In a move aimed at accelerating Vietnam’s transition to a greener economy, the United States Agency for International Development (USAID) and Standard Chartered Bank (Vietnam) Limited have inked a groundbreaking Memorandum of Understanding (MOU). The agreement, signed today, signals a five-year commitment to spearhead investments in advanced clean energy initiatives across Vietnam.
At the heart of the partnership lies a shared vision to propel Vietnam towards its ambitious goal of achieving net-zero emissions by 2050. USAID Mission Director for Vietnam, Aler Grubbs, and SC Deputy General Director, Nguyen Thuy Hanh, formalized the agreement, marking the dawn of a transformative alliance.
Commenting on the partnership, Aler Grubbs expressed optimism, stating, “Through this new MOU, USAID will collaborate with Standard Chartered Bank in Vietnam to facilitate financing for the private sector to develop Vietnam’s advanced clean energy. This partnership is a model to expand collaboration with financial institutions and help accelerate the country’s goal of net-zero emissions by 2050.”
Echoing this sentiment, Nguyen Thuy Hanh emphasized the bank’s commitment to supporting clients in accessing sustainable financing and achieving net-zero goals. “Our MOU with USAID is part of our commitment to support our clients and help them access sustainable financing and achieve net-zero goals. We will continue to work closely with our clients and our partners to provide access to finance to where it matters most and to contribute to the sustainable development of Vietnam,” said Hanh.
Under the terms of the MOU, USAID and SC will collaborate to mobilize private sector investments in cutting-edge energy systems, including rooftop solar installations and utility modernization. USAID’s support will encompass a range of initiatives, including training, capacity development, and transactional support.
This landmark partnership underscores the United States’ unwavering commitment to supporting Vietnam’s transition to a clean, secure, and market-based energy sector. It serves as a testament to the power of international cooperation in addressing pressing environmental challenges and propelling sustainable development.
The collaboration between USAID and Standard Chartered Bank Vietnam marks a pivotal moment in Vietnam’s journey towards a more sustainable future, heralding a new era of clean energy investments and environmental stewardship.