Standard Chartered Bank Vietnam and BIDV signed a US$100 million sustainable trade loan. — Photo courtesy of the bank

Standard Chartered has signed a Master of Agreement to offer BIDV a sustainable trade loan worth up to US$100 million, to support BIDV and its clients in meeting their sustainability goals.

The Master of Agreement was exchanged in Dubai on the fringes of the UN climate conference COP28. Present at the ceremony were Vietnamese Prime Minister Phạm Minh Chính, ministers and representatives of BIDV and Standard Chartered Bank.

Under the agreement, Standard Chartered Bank Vietnam will arrange trade loan financing for BIDV sustainable transactions to enhance access of businesses and projects to green finance. The agreement will support the green transformation of Việt Nam.

Nguyễn Thúy Hạnh, Deputy General Director, Head of Corporate, Commercial and Institutional Banking, Standard Chartered Bank Vietnam, said: “We believe that finance can enable and accelerate the just transition to net zero, towards a nature-positive economy. Our trade finance agreement with BIDV is part of our commitment to support our clients and help them access sustainable financing and achieve their climate ambitions. We will continue to work closely with our clients and their stakeholders to provide access to finance where it matters most and to contribute to the sustainable development of Việt Nam.”

In COP 28, Standard Chartered and the Việt Nam Government exchanged five memorandums of understanding (MoUs), valued at approximately $3 billion in sustainable financing to support local businesses in achieving their sustainability goals. Standard Chartered is committed to expanding the scale and reach of sustainable finance, with plans to mobilise $300 billion in green and transition finance by the end of this decade. — VNS