Want to be in the loop?
subscribe to
our notification
Business News
BANKS LEND SIGNIFICANT AMOUNTS TO GREEN PROJECTS
Many banks have recently poured thousands of billions of Vietnamese dong into green projects.
One example, BIDV has launched a credit package of up to 10 trillion VND for enterprises to invest in new green projects, to expand such kinds of projects or renovate existing projects into green ones.
By participating in the package, enterprises can access preferential loan interest rates, receive quick and timely disbursement, and get consulting support from a team of competent experts. The package will last until December 31, 2025.
Previously, BIDV also launched a green credit package of 4.2 trillion VND specifically for textile and garment enterprises to participate in the green transition process.
TPBank recently announced a credit package of up to 5 trillion VND exclusively for enterprises with green plans and projects. Notably, the bank applies a zero percent interest rate in the first three months for renewable and clean energy projects, transportation, agriculture, sustainable water and waste management, and green construction and real estate.
TPBank implements this policy to fulfill its commitment to environmental risk management and its role in financing the transition to a sustainable and low-carbon economy.
At VietinBank, 5 trillion VND is also allocated to a green finance programme named Green UP to provide capital for projects and plans that benefit the community and society.
Meanwhile, MSB has recently implemented a green credit package of 3 trillion VND with competitive interest rates to finance business capital needs and accompany enterprises in sustainable growth.
Previously, ACB also launched a 2 trillion VND green and social credit package with many incentives for enterprises with production and business plans that benefit the environment and society.
In addition to the above credit packages, many other commercial banks, such as Agribank, MBBank, HDBank, and Nam A Bank, have incentive credit programmes for green enterprises and projects.
According to the State Bank of Vietnam (SBV), the green outstanding loans in the banking system achieved an average growth rate of more than 22% per year in the 2017-2023 period. As of the end of March 2024, 47 credit institutions reported a total green outstanding loan of more than 636.96 trillion VND, accounting for about 4.5% of the total outstanding loan of the entire economy.
The SBV recently issued Decision No 1663/QD-NHNN, which aims to make it easier to access green capital for green projects. Under the decision, the SBV requires all credit institutions to participate.
According to the Deputy Director of the SBV’s HCM City Branch, Nguyen Duc Lenh, the requirement to develop green banking and green credit is not only the task of commercial banks, but also the task of all credit institutions, including non-bank credit institutions including finance companies, financial leasing companies and people's credit funds. This helps to enhance the responsibility and initiative of the entire credit institution system in developing green credit.
Source: VIR
Related News
HCMC TARGETS 40% HIGH-TECH CONTRIBUTION TO GRDP BY 2030
HCMC has set an ambitious target for high-tech industries to account for 40% of its gross regional domestic product (GRDP) by 2030, said Phan Van Mai, chairman of the HCMC People’s Committee. Speaking at the Friendship Dialogue 2024, themed “Industrial Transformation: Experiences and Priorities in Development Cooperation,” today, September 24, Mai emphasized the importance of shifting from traditional industries to high-tech and high value-added sectors.
FOREIGN INVESTORS KEEN ON LNG INFRASTRUCTURE IN VIET NAM
Many foreign investors, particularly from the US, have expressed interest in investment opportunities in Việt Nam’s liquefied natural gas (LNG) infrastructure market to meet the country's energy needs.
MANY BANKS STOP TRANSACTIONS OF ATM MAGNETIC CARDS
According to Sacombank, it stopped issuing new magnetic cards in 2017 and encouraged customers to switch to chip cards. At the same time, the bank has gradually removed magnetic cards that were unused or had very few transactions since 2019, when the State Bank of Vietnam issued a set of basic standards for domestic chip cards.
VIETNAM’S DIGITAL INDUSTRY REVENUE SOARS IN JAN-SEP
Vietnam’s digital industry has stayed on its high growth path, with revenue hitting a record US$118 billion so far this year, rising by 17.78% against the same period last year. The data was announced by Nguyen Khac Lich, director of the Authority of ICT Industry and Communications under the Ministry of Information and Communications, at the recent Top 10 Vietnam Digital Technology Companies award ceremony.
EXPORTS TO SINGAPORE SOAR NEARLY 60% IN AUGUST
Vietnam’s exports to Singapore surged by 58.4% to around S$876.3 million in August, marking the highest level since late 2022, according to Vietnam’s trade office in Singapore. This sharp growth has positioned Vietnam as Singapore’s 18th largest export partner.
VIETNAMPLAS - THE 22ND VIETNAM INTERNATIONAL PLASTICS & RUBBER INDUSTRY EXHIBITION
VietnamPlas is a well-known procurement and trade platform for the Vietnam plastics and rubber industry. This year, the 22nd VietnamPlas has once again expanded in scale! For the first time, it is collaborating with 630 leading exhibitors from 22 countries and regions, introducing more innovative technologies and driving continuous growth and development in the industry.