Hanoi (VNA) – The State Bank of Vietnam (SBV) hasrecently issued Decision No.1604/QD-NHNN on approving a project on green bankdevelopment.
The project aims to raise the banks’ awareness and socialresponsibility for environment protection and climate change prevention, gearcapital flows into eco-friendly projects, and promote green production,services and consumption, towards boosting green growth and sustainabledevelopment.
Accordingly, all banks will strive to issue regulations onenvironment and social risk control by 2025. At least 10 -12 banks will havespecialised units on environment and social risk control while 60 percent of thebanks will access loans used for green projects.
The SBV will issue guidelines on developing green banks andcredit, provide them with incentives such as preferential loans frominternational organisations and development partners.
The scheme suggests measures encouraging economic benefits topromote cashless payment on the back of technological advances amid the fourthindustrial revolution.
Credit organisations were asked to build a strategicframework on green banks depending on their business orientations, marketsegment, target products and clients, capacity and strength, which must bereported to the SBV.
The review of the effort will be conducted annually.-VNA
The State Bank of Vietnam (SBV) issued a rule that would push up green credit and environmental risk management in the credit-granting process so it could implement the National Action Plan on Green Growth.
Experts and commercial banks said SBV's decision helped create a level playing field for green credit growth. Green banking is controlled by the same authorities as regular banking, but takes more care to assure its actions benefit the country's environment, society and natural resources.
In a recent seminar on green credit and banking, Nguyen Thi Kim Thanh, head of the SBV's Banking Strategy Institute, said the banking sector had contributed to the country's socio-economic development by playing the role of financial broker and promoting growth.
Incentives are needed to encourage small- and medium–sized enterprises (SMEs) to join green growth projects, said Hoang Thi Hong, Director of the SMEDF under the Ministry of Planning and Investment.
The Communist Party and the Government of Vietnam have since long ago integrated green economy in their guidelines and policies, which have been turned into actions by sectors and local administrations.
Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh has underscored the decisive role of banking sector in economic shifting via targeting capital flows into sustainable development goals.
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Illustrative image (Source: VNA) 
