HSBC commits $12 billion to support Việt Nam’s energy transition

HSBC commits $12 billion to support Việt Nam’s energy transition

Out of a total $12 billion financial commitment for energy transition projects in Việt Nam, HSBC has so far executed transactions accounting for approximately 22 per cent.

Deputy Minister of Industry and Trade Nguyễn Hoàng Long, Co-CEO of HSBC Asia-Pacific Rosha Surendra and CEO of HSBC Việt Nam Tim Evans at the working session. — Photo baokiemtoan.vn

HSBC recently reaffirmed its commitment to supporting Việt Nam’s energy transition with a pledged financial package of up to US$12 billion for energy projects.

Currently, HSBC has disbursed about 22 per cent of its total committed financial package in ongoing transactions.

This information was shared by HSBC executives during a working session between Deputy Minister of Industry and Trade Nguyễn Hoàng Long, Co-CEO of HSBC Asia-Pacific Rosha Surendra and CEO of HSBC Việt Nam Tim Evans.

HSBC representatives also highlighted the bank’s recent cooperation efforts, particularly its financial support for key renewable energy projects in Việt Nam.

Responding to HSBC’s interest in the revised Power Development Plan VIII, Long said that the Ministry of Industry and Trade is finalising the plan and will soon submit it to the Prime Minister for approval. 

Under this plan, Việt Nam’s onshore and nearshore wind power capacity is expected to reach between 26,066MW and 38,029MW by 2030.

He shared that this target is based on Việt Nam’s vast potential for renewable energy, particularly offshore wind power, positioning the country as a regional hub in the sector.

Renewable energy plays a crucial role in attracting foreign direct investment into Việt Nam, as global investors are increasingly interested in the commitment to reduce emissions, use clean energy and meet low-carbon production standards.

HSBC representatives echoed this view, stating that Việt Nam has significant ample room for renewable energy development and reaffirming their strong commitment to financing renewable energy projects in the coming years. 

Bizhub