Within the 28th United Nations Climate Change Conference (COP28), leading global banks and financial institutions signed nine agreements to help Vietnam secure financial resources for its lower carbon journey on December 1.

Representatives of Standard Chartered Vietnam and SOVICO Group sign agreement at COP28 in the attendance of Prime Minister Pham Minh Chinh. Photo: Duong Giang/VNA

The deals were inked in a session titled “Mobilizing Finance to Achieve Vietnam’s Commitment on Climate Change” co-chaired by Vietnam’s Prime Minister Pham Minh Chinh and CEO of Standard Chartered Bill Winters at Vietnam Pavilion in Dubai.

At the event attended by EC President Ursula von der Leyen, British Prime Minister Rishi Sunak, and other high-ranking officials, Prime Minister Chinh said Vietnam needs finance, infrastructure, technologies, governance, and human resources to make the climate goals possible.

The country, accordingly, has taken specific plans since it announced the net zero commitments at COP26 in Glasgow in 2021 by updating the Nationally Determined Contributions (NDCs) in 2022; approving the National Power Development Plan VIII (PDP8); the National Energy Plan among others.

Vietnam has also launched a program to develop one million ha of low-emission, high-quality rice in the Mekong Delta by 2030, the world’s only green food production program to date.

During the talks, Chinh called on international partners, development funds, and financial institutions to support the Government of Vietnam in its low-carbon path while stressing the importance of the public-private partnership (PPP) in green projects; refining regulations; improving infrastructure; and bettering governance.

In December 2022, Vietnam, in partnership with the International Partners Group (IPG), announced an ambitious Just Energy Transition Partnership (JETP) that would quickly accelerate the country’s path to decarbonization.

Prime Minister Pham Minh Chinh and CEO of Standard Chartered Bill Winters at Vietnam Pavilion on December 1. Photo: VGP

The deals include that between Standard Chartered Vietnam and SOVICO Group on environmental, social, and governance (ESG) and the arrangement of US$2 billion for the Vietnamese multisector conglomerate’s green projects; a memorandum of understanding (MOU) on cooperation between the World Economic Forum (WEF) and Ministry of Natural Resources and Environment; the Asian Development Bank (ADB) and Bank for Investment and Development of Vietnam (BIDV); MOU on cooperation between Standard Chartered and The GREEN Solutions; MOU on cooperation between Standard Chartered and GuarantCo; MOU between Standard Chartered and BIDV; MOU between Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and Japanese MUFG Bank; MOU between Standard Chartered and PAN Group; and MOU between US Honeywell and The GREEN Solutions.