Standard Chartered Vietnam receives $60mln capital injection
New capital strengthens its commitment to Vietnam and business growth.
Standard Chartered Vietnam has announced a significant milestone in its commitment to Vietnam, with a substantial $60 million capital injection that underscores its unwavering dedication to the country and its long-term strategy of bolstering onshore business operations through FDI.
The bank’s commitment to excellence has been evidenced by winning a host of prestigious awards. It has been certified as a “Great Place to Work” by Great Place to Work®, the global authority on workplace culture, which is a testament to its dedication to creating a nurturing, positive, and inclusive working environment.
It was also named “The most outstanding foreign bank in Vietnam” by Vietnam Economic Times and “Best Foreign Bank in Vietnam” for two consecutive years by Global Business Review. Being “Best Retail Bank” from Retail Banker International and “Best Foreign SME Bank in Vietnam” from Global Business Outlook in 2023 came from it continuing to strengthen its capabilities in meeting the evolving needs of clients with cutting-edge technology, digitalization, and innovation in the provision of banking services.
The bank’s Corporate, Commercial and Institutional Banking (CCIB) business continues to support local companies to drive commerce and prosperity and expand internationally. Recognition from The Asset for excellence in Fund administration and Custody services and Consistent Excellence in the 2023 Global Custodian Agent Bank Survey for Vietnam reflects the bank’s dedication to delivering the best banking solutions and services to clients and its commitment to excellence in the industry.
Ms. Michele Wee, CEO of Standard Chartered Vietnam, said that despite the headwinds facing Vietnam in 2023, the medium-term outlook remains promising given the country’s economic openness and stability. “We have built a strong business here and aspire to take it to even greater heights,” she said. “Standard Chartered Vietnam is fully committed to supporting the country’s economic development and prosperity for years to come.”
Standard Chartered Vietnam is also known for driving the sustainability agenda and leading the way in sustainable development for its clients, authorities, and the broader economy. The bank is a fervent supporter of the Vietnamese Government’s ambitions, and looks to build on successes from COP26. Specifically, with regard to endeavors for a sustainable green future, Standard Chartered has signed three MoUs of up to $8.5 billion in sustainable financing for three Vietnamese businesses, to support their sustainability goals. The bank, together with all-encompassing stakeholder groups from the government to the private sector, has been executing different verticals of work under the Just Energy Transition Partnership (JETP) to deliver on collective ambitions to reach net-zero emissions by 2050.
With an increasing focus on helping clients decarbonize and transition, Standard Chartered expanded its sustainable finance asset book to over $13 billion in 2022, representing 30 per cent growth year-on-year. Per the bank’s Sustainable Finance Impact Report 2022, Vietnam has recorded over $50 million in renewable energy exposures and another $50 million in business banking loans supporting access to finance.
