On October 24, 2023 in Hanoi, Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) had a meeting with Mr. Surendra Rosha, Co-Chief Executive of the Hong Kong and Shanghai Banking Corporation Limited (HSBC) Asia-Pacific.
An overview of the meeting
Welcoming the working visit of the HSBC leadership to the SBV, Deputy Governor Pham Tien Dzung emphasized the importance of the strategic partnership between Vietnam and the United Kingdom (UK), and expressed his beliefs that HSBC would further contribute to the promotion of the trade and investment relations, as well as the enhancement of the good cooperation between the two countries. The SBV Deputy Governor also praised the encouraging results that HSBC (Vietnam) Limited has obtained over the past time, reflected through not only the business performance but also other aspects, such as the responsibility for the community, the society, the participation in the dialogues related to the policy formulation with the authorities, helping to further improve the legal frameworks for the banking sector in Vietnam. Complimenting the efforts of HSBC to ensure the implementation progress of its commitment on arranging financial resources worth USD 12 billion between now to 2030 for the green economy in Vietnam, Deputy Governor Pham Tien Dzung once again expressed his treasure and high appreciation for the proactiveness and enthusiasm of HSBC in supporting Vietnam to seek and attract the much needed additional financial resources in support of the green transition towards sustainable development and the realization of Vietnam’s commitments made at COP26.
Deputy Governor Pham Tien Dzung at the meeting
After having listened to a briefing on the acceleration of the implementation of green finance by HSBC (Vietnam) Limited, Deputy Governor Pham Tien Dzung made high evaluation for the efforts of the Bank aimed at “greening” its portfolio with diversified products and services in the green finance in Vietnam. Moreover, the SBV Deputy Governor also hoped that HSBC could continue to promote its leading position in green finance in Vietnam and consider to increase its fundings to projects which are environmentally-beneficial or related to the climate change response; diversify its green financing portfolio to cover green agriculture, green construction, apart from clean and renewable energy; consider and provide its technical assistance as well as policy consultancy to help the SBV improve the legal frameworks for green growth/green credit; organize training programs, seminars, exchange programs and share international best practices in policy-making for green credit. In addition, the SBV Deputy Governor proposed that HSBC, as an active member of the Glasgow Financial Alliance for Net Zero (GFANZ) and the support group for Vietnam in mobilizing financial resources for the implementation of the Just Energy Transition Partnership (JETP), to support the SBV in conducting the surveys regarding the investment needs as required by the GFANZ members for the energy transition projects in Vietnam, thereby creating a basis for the formulation of a list of projects, as well as for the evaluation and recommendation of appropriate projects in order to further attract the international capital flows for this transition process.
Mr. Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, speaks at the meeting
For his part, Mr. Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, expressed his sincere thanks to the SBV for having created favorable conditions for HSBC and other foreign banks to operate in Vietnam over the past time. He reaffirmed HSBC’s long-term strategy of supporting Vietnam’s economic development and committed to continuing to promote HSBC’s advantages in attracting and connecting the international businesses and investors to come into Vietnam.
Besides, the two sides also exchanged their views on the global economic situations, Vietnam’s macro-economy, and the SBV’s monetary policy management over the past time, as well as the orientations in the coming time.
Le Hang