HSBC deploys first green deposit for businesses in Vietnam
The move is aimed at supporting the Vietnamese Government’s efforts and businesses in sustainable development.
HSBC Bank Vietnam has launched the very first green deposit for corporate clients in Vietnam, which is aimed at supporting corporate customers’ sustainability development strategy by ensuring their funding to be poured into green projects and businesses.
|The launch is also a part of HSBC’s global action plan until 2030 to support the global transition to a net-zero carbon economy. Photo: HSBC|
“Our Green Deposit Program will enable our corporate clients who have excess cash to be able to indirectly provide funding to support projects that are environmentally beneficial, as these ‘green’ funds will be solely routed into ‘green’ investments”, said Tim Evans, CEO of HSBC Vietnam.
“These products and initiatives form part of HSBC Group’s ambitious plan to provide between US$750 billion and US$1 trillion in sustainable finance and investment towards a [global] net carbon zero transition,” he added.
Funds deposited through green deposits are used to finance environmentally beneficial projects through customer lending, which are aligned to the HSBC Green Bond Framework and Green Loan Principles, and under the eligible green project themes such as renewable energy, energy efficiency, or climate change adaptation.
Corporates can deposit their cash in both Vietnamese dongs and US dollars, with the term of at least three months. Quarterly, depositors will receive reports containing portfolio-level information regarding the use of deposited funds.
Along with green term loans and green trade loans, the green deposit will increase the diversity in HSBC Vietnam’s green product line which can fulfill customers’ various demands, simultaneously confirm HSBC’s capabilities in supporting the Vietnamese Government’s efforts and businesses in sustainable development.
- FLC Chairman banned from the stock market for 5 months
- Vietnamese banks urged to tighten lending in real estate, securities
- Digital-first strategy to be focus among Vietnam’s banks and fintech by 2025
- Stocks sale annulment of FLC Chairman necessary to maintain market order: SSC
- M&A in Vietnam’s technology sector to boom in 2022
- ADB, TPB join hands to finance women-led SMEs in Vietnam
- Banking sector to lower lending rates in 2022: Deputy Prime Minister
- Vietnam's credit growth expands by 13% in 2021
- Integrating utilities into chip cards to attract Vietnamese users
- Upcoming tax cut package estimated at US$2.62 billion: Finance minister
US hails Hanoi’s push for eco-friendly public transports
Smoother transactions at Vietnam-China border, Hanoi says
Vietnam's tourism to be fully restored by April 30
Hanoi: Hang Luoc Flower market opened
Vietnam expected to be ASEAN’s fastest-growing economy in 2022: ADB
Face-to-face schooling resumption urged in the new normal
Funeral of Vietnamese peacekeeper die on duty
Grand old peach trees grace Hanoi’s streets
Culinary film festival to open virtually in Vietnam