BIDV becomes Việt Nam’s first commercial bank accredited by the Green Climate Fund

BIDV becomes Việt Nam’s first commercial bank accredited by the Green Climate Fund

The recognition was approved at the 43rd GCF Board Meeting, marking a major milestone in BIDV’s journey towards sustainable finance and its leadership in green growth.

BIDV headquarters in Hà Nội. BIDV demonstrated both institutional strength and strong commitment to climate finance. Photo courtesy of the bank

The Bank for Investment and Development of Việt Nam (BIDV) has officially been accredited by the Green Climate Fund (GCF), becoming the first commercial bank in Việt Nam to gain direct access to the fund’s concessional climate finance for implementing green and climate-resilient projects.

The recognition was approved at the 43rd GCF Board Meeting, marking a major milestone in BIDV’s journey towards sustainable finance and its leadership in green growth.

BIDV began the accreditation process in 2023, undergoing a rigorous two-year evaluation that included bilateral working sessions with GCF and participation in key international forums such as the GCF Asia-Pacific Regional Dialogue (2023), COP28 in Dubai (2023) and the P4G Summit in Hà Nội (2024). The fund also conducted in-depth assessments of BIDV’s governance and sustainable finance management capacity.

Through this process, BIDV demonstrated both institutional strength and strong commitment to climate finance, meeting GCF’s stringent standards on financial integrity, environmental and social safeguards, and governance transparency.

“We are pleased to welcome BIDV as an Accredited Entity of the Green Climate Fund,” said Director of the GCF Investment Services Division Achala Abeysinghe. “This new partnership reinforces our commitment to collaborating with leading national banks and opens up new opportunities to expand access to climate finance in Việt Nam.”

As Việt Nam’s leading bank in promoting sustainable growth, BIDV has defined green growth as one of the three pillars in its strategic vision for a 'Larger, Stronger, Greener' future. The bank’s green transition strategy is structured around three dimensions: mobilising and providing green capital for low-carbon projects, advancing green transformation within its own operations through energy efficiency and emissions reduction and supporting customers and partners in their sustainability journeys.

With access to concessional funds from the GCF, BIDV will be able to provide preferential loans to renewable energy and climate adaptation projects, helping accelerate Việt Nam’s green transition and climate resilience efforts.

“This accreditation marks a significant milestone in BIDV’s sustainable development journey,” said BIDV CEO Lê Ngọc Lâm. “As an Accredited Entity of the GCF, BIDV can leverage international climate finance to support renewable energy, enhance climate resilience, foster green innovation and contribute to a just transition across industries, while improving the livelihoods of vulnerable communities.”

As of September 30, BIDV’s green credit portfolio exceeded VNĐ81 trillion, supporting 1,623 clients and 2,143 projects and accounting for 3.7 per cent of its total outstanding loans. The bank currently holds the largest market share of green credit in Việt Nam, underscoring its pivotal role in driving the country’s sustainable finance agenda and advancing national green growth goals. 

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