On April 16, the United States Mission to Vietnam announced the signing of a Memorandum of Understanding (MOU) between the United States Agency for International Development (USAID) and Standard Chartered Bank (Vietnam) Limited (SC), one of the leading financial institutions with a strong commitment to green financing and promoting the deployment of advanced clean energy in Vietnam.

Under this MOU, USAID will collaborate with SC to mobilize private sector investment in advanced energy systems such as rooftop solar, modernize utilities, and advance power trading. USAID support includes training, capacity development, transactional support, and matchmaking activities. 

“Through this new MOU, USAID will collaborate with Standard Chartered Bank in Vietnam to facilitate financing for the private sector to develop Vietnam’s advanced clean energy," said USAID/Vietnam Mission Director Grubbs. "This partnership is a model to expand collaboration with financial institutions and help accelerate the country’s goal of net-zero emissions by 2050."

“Our MOU with USAID is part of our commitment to support our clients and help them access sustainable financing and achieve net-zero goals," said Ms. Nguyen Thuy Hanh, Deputy General Director, Head of Corporate and Investment Banking, Standard Chartered Bank Vietnam. "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."

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