This is a green credit agreement (commercial credit) signed between UOB Vietnam and Nam Viet Joint Stock Company (NAVICO), aimed at fostering the development of sustainable aquaculture that aligns with international standards.
According to UOB Vietnam’s analysis, the seafood industry is one of the major pillars of Vietnam’s economy, contributing approximately 16% to the total agricultural export turnover, with annual export values ranging from 9 to 11 billion USD. Vietnam currently ranks as the third-largest seafood exporter in the world, following China and Norway. However, despite its economic importance, the industry has a significant environmental impact.
As the global demand shifts toward more sustainable, eco-friendly aquaculture practices, Vietnamese businesses face increasing pressure to adapt quickly. They must transform their production models to maintain their competitive advantage, comply with international technological standards, minimize environmental impact, and protect marine ecosystems.
To achieve this green credit agreement, NAVICO underwent a rigorous sustainable finance approval process by UOB. This green commercial credit will support NAVICO’s sustainable aquaculture operations, from purchasing raw materials that meet international standards to deeper investments in advanced production technologies. It will also optimize supply chains in a modern, scientific, and efficient manner while embracing new initiatives in line with global green trends, such as circular economy practices, resource conservation, and clean energy transition.
Prior to this, UOB Vietnam had also extended financing to NAVICO for the installation of rooftop solar power systems at its aquaculture facilities. This project is significant not only in helping the company reduce its operational costs amidst rising electricity prices but also in aligning with the company’s long-term sustainability goals. By investing in solar power, NAVICO is making strides toward reducing its carbon footprint and contributing to the broader goal of achieving net-zero emissions by 2050.
As of April 2025, UOB Vietnam has financed 19 green credit projects across various sectors, including renewable energy, sustainable agriculture, manufacturing, and aquaculture.
Looking ahead to 2025, UOB Vietnam plans to focus its green financing efforts on supporting small- and medium-sized enterprises (SMEs), especially domestic businesses that are eager to transition to more sustainable practices. The bank aims for at least 30% of new credit facilities granted to this segment to be dedicated to funding initiatives related to sustainable development.
As of December 2024, UOB’s sustainable finance portfolio across the region has seen impressive growth, increasing by 43% and reaching a total value of 58 billion Singapore dollars. This figure far surpasses the initial target of 30 billion Singapore dollars that the bank set for 2025.
Minh Long – Translated by Phuong Linh
