HSBC Vietnam cooperates with Viettel in sustainable data centre project

Sunday, Sep 04, 2022 11:03

Representatives of Viettel IDC and HSBC Vietnam exchange views at a meeting before the signing ceremony of the "green trade term loan" facility agreement. — Photo courtesy of HSBC

HSBC Bank (Vietnam) Ltd (HSBC Vietnam) has made another milestone green financing deal by arranging a green loan for a Vietnamese state-owned enterprise.

The recipient, Viettel IDC, a subsidiary of Viettel Group, the largest telecommunications group in Viet Nam, will now have access to a loan facility that amounts to VND400 billion with a five-year term.

HSBC Vietnam's green financing deal will support Viettel IDC’s procurement of equipment and machinery for the development of a sustainable data centre in Ha Noi. High-quality and international standardised devices are required to optimise the data centre’s electricity consumption and realise the company’s goal to manage this data centre’s Power Usage Efficiency (PUE) more sustainably and go under the global industry average PUE figure of 1.5.

This green loan reaffirms HSBC's leading position in providing sustainable financial solutions to businesses in Viet Nam, further highlighting the bank’s strategy to expand its reach for sustainable financing across multiple sectors in the Vietnamese economy.

In order to receive this green financing, Viettel IDC completed HSBC’s stringent credit approval and management process for sustainable financing. The process is overseen by the HSBC Asia Pacific Sustainable Loans Committee, a dedicated body of the bank with rich experience in successfully arranging green financing in different fields around the world. The green facility must also meet the high standards listed under the international Green Loan Principles, jointly issued by the Loan Market Association and Asia Pacific Loan Market Association, which include four core components: use of proceeds, project selection and evaluation, management of proceeds and reporting. — VNS

Comments (0)