New capital strengthens Standard Chartered's commitment to Vietnam and business growth (Photo: VietnamPlus) Hanoi (VNA) – Standard Chartered Vietnam has announced a substantial 60 million USD capital injection, marking a significant milestone in its commitment to Vietnam and its long-term strategy of bolstering onshore business operations through foreign direct investment.
Michele Wee, CEO of Standard Chartered Vietnam, said: “Despite the headwinds facing Vietnam in 2023, the medium-term outlook remains promising given the country’s economic openness and stability. We have built a strong business here and aspire to take it to even greater heights.”
“Standard Chartered Vietnam is fully committed to supporting the country's economic development and prosperity for years to come," she said.
Standard Chartered Vietnam is also known for driving a sustainability agenda and leading the way in sustainable development for its clients, authorities and the broader economy.
The bank is a fervent supporter of the Vietnamese Government’s ambitions, and looks to build on successes from COP26.
Specifically, with regard to endeavours for a sustainable green future, Standard Chartered signed three Memorandums of Understanding worth up to 8.5 billion USD in sustainable financing for three Vietnamese businesses to support their sustainability goals.
The bank, together with all-encompassing stakeholder groups from the Government to the private sector, have been executing the different verticals of work under the Just Energy Transition Partnership (JETP) to deliver on collective ambitions to reach net-zero emissions by 2050.
Standard Chartered Vietnam is also known for driving a sustainability agenda and leading the way in sustainable development for its clients, authorities and the broader economy. (Photo: VietnamPlus)
With increasing focus on helping clients to decarbonise and transition, Standard Chartered has expanded its sustainable finance asset books to over 13 billion USD in 2022, representing a 30% growth year on year.
According to the bank’s Sustainable Finance Impact Report 2022, Vietnam has recorded over 50 million USD in renewable energy exposures and another 50 million USD in business banking loans supporting access to finance.
Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business across the country.
In late 2021, it announced an additional 120 million USD of Tier 1 capital injection in the Vietnam franchise. In 2022, the bank opened a new headquarters in Hanoi, reinforcing its strong and long-term investment commitment in Vietnam.
The investment in more resources and infrastructure in the bank's local franchise aims to better serve its clients and deliver solutions that enable customer choice and access to the best and most innovative solutions to both private and public sectors.
As one of the first foreign banks to establish a presence in Vietnam since 1904, Standard Chartered will celebrate 120 years of operation in Vietnam next year, affirming its long-term investment and commitment in the country.
Standard Chartered leaders assess that Vietnam's economic prospects in the medium term are still very positive as the economy continues to maintain stability and implement an open-door policy. (Photo: VietnamPlus)
The bank’s commitment to excellence has been evidenced by winning a host of prestigious awards. It has been certified as a “Great Place to Work” by Great Place to Work®, the global authority on workplace culture, which is a testament to its dedication to creating a nurturing, positive, and inclusive working environment.
It was also named “The most outstanding foreign bank in Vietnam” by Vietnam Economic Times and “Best Foreign Bank in Vietnam” for two consecutive years by Global Business Review. Being “Best Retail Bank” from Retail Banker International and “Best Foreign SME Bank in Vietnam” from Global Business Outlook in 2023 came from it continuing to strengthen its capabilities in meeting the evolving needs of clients with cutting-edge technology, digitalisation, and innovation in the provision of banking services./.
