Ministry, bank sign MoU to promote sustainable green financial development
The Ministry of Natural Resources and Environment (MONRE) and the Bank for Investment and Development of Vietnam (BIDV) have inked a memorandum of understanding (MoU) to promote sustainable green finance development, environment protection and climate change response.
Hanoi (VNA) – The Ministryof Natural Resources and Environment (MONRE) and the Bank for Investment andDevelopment of Vietnam (BIDV) have inked a memorandum of understanding (MoU) topromote sustainable green finance development, environment protection andclimate change response.
The May 26 document aims to help enterprises access the bank's capital, attractinvestment for responding to climate change, and transform low-carboneconomic models and projects on energy transformation for the country’s sustainabledevelopment.
It will also strengthen the role of the financial-banking system in encouragingand supporting domestic economic sectors to participate in implementingactivities to reduce environmental pollution and respond to climate change,business development towards sustainability.
The ministry will assist the bank instrengthening its capacity for environmental risk assessment and developing criteria for evaluating environmental risks for projects as this is aprerequisite for developing sustainable financial products in accordance withinternational practices and suitable for the Vietnamese market.
Speaking at the signingceremony, Minister of Natural Resources and Environment Tran Hong Ha emphasisedthat the cooperation between will promote the forming and expanding of greenbonds and credits as well as carbon market development.
🎶 Phan Duc Tu, Chairman of BIDV'sBoard of Directors, said the MoU sends out positive signalsabout opportunities for companionship and linkage between regulatory agencies,commercial banks and the business community in setting the market's development orientation, and setting forth solutions to environmental protection and climate changeresponse. These are strategic priorities in the fields of business, finance andbanking, contributing to the effective implementation of the green strategy inVietnam as well as the international commitments that Vietnam has signed, hesaid./.
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At the event. (Photo: VNA) 
