Standard Chartered, recently hosted the “Southeast Asia’s Green Economy 2024: Moving The Needle” event in Hanoi to explore Vietnam’s role in the Southeast Asia’s green transitions and opportunities, challenges, and strategies for its green economy.
In his keynote address, Deputy Minister of Industry and Trade Nguyen Hoang Long emphasised Vietnam’s role in driving the green economy and energy transition, as well as its bold commitment to achieving net zero emissions by 2050. However, he said this ambitious goal cannot be reached without international support.
He acknowledged the immense potential that exists in the country, particularly its strong wind and solar resources, which he said, together with Southeast Asia, can serve to achieve a green future for Vietnamese energy future.
“The Government’s goal by the end of this year is to open the market to both domestic and international investors in offshore wind power. If businesses across all sectors collaborate to invest in the ecosystem, we can create significant opportunities for growth and innovation,” he stressed.
Nguyen Thuy Hanh, CEO and head of Banking & Coverage at Standard Chartered Vietnam, highlighted the event’s significance as a unique opportunity for corporate professionals and industry experts to discuss green finance initiatives and sustainable investment.
“Banks are playing a pivotal role in advancing both green finance initiatives and sustainable investments to support the economy’s transition to a greener future. Many are developing green finance taxonomies as a guidance for green financing transactions. At Standard Chartered, we leverage our deep expertise to support key initiatives that drive the growth of green financing in the country,” said Hanh.
“Standard Chartered recently introduced a pioneering sustainable account, designed to mobilise CASA for green project financing. By collaborating with our clients and partners, we are committed to fostering a more inclusive approach to green finance and working together with all market participants toward achieving Vietnam’s net zero target,” she added.
Andrea Campagnoli, office head and founding partner of the Bain Vietnam office, said, “Vietnam has made notable progress to date in its energy transition and now has an immense potential to further accelerate and grow its green economy. Our research shows that key investable opportunities could be worth US$150 billion to Southeast Asia by 2030, with Vietnam well-positioned to attract these green investments.”
“To seize these opportunities, Vietnam should prioritise high-impact, ready-to-deploy solutions such as large-scale wind and solar power development, expanding transmission and distribution (T&D) infrastructure to support renewables, and promoting sustainable rice farming. It is crucial to begin with actionable steps now to make steady progress towards 2030 climate goals,” he suggested.
(VOV)
