The MoU will establish a five-year partnership to advance the country's goal of net-zero emissions by 2050.

USAID Mission Director for Vietnam Aler Grubbs, said: “Through this new MoU, USAID will collaborate with Standard Chartered Bank (Vietnam) Limited to support 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.”

Nguyen Thuy Hanh, deputy general director, head of Corporate and Investment Banking, Standard Chartered Bank Vietnam, added: “We believe that finance can enable and accelerate the just transition to net zero, towards a nature-positive economy. Our MoU with USAID is part of our commitment to supporting our clients and helping them access to 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.

USAID will collaborate with Standard Chartered to mobilise private sector investment in advanced energy systems such as rooftop solar, utility modernisation, and power trading. USAID support will be in the form of training, capacity development, transactional support, and matchmaking activities.

Standard Chartered will introduce to USAID projects and clients that may be suitable for the latter's programmes of providing technical and/or other support. The bank seeks out opportunities to provide sustainability-focused products and services in support of Vietnam’s clean energy transition including but not limited to financing arrangements, financial advisory services, bilateral loans, syndicated loans, and bond issuances for qualified projects.

Standard Chartered is a fervent supporter and aligned with the Vietnamese Government’s ambitions to be Net Zero by 2050.

With 120-year history in Vietnam, Standard Chartered’s core competence is to leverage and utilise its significant network to deliver FDI to Vietnam and to facilitate Vietnamese clients who want to expand into global markets to pursue growth ambition.

Under the Comprehensive Strategic Partnership, the US is a committed partner to Vietnam in advancing the country’s transition to a clean, secure, and market-based energy sector./.VNS