Central bank approves project on green bank development

The State Bank of Vietnam (SBV) has recently issued Decision No.1604/QD-NHNN on approving a project on green bank development.
Central bank approves project on green bank development ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) hasrecently issued Decision No.1604/QD-NHNN on approving a project on green bankdevelopment. 

The project aims to raise the banks’ awareness and socialresponsibility for environment protection and climate change prevention, gearcapital flows into eco-friendly projects, and promote green production,services and consumption, towards boosting green growth and sustainabledevelopment.

Accordingly, all banks will strive to issue regulations onenvironment and social risk control by 2025. At least 10 -12 banks will havespecialised units on environment and social risk control while 60 percent of thebanks will access loans used for green projects.

The SBV will issue guidelines on developing green banks andcredit, provide them with incentives such as preferential loans frominternational organisations and development partners.

The scheme suggests measures encouraging economic benefits topromote cashless payment on the back of technological advances amid the fourthindustrial revolution.

Credit organisations were asked to build a strategicframework on green banks depending on their business orientations, marketsegment, target products and clients, capacity and strength, which must bereported to the SBV.

The review of the effort will be conducted annually.-VNA
VNA

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