VPBank praised for sustainability

Thursday, Jan 07, 2021 08:45

Transactions at VPBank. VPBank has been one of the first commercial banks building a special department for social and environmental risk management. — Photo courtesy of the bank

VPBank was named among the top 20 listed companies with the highest Viet Nam Sustainability Index (VNSI) in the market in the evaluation period in July 2020.

According to the ranking announced by Ho Chi Minh Stock Exchange (HOSE), VPBank scored in all aspects of the environment, society and management higher than the average level of the banking sector and that of the VN100. Notably, this has been the second consecutive year VPBank achieved such results.

VNSI aims to promote responsible investment activities of listed companies and measuring investment efficiency in the stock market.

The assessment has reflected VPBank's efforts in recent years to contribute to the elimination of projects that have negative impacts on the environment and society and promote the transition to an eco-friendly economy, minimising ecological footprints and combating climate change.

A representative from VPBank said: “We believe that sustainable development is the responsibility of businesses to the community. VPBank is acutely aware of being responsible for the environmental, economic and social impacts it generates throughout the value chain. VPBank is committed to selecting customers to comply with environmental laws and social principles, giving priority to sponsoring businesses that make positive contributions to the environment and climate. Such practices aim to bring about sustainable operational efficiency, positively affect the bank's reputation and financial performance as well as emotional responses and customer behaviour."

VPBank has developed Environmental and Social Management System (ESMS) following Performance Standards issued by IFC and co-operating to develop green credit with the Loan Market Association (LMA) Asia Pacific Loan Market Association (APLMA). Its green credit was evaluated by Sustainalytics to suit with its overall sustainable development strategy and contributing to the Sustainable Development Goals (SDG) of the UNDP.

VPBank was one of the first commercial banks to build a special department for social and environmental risk management since 2016 and a division for green credit development in 2020. — VNS

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