From 29 to 31 July, the EuroCham Vietnam Sustainable Finance Sector Committee (SFSC) conducted a series of high-level meetings with government authorities in Hanoi. The delegation, led by SFSC Chairman Giando Zappia, engaged with representatives from various ministries and agencies to discuss the development of sustainable finance in Vietnam.
The delegation met with officials from:
- The Ministry of Natural Resources and Environment’s (MONRE) Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE), represented by Director Nguyen Dinh Tho
- The Ministry of Finance’s (MOF) National Institute for Finance (NIF), represented by Deputy Director Le Thi Thuy Van
- The MOF’s Department of Banking and Financial Institutions, represented by Deputy Head of Division Hieu
- The Ministry of Natural Resources and Environment’s (MONRE) Department of Climate Change, represented by Deputy Director Nguyen Tuan Quang
- The Ministry of Planning and Investment’s (MPI) Foreign Investment Agency (FIA)
- The State Bank of Vietnam’s (SBV) Department of Credit for Economic Sectors, represented by Deputy Director Pham Thi Thanh Tung
The SFSC delegation comprised:
- Giando Zappia, SFSC Chairman, AQUILA.is President
- Nguyen Tung Anh, SFSC Board Member, and Senior Manager & Head of Sustainable Credit Risk Research at FiiNRatings
- Deep Sen, SFSC Board Member, and Head of Financial Services Segment, Corporate & Institutional Banking Group (CIBG) at Techcombank
- Betty Pallard, SFSC Member and Chief Visionary Officer Racine Quantum
- Van Nguyen, Head of EuroCham’s Hanoi Office cum External Relations Manager
- Ngoc Anh Pham, EuroCham’s Senior Sustainability Coordinator
Key topics discussed during the meetings included:
- ESG Disclosures and Taxonomy: The delegation inquired about the progress of Vietnam’s green taxonomy and explored ways to support the development of ESG standards for Vietnamese companies and financial institutions.
- Sustainable Corporate Finance: Discussions centred on incentive schemes for sustainability assurance services, similar to programs implemented in Singapore, Japan, Hong Kong, and Malaysia.
- Green Central Banking: The meetings addressed climate risk models, stress testing methodologies andways to promote adaptation finance.
- Carbon Market Development: The delegation discussed the mechanisms for carbon credit origination, verification, and trading, as well as the potential financial impacts on firms’ exports and greenhouse gas emission reduction targets.
- Sustainable Trade Finance: The delegation explored ways to incentivize banks to incorporate sustainability considerations in trade finance decisions.
- Foreign Investment in Sustainable Projects: Discussions with the MPI’s Foreign Investment Agency centred on attracting foreign investment into sustainable projects and potential incentives for green lending programs.
- Just Energy Transition Partnership: The expert analyzed the readiness of the local regulatory framework, the hindrances to adequate capital pricing, the obligations of EU Countries under the Paris Agreement.
Throughout the meetings, the SFSC offered to provide private sector inputs, support joint research projects, and facilitate capacity building. The committee aims to continue working closely with the Vietnamese government bodies to promote the growth of sustainable finance in the country.
The SFSC, established as the newest sector committee under EuroCham Vietnam, serves as a crucial platform for collaboration between various stakeholders in the financial sector. Its mission is to advocate for and promote the expansion of sustainable finance in Vietnam, bringing together a diverse group of entities including financial institutions, specialised service providers, industrial parks, and corporations.
