USAID and Standard Chartered Bank join forces to promote clean energy in Vietnam

The United States Mission to Vietnam announced a significant step forward in Vietnam’s journey towards a greener future with the signing of a Memorandum of Understanding (MOU) between the United States Agency for International Development (USAID) and Standard Chartered Bank (Vietnam) Limited (SC). This partnership, signed by USAID Mission Director for Vietnam Aler Grubbs and SC Deputy General Director Nguyen Thuy Hanh, marks a pivotal five-year collaboration aimed at propelling Vietnam’s ambition of achieving net-zero emissions by 2050.

In his remarks, USAID/Vietnam Mission Director Grubbs emphasized the importance of this partnership in facilitating financing for the private sector to spearhead Vietnam’s advanced clean energy initiatives. He highlighted the MOU as a model for expanding collaboration with financial institutions to accelerate the nation’s ambitious net-zero emissions goal.

Echoing this sentiment, Nguyen Thuy Hanh, Deputy General Director of Standard Chartered Bank Vietnam, expressed the institution’s dedication to supporting clients in accessing sustainable financing and achieving net-zero targets. She affirmed SC’s commitment to working closely with clients and partners to contribute to Vietnam’s sustainable development through access to finance where it is most impactful.

Under the terms of the MOU, USAID and SC will collaborate to mobilize private sector investment in advanced energy systems, including rooftop solar, utility modernization, and power trading. USAID’s support will encompass various initiatives such as training, capacity development, transactional support, and matchmaking activities.

This partnership underscores the United States’ commitment to Vietnam’s transition to a clean, secure, and market-based energy sector, aligning with the shared priorities under the Comprehensive Strategic Partnership between the two countries. As Vietnam continues to prioritize sustainability and environmental stewardship, collaborations like these are essential for driving tangible progress towards a greener and more prosperous future.