On August 2, 2023, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong had a meeting with Mr. Mark Tucker, Group Chairman of HSBC Holdings Plc.
Governor Nguyen Thi Hong meets Group Chairman of HSBC Holdings Plc.
At the meeting, Governor Nguyen Thi Hong expressed high appreciation for the support and contributions of HSBC Holdings Plc., as well as HSBC (Vietnam) Limited to the development of Vietnam’s finance and banking sector in particular and Vietnam’s economy in general over the past years. The SBV Governor also shared about the challenges that the SBV and other central banks around the world have been facing, such as the impacts of the COVID-19 pandemic, the effects of the complicated developments in the international financial market, and the geopolitical tensions. In that context, the SBV has always been consistent with the objectives of maintaining the macro-economic stability and the stability of the forex market, controlling the inflation, creating a favorable business environment for all enterprises in general and for foreign investors in particular.
For his part, Mr. Mark Tucker, Group Chairman of HSBC Holdings Plc., expressed his pleasure at the encouraging results that Vietnam has obtained in the post-COVID economic recovery process. Mr. Tucker also made high evaluation for the monetary policy management by the SBV in the context of increasing pressures on the inflation. The Group Chairman went on to brief the host of the HSBC’s business performance results for the first 6 months of 2023, and reiterated HSBC’s commitment to furthering its investment in Vietnam by retaining its profits to increase its charter capital and mobilizing financial resources through various channels.
An overview of the meeting
About the support for the Government’s green growth strategy, Mr. Mark Tucker re–affirmed that HSBC would mobilize a credit package worth USD 12 billion in 9 years to support Vietnam’s implementation of its commitments made at the 26th UN Climate Change Conference of the Parties (COP26).
Governor Nguyen Thi Hong spoke highly of the above mentioned credit package and asserted that this would form practical resources to assist Vietnam in realizing its net zero goal by 2050. The SBV Governor also proposed that HSBC, with its extensive experience in supporting other countries around the world in the energy transition, can share its experience with, and provide technical assistance for this transition in Vietnam.
Replying to the SBV Governor’s proposal, Mr. Mark Tucker confirmed that HSBC would be willing to share its experience and the best international practices with the SBV, support the SBV in the training and dissemination of information to improve the awareness of green growth/green credit; introduce and support the SBV’s engagement in the international networks in this area. In addition, Mr. Tucker also mentioned that HSBC would be willing to share its experience and support the SBV in the formulation and improvement of the legal frameworks in the banking sector, especially in the revision of the Law on Credit Institutions.
Toward the end of the meeting, the two sides agreed to continue the joint activities, such as the policy dialogues, the experience sharing, etc., thereby contributing to promoting the strategic partnership between Vietnam and the U.K.
Le Hang