HSBC finances plastics recycling project

Thursday, Jul 09, 2020 10:40

Representatives from Duy Tan and HSBC shake hands after the signing ceremony. — Photo

HSBC Vietnam will provide Duy Tan Plastics Corporation with a loan of US$60 million to develop the first stage of its plastics recycling factory, following an agreement inked between the two sides in HCM City on Wednesday.

The green loan, under HSBC’s commitment to provide $100 billion of sustainable finance and investment by 2025, is the first HSBC has provided to a Vietnamese company, the bank said in a statement.

The factory, with a planned capacity of up to 100,000 tonnes per year, is the first in Viet Nam to apply the 'bottles to bottles' process which recycles used plastic bottles into plastic raw materials for the next production of plastic bottles.

By joining HSBC’s green financing, Duy Tan will receive experts' consultancy on green finance, sustainable development and green projects’ governance. Additionally, a green credit profile will help broaden the company’s access to the international capital market in the future.

“We hope that Duy Tan will lead the path for Vietnamese corporates in growing green financing and sustainability for Viet Nam’s economy,” Stephanie Betant, Country Head of Wholesale Banking, HSBC Vietnam said.

Le Anh, head of marketing at Duy Tan, said his company hope that the new factory, with the financing of HSBC, will support the firm in its strategy of sustainable development and continuing bringing more long-term values to its consumers and community. — VNS

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