Four Vietnamese banks join $5.6 trillion green finance alliance

Four Vietnamese banks join $5.6 trillion green finance alliance

Four Vietnamese banks have joined the Alliance for Green Commercial Banks, signalling a major step in advancing sustainable finance in the country.

HDBank, OCB, MSB, and VPBank are now part of the International Finance Corporation’s (IFC) Alliance for Green Commercial Banks, which brings together 20 member institutions collectively managing more than $5.6 trillion in assets. The move is seen as a key milestone in accelerating green banking practices across emerging markets in Asia-Pacific by combining international standards with innovative, sustainable business models.

The Alliance is a curated, by-invitation platform that convenes commercial banks committed to embedding sustainability into their core strategies while financing the transition to low-carbon, resilient, and inclusive economies. It promotes the full spectrum of green financing – covering renewable energy, energy efficiency, sustainable transport, sector-wide transitions, climate adaptation, nature-based solutions and circular economy – to accelerate the transformation of banking in emerging markets towards sustainable and resilient growth.

As part of this selective, peer-to-peer community, members learn, connect, and lead through an action-oriented model that promotes best practices in green banking and supports their transformation journey. Leveraging its network of leading institutions, the Alliance facilitates access to specialised advisory and financing to help them scale solutions for climate mitigation, adaptation, and environmental opportunities across key sectors such as energy, transport, agriculture, and urban development.

Representing eight markets, the inaugural members make up a diverse mix of leading institutions recognised for their market leadership, innovation, and commitment to sustainability. They come from France, China, Indonesia, the Philippines, Thailand, Cambodia, Vietnam and Laos.

"This inaugural cohort reflects the increasing commitment and leadership of commercial banks in green finance," said Allen Forlemu, IFC regional industry director, Financial Institutions Group, Asia-Pacific. "The Alliance is more than a network – it is a community of committed institutions working together to transform finance, close the multi-trillion-dollar climate finance gap, and position emerging markets at the forefront of sustainable economic growth."

The Alliance’s work in Asia is anchored by the Hong Kong Monetary Authority with Bank of China, Citi, Crédit Agricole CIB, HSBC, and Standard Chartered as five Cornerstone Banks. A broad group of Knowledge Partners – including CDP, CFA Institute, Convergence Blended Finance, Climate Capital Asia, Renewables Academy, and the United Nations Environment Programme – provides expertise, networks, and market insights to help accelerate the growth of green finance.

VIR