According to Dong Yi
Investing.com – On November 2, Vietnam Maritime Commercial Joint Stock Bank (HM:) and Dutch Commercial Development Bank (FMO) signed a letter of intent for medium- and long-term loan cooperation under the witness of the Prime Minister of Vietnam. The Dutch delegation was present, and leaders of the two countries’ ministries and enterprises agreed 300 representatives attended.
Through this collaboration, FMO and the Dutch Fund for Climate and Development (DFCD) plan to provide financing of up to US$100 million with a term of up to nine years, aimed at financing small and medium-sized enterprises (SMEs) and green projects. In addition, FMO will also consider supporting MSBs to improve and upgrade their environmental and social risk management systems to meet higher international standards.
At the same time, with the technical support of international partners, MSB expects to promote the development of credit products, not only green credit, but also credit products related to “sustainable” standards.
This capital raise demonstrates MSB’s ability to meet and commit to environmental and social (E&S) standards and the bank’s direction in increasing the importance of environmental and social factors.
In terms of green credit, the bank plans to focus on areas such as renewable energy, climate change prevention, and low-carbon emission technologies. Starting from June 1, 2023, MSB has integrated the environmental and social risk management process into the credit approval process.
An MSB representative said: “Signing a letter of intent for medium- and long-term loan cooperation with FMO is an important milestone for MSB’s operations as we have more resources to advance strategic business areas. We hope that in the future, MSB will have the opportunity to gain access to well-known organizations around the world. Multiple sources of funding, contribute to promoting cooperative relations between Vietnam and other countries, and work together. Net emissions will be zero by 2050.”
This cooperation with FMO reaffirms MSB’s market position and is an important step in helping the bank move closer to international standards and achieve sustainable development in the field of credit, especially green credit.