UOB Vietnam, Betrimex promote the sustainable coconut industry

Sunday, Apr 14, 2024 14:14

Representatives from the companies pose for a photo after signing the agreement. — VNA/VNS Photo

Bến Tre Import Export Joint-Stock Corporation (Betrimex) and United Overseas Bank (Vietnam) Limited (UOB Vietnam) will partner to promote sustainable production and business for the Vietnamese coconut industry.

This consensus followed a green trade financing agreement signed between the two organisations in HCM City late last week. 

The short-term trade finance credit represents the first collaboration in green finance and other sustainable facilities between UOB Vietnam and Betrimex one of Việt Nam's leading manufacturers of coconut products.

This financing will enable Betrimex to import or purchase raw materials and domestic goods to produce products with organic certifications including Fairtrade certified products. This certification ensures that manufacturers meet stringent requirements for social, environmental and governance responsibility, particularly in areas such as safe working conditions, environmental protection, sustainable livelihoods, community development funds and a connection between the buyer and farmers for social purposes.

Đặng Huỳnh Ức My, chairwoman of the Board of Betrimex said: "The potential for the coconut industry remains vast as market demand for coconut products continues to rise, and there is still untapped value from coconut trees.

"With coconut trees now recognised as a key industrial crop, the coconut industry is expected to receive increased attention and support, leading to more sustainable development and new opportunities."

She added that collaborating with UOB through the green trade finance agreement marks a new milestone in Betrimex's journey toward sustainable development.

She said that Betrimex and UOB Vietnam will continue to accompany each other in achieving common goals of promoting practices in circular economy and sustainable development.

Lim Dyi Chang, head of Commercial Banking at UOB Vietnam, said: "The application of strict international standards such as Fairtrade will enable to Betrimex contribute more actively to the environment and community, especially in ensuring the livelihoods of coconut growers. This will promote the sustainable development of Việt Nam's agriculture industry, creating greater economic value."

He said UOB Vietnam has been also actively building up the pipeline of customers who are looking for green financing to help in their sustainability transition. 

Việt Nam ranks 4th in the Asia-Pacific region in terms of total export value of coconut and coconut products, with export turnover surpassing US$900 million in 2023 according to statistics from the General Department of Customs. — VNS

Comments (0)