On April 20, 2021, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Dao Minh Tu had a meeting with Mr. Gareth Ward, Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Vietnam.
At the meeting, Deputy Governor Dao Minh Tu welcomed Ambassador Gareth Ward to visit and work with the SBV. He informed the guests that Vietnam had been actively participating in and implementing the international commitments on reducing greenhouse gas (GHG) emissions, mitigating the climate change impacts and developing sustainably. The SBV Deputy Governor mentioned that over the past time, the SBV had conducted consistent measures, focusing on directing the banks' credit flows into green and environmentally-friendly projects, thereby contributing greatly to the implementation of the National Green Growth Strategy. He added that the SBV had been considering to formulate a new Circular incentivizing green credit through the SBV's management of the credit and monetary policies, in order to implement the Law on Environmental Protection and the National Green Growth Strategy. Also according to Deputy Governor Dao Minh Tu, the SBV had conducted several measures to focus efforts on extending credit to projects that prioritize energy saving and efficiency; developing clean and renewable energy; using environmentally friendly technologies and equipment; while controlling credit for industries/sectors that may negatively affect the environment, thereby contributing to mitigating the impacts of climate change.
The two sides exchanged their views on the formulation of the legal frameworks for the development of green finance, including green credit, through several initiatives focusing on removing the barriers to green investments, i.e supporting risk-based governance, developing skills and experience in green projects; creating a favorable environment, attracting private capital for green projects; sharing experience in developing green credit and banking; sharing experience of the two central banks in formulating instructions and guidelines for the credit institutions' appraisal of green projects, management of environmental and social risks when providing credit; experience in human resource development in the field of green banking and credit, etc.
Also at the meeting, Deputy Governor Dao Minh Tu and Ambassador Gareth Ward also exchanged the experience in developing Fintech in the UK and Vietnam; solutions for improving the legal frameworks, creating the foundation for Fintech development; further improvement of the legal frameworks in the payment areas (QR code, chip cards, etc.); the development of new legal frameworks for e-KYC, open API, regulatory sandbox for Fintech in the banking sector, etc.
Le Hang