Standard Chartered has signed a Transition Trade Finance facility sized at US$25 million to support Tung Ho Steel Vietnam Corporation Limited.

A first for Standard Chartered in Asia and for Tung Ho Steel, the working capital facilities will support the company’s ongoing procurement of scrap steel as part of Tung Ho Steel’s scrap-based Electric Arc Furnace (EAF) production.

Nguyen Thuy Hanh, deputy general director, Head of Corporate, Commercial and Institutional Banking, Standard Chartered Bank Vietnam, said: “The credit extension for Tung Ho Steel Vietnam is part of our commitment to clients to help raise sustainable financing and support their climate ambitions. Standard Chartered strives to be a key contributor to the sustainable development of Viet Nam and continues to work closely with our clients and ecosystem of stakeholders to provide finance to where it matters most.”

Huang, Bing Hua, Tung Ho Steel’s President said: “Our aspiration is to become a leader in EAF steel refining. We have been conducting greenhouse gas emission inventories, participating in voluntary carbon reduction programmes, and proactively disclosing greenhouse gas management strategies since 2003.

"We are proud that this transition trade finance facility is one of the very first in the region, which underscores our strong commitment to sustainability in our manufacturing operations. We look forward to working closely with Standard Chartered Vietnam as we seek to accelerate sustainable developments of our organisation and in the industry.” — VNS