Crescent Lake in Phu My Hung, District 7, Ho Chi Minh City. (Illustration photo: VNA)

The bank, in its letter to the Government of Vietnam, has expressed its plan to financially and expertly back corporates’ promising and critical green and sustainable projects in Vietnam, which play a vital role in decarbonizing the country’s economy. The plan aims to support of Vietnam’s climate goals and forms part of HSBC’s broader net zero pledge to help customers transition their business models and decarbonize by prioritizing 750 billion USD to 1 trillion USD in finance and investment by 2030.

For Vietnam to reach its net zero target by 2050, HSBC said Vietnam needs to significantly invest in renewable energy and green infrastructure. “The Vietnamese Government has clear ambitions to tackle climate change through both green finance and technology transfer. These commitments give the private sector more confidence to borrow and invest”, Tim Evans, CEO of HSBC Vietnam.

HSBC Vietnam will mobilize funds from local and international financial markets to provide a wide range of sustainable solutions in green finance, debt finance, supply chain, trade, green deposits and investment products. HSBC incorporates prudent risk assessment and international green finance standards in providing these solutions.