On November 9th, 2022, HSBC Vietnam exchanged a Memorandum of Understanding on environmental, social, and corporate governance (ESG) cooperation with the Ministry of Natural Resources and Environment.
Under this agreement, HSBC Vietnam will support the Ministry in developing practical approaches to implement strategies that align with Vietnam’s net-zero emissions targets, as well as establishing structures to access international finance sources to support these goals. Specifically, within the next eight years, the bank will focus on four main objectives:
1. Contributing to the implementation of the National Strategy on Climate Change for the period up to 2050 by sharing best practices and experiences to assist the Vietnamese Government in developing and refining structures and policies to leverage potential funding sources from investors and international financial institutions.
HSBC Vietnam will share information and experiences in developing ESG products, building structures, solutions, and financial programs such as international standards and norms on sustainable finance; developing green bond structures issued by the Government and relevant entities; developing domestic carbon trading markets and related financial mechanisms.
2. Assisting Vietnam in building the necessary resources and capabilities in the field of sustainability.
3. Developing standards for the classification and definition of sustainable assets and financial products in Vietnam by participating in the development of version 2 of the ASEAN Sustainable Finance Taxonomy.
4. Contribute and support the Ministry of Natural Resources and Environment in developing tools and guidelines for businesses in all sectors to assess their emissions levels, transition risks, and develop pathways towards a low-emissions economy.