment, and the creation of wealth in the country responsibly.”
Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business across the country. In April 2021, the bank inked an agreement with Capital Place to open the bank’s new head office and branch in Hanoi. Capital Place is a modern international Grade A office complex located in the heart of the city at 29 Lieu Giai, Ba Dinh, Hanoi.
Standard Chartered Vietnam’s head office and its branch are expected to begin operations by the end of 2021. The investment in more resources and infrastructure in the bank's local franchise aims to better serve its clients and deliver solutions that enable customer choice and access to the best and most innovative solutions to both private and public sector.
The bank also aspires to build a stronger community in Vietnam, where it has been present and making an impact for 117 years. Last year, Standard Chartered launched a $50 million COVID-19 global assistance fund, in which $200,000 and other in-kind donations are donated to the COVID-19 prevention and relief efforts in Vietnam through multiple non-profit organisations and hospitals.
The bank also introduced a series of relief measures to support its clients. Under Standard Chartered’s $1 billion COVID-19 financing commitment across the globe, the bank extended credit limit of $22 million to nine Vietnamese clients in 2020. This year, amid the worsening COVID-19 situation in Ho Chi Minh City, where Standard Chartered business hub is based, the bank has launched the “Companion with HCMC” social campaign together with Saigon Children’s Charity to support children whose families are affected seriously by the outbreak.
Sustainability and accelerating zero commitments of Standard Chartered to help emerging markets like Vietnam to reduce carbon emissions as fast as possible, without slowing development, putting the world on a sustainable path to net zero by 2050 remains a focus. The bank will support and mobilise finance needed to provide people with clean energy, drive carbon-free transport, and facilitate the decarbonising of the manufacturing industry.