Standard Chartered pledges US$8 billion investment for sustainable development in Vietnam
Vietnam is trying its best to enhance climate resilience and promote green development for sustainability and long-term stability.
Standard Chartered is committed to investing US$8 billion for sustainable development and green growth in Vietnam.
|Prime Minister Pham Minh Chinh (r) and Chairman of Standard Chartered Jose Vinals (l). Source: VNA|
Chairman of Standard Chartered Jose Vinals revealed the plan during a meeting with Prime Minister Pham Minh Chinh on November 1 during the head of the government's trip to the UK to take part in the 2021 UN Climate Change Conference (COP26) in Glasgow.
Stressing the bank’s long-term commitment in Vietnam, Vinals expected further expansion activities in fields of insurance, trade, services, and retail in the country.
Prime Minister Chinh welcomed Standard Chartered’s initiatives in Vietnam, adding the bank’s pursuance of sustainable development and green growth is in line with the global trend and Vietnam’s strategy.
Chinh, however, noted the necessity to ensure balance in green growth and combating climate change.
According to Chinh, a long period of war, a low starting point, and difficult socio-economic conditions are making it hard for Vietnam to embark on green growth.
“With the country’s industrial development at a slower pace than others, the country also has a lower level of carbon emission compared to developed countries,” he added.
As Vietnam is considered one of the most vulnerable countries to climate change, Chinh said the country is trying its best to enhance its climate resilience and promote green development for sustainability and long-term stability.
Chinh said in the past, Vietnam had to turn to coal-fired power for economic development due to the unavailability of green energy technologies.
“During the transition process to renewables and green growth, Vietnam is in need of support from developed countries to address its difficulties, including training human resources, enhancing state governance in sustainable development, or incentives in green finance,” he said.
The prime minister said as the country is restructuring the economy, the Government encourages foreign banks to participate in the restructuring of weak banks in terms of human resources, capital, or corporate governance.
“Vietnam is pushing for improvement in the business environment, with a priority given to digital transformation in the banking sector for further attraction of foreign investment capital,” Chinh said.
“Vietnam welcomes cooperation with foreign partners in fields of insurance and construction of financial centers in the North, the Center, and the South,” he stated.
“Opportunities are vast for foreign investors as Vietnam has signed 17 free trade agreements with 60 countries and territories, including some of the world’s largest,” Chinh concluded.
|Mou signings between Vietnamese enterprises and foreign partners.|
On the same day, Prime Minister Pham Minh Chinh attended a dialogue held by Standard Chartered Vietnam, the Ministry of Planning and Investment, and the Vietnamese Embassy in the UK on the sideline of the COP26.
The event attracted over 300 executives and senior officials of foreign businesses as customers of Standard Chartered and members of the British Chamber of Commerce in Vietnam (Britcham).
At the event, Chinh witnessed the signing of the memorandums of understanding (MoU) between Vietnamese businesses and their foreign partners, including an agreement worth up to $6 billion between T&T and Standard Chartered in fields of renewables and electricity transmission in Vietnam.
- Bolstering Australia-Vietnam investment cooperation for mutual benefits
- Sojitz, Vinamilk to invest in $500-million beef project in Vietnam
- Vietnam, Japan sign cooperation agreements worth billions of US dollars
- Vietnamese PM calls for Japan’s support of new-generation ODA
- Vietnamese Gov’t sets up 6 task forces to accelerate public investment
- Vietnamese automaker VinFast opens US headquarters in Los Angeles
- Hanoi-based e-commerce platform raises US$22.5 million led by VNG
- Hanoi to have new airport in 2030-2050
- Vietnam-based Tiki secures $258 million in series E funding
- Vietnam calls for foreign investment in 157 projects
Wind power to lead Vietnam’s pathway to net-zero target: international experts
Hanoi to pour US$19.2-billion in housing development in 2021-2025 period
Vietnam manufacturing conditions improve in second month running
Fostering creativity from Hanoi’s cultural resources
Wild pear flower season comes early on the streets of Hanoi
Businesses recovery vital for Vietnam’s economic prospects: Expert
Safe, flexible adaptation to Covid-19 remains priority for Vietnam in 2022
Vietnam joins the world to end violence against women
Japanese giants pledge further support for Vietnam