BIDV – FIRST VIETNAMESE BANK TO ISSUE SUSTAINABLE LOAN FRAMEWORK

BIDV officially issued a Sustainable Loan Framework in consultation with the Carbon Trust and became the first commercial bank in Vietnam to announce this comprehensive framework for its customers, creating opportunities for the bank to develop and introduce sustainable financial products to the customers, which follow international standards.

BIDV has promoted sustainable and green growth as a goal in the bank’s business strategy for 2021-25 and vision for 2030. BIDV has implemented various action programmes to realize the set goal. Currently, BIDV leads the market in green financing with 1,718 projects and a credit outstanding balance of 63,773 billion Vietnamese dong (equivalent to 2.7 billion USD), accounting for 4.3% of BIDV’s total credit outstanding balance and 13% of the total green financing loans in the entire economy. Therefore, developing the framework is the next step that enables BIDV to introduce and offer sustainable financial products to the local market.

Chris Stephens, the Carbon Trust’s Asia and Africa Director, said: “The need for sustainable finance to bridge Vietnam’s climate transition is more urgent than ever. BIDV’s Sustainable Loan Framework is a critical first step to mobilize the capital needed for sustainable solutions and drive impactful outcomes in the broader society.”

Source: vietnamnews.vn