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HSBC commits to arranging US$12 billion to green Viet Nam

VGP - HSBC Viet Nam has announced its commitment to arranging up to US$12 billion of direct and indirect sustainable financing for Viet Nam and the corporate sector in Viet Nam by 2030.

01/25/2022 18:18

The funding targets to support the Vietnamese Government's aspiring climate goals and COP26 commitment to become a net zero economy by 2050.

The bank, in its letter to the Government of Viet Nam, has expressed its plan to financially and expertly back corporates' promising and critical green and sustainable projects in Viet Nam, which play a vital role in decarbonizing the country's economy.

This forms part of HSBC's broader net zero pledge to help customers transition their business models and decarbonize by prioritizing US$750 billion to US$1 trillion in finance and investment by 2030.

According to HSBC's report "Tackling the next crisis", Ho Chi Minh City is among many cities in Asia (besides Mumbai, Shanghai, Bangkok and Jakarta) that are being increasingly threatened by rising sea levels.

World Bank also warned that Viet Nam is one of the top five countries likely to be affected by climate change, adding the forecast that climate change will reduce the country's national income by up to 3.5 percent by 2050.

For Viet Nam to reach its net zero target by 2050, it needs to significantly invest in renewable energy and green infrastructure. HSBC has seen a huge surge in its activity as sustainability in Asia shifted gear in 2021.

It is a key goal for HSBC Viet Nam to help to build a thriving and resilient future for Vietnam and its business community.

Tim Evans, CEO of HSBC Viet Nam said that, the HSBC has received positive feedback together with explicit guidance from the Vietnamese Government to work together with a number of ministries and the State Bank of Viet Nam to help arrange green funding for Viet Nam.

With the Government's dedicated support and direction, the readiness of corporate and individual clients in Viet Nam and HSBC's significant international knowledge and experience in sustainable finance, he expressed confidence to make a material difference to Viet Nam's ambitions to combat climate change.