Standard Chartered will invest US$8 billion in Vietnam’s sustainable development in order to promote its green and sustainable growth, the bank’s chairman Jose Vinals told Vietnamese Prime Minister Pham Minh Chinh at a meeting in the United Kingdom on November 1.
PM Pham Minh Chinh meets with Standard Chartered Chairman Jose Vinals in the UK. (Photo: VNA)
Jose thanked Vietnam for supporting the bank’s operations in the country and affirmed that Standard Chartered is committed to maintaining its long-term operations there.
He proposed a number of cooperation areas in Vietnam, including insurance, trade, services and retail, as well as foreign direct investment attraction.
PM Chinh welcomed Jose’s proposals, saying the trend of sustainable development and green growth pursued by the bank is consistent with the general trend and Vietnam’s development policy.
However, he stressed the need to ensure fairness and justice in developing a green economy and adapting to climate change.
Vietnam has a low development level as it experienced past wars, and its industry grows more slowly than others, therefore it emits less greenhouse gas than developed countries.
In addition, as a developing country it has developed coal-fired power to run the economy. Therefore, Chinh expected developed countries share their technical know-how, provide financial assistance and train human resources for Vietnam in its clean energy transition.
Vietnam tries to do its best to develop a green economy and respond to climate change in a sustainable and long-term stable manner, he told Jose.
He briefed Jose on Vietnam’s economic restructuring efforts, noting that the government encourages foreign banks to get involved in restructuring domestic banks that perform poorly in terms of human resources, capital and management capacity.
According to the Government leader, Vietnam is making every effort to improve its investment and business environment, including promoting digital transformation in the banking sector in order to attract more foreign investment. It also aspires to cooperate in the field of insurance and build large financial centres in the three regions of the country.
The doors are wide open to all foreign investors when Vietnam has signed 17 bilateral and multilateral free trade agreements (FTAs) with 60 countries around the world, including the world’s largest economies and markets, Chinh assured Jose.
PM Chinh is in the UK for a working visit and the 26th UN Climate Change Conference (COP26).
