Standard Chartered Vietnam receives $60 million capital injection to promote growth

Tuesday, Sep 12, 2023 15:28

Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business across the country. — Photo coutersy of Standard Chartered Vietnam

Standard Chartered Vietnam has announced a substantial US$60 million capital injection, marking a significant milestone in its commitment to Việt Nam and its long-term strategy of bolstering onshore business operations through foreign direct investment.

Michele Wee, CEO of Standard Chartered Vietnam, said: “Despite the headwinds facing Việt Nam in 2023, the medium-term outlook remains promising given the country’s economic openness and stability. We have built a strong business here and aspire to take it to even greater heights.”

“Standard Chartered Vietnam is fully committed to supporting the country's economic development and prosperity for years to come," he said.

Standard Chartered Vietnam is also known for driving a sustainability agenda and leading the way in sustainable development for its clients, authorities and the broader economy.

The bank is a fervent supporter of the Vietnamese Government’s ambitions, and looks to build on successes from COP26.

Specifically, with regard to endeavours for a sustainable green future, Standard Chartered signed three Memorandums of Understanding worth up to $8.5 billion in sustainable financing for three Vietnamese businesses to support their sustainability goals.

The bank, together with all-encompassing stakeholder groups from the Government to the private sector, have been executing the different verticals of work under the Just Energy Transition Partnership (JETP) to deliver on collective ambitions to reach net-zero emissions by 2050.

With increasing focus on helping clients to decarbonise and transition, Standard Chartered has expanded its sustainable finance asset books to over $13 billion in 2022, representing a 30 per cent growth year on year.

According to the bank’s Sustainable Finance Impact Report 2022, Việt Nam has recorded over $50 million in renewable energy exposures and another $50 million in business banking loans supporting access to finance.

Standard Chartered has been investing significantly in Việt Nam over the last few years and growing its business across the country.

In late 2021, Standard Chartered announced an additional $120 million of Tier 1 capital injection in the Việt Nam franchise.

The investment in more resources and infrastructure in the bank's local franchise aims to better serve its clients and deliver solutions that enable customer choice and access to the best and most innovative solutions to both private and public sectors.

As one of the first foreign banks to establish a presence in Việt Nam since 1904, Standard Chartered will celebrate 120 years of operation in Việt Nam next year, affirming its long-term investment and commitment in the country. — VNS

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