HSBC commits to arranging 12 billion USD of sustainable financing
HSBC Vietnam on January 25 announced its commitment to arranging up to 12 billion USD of direct and indirect sustainable financing for Vietnam and the corporate sector in the country by 2030.
HSBC Vietnam commits to arranging up to 12 billion USD of direct and indirect sustainable financing for Vietnam and the corporate sector in the country by 2030. (Photo: HSBC)
Hanoi (VNA) ☂– HSBCVietnam on January 25 announced its commitment to arranging up to 12 billionUSD of direct and indirect sustainable financing for Vietnam and the corporatesector in the country by 2030.
The bank, in its letter to theGovernment, expressed its plan to financially and expertly backcorporates’ promising and critical green and sustainable projects in Vietnam, whichplay a vital role in decarbonising the country’s economy.
This forms part of HSBC’s broadernet zero pledge to help customers transition their business models and decarboniseby prioritising 750 billion USD to 1 trillion USD in finance and investment by2030.
For Vietnam to reach its net zerotarget by 2050 as committed at the 26th UN Climate Change Conference of theParties (COP26) in the UK last year, it needs to significantly invest inrenewable energy and green infrastructure.
“The Vietnamese Government hasclear ambitions to tackle climate change through both green finance andtechnology transfer,” said Tim Evans, CEO of HSBC Vietnam. “These commitmentsgive the private sector more confidence to borrow and invest.”
HSBC Vietnam will mobilise fundsfrom local and international financial markets to provide a wide range ofsustainable solutions in green finance, debt finance, supply chain, trade,green deposits and investment products. HSBC incorporates prudent riskassessment and international green finance standards in providing thesesolutions.
“We have received positivefeedback together with explicit guidance from the Vietnamese Government to worktogether with a number of ministries and the State Bank of Vietnam to helparrange green funding for Vietnam,” added the official.
HSBC Vietnam has a track recordsupporting critical green and sustainable projects in Vietnam, which allcontribute to decarbonising the country’s economy, including the first greenloans for green certified buildings, financed Duy Tan Plastics RecyclingFactory in 2020, a dual green financing includes a term loan to REE SolarEnergy to finance their investment into rooftop solar energy solutions, and atrade finance facility to REEPRO for importing rooftop solar equipment in 2020./.
Capital flows into green growth projects have still seen positive signals despite adverse impacts from the COVID-19 pandemic on foreign direct investment (FDI) in Vietnam.
Vietnam’s economy should get back to GDP growth of 6.8 percent next year, which will be driven by a return of strong foreign direct investment (FDI) into the market, mainly focusing on the manufacturing sector, CEO of HSBC Vietnam Tim Evans has said.
Some foreign financial organisations have issued relatively positive predictions for Vietnam’s economy this year, with growth expected at 6.5 - 6.7 percent.
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HSBC Vietnam commits to arranging up to 12 billion USD of direct and indirect sustainable financing for Vietnam and the corporate sector in the country by 2030. (Photo: HSBC)
