Speaking at the signing ceremony, USAID Mission Director for Vietnam Aler Grubbs said that through this new MOU, USAID would collaborate with Standard Chartered Bank in Vietnam to facilitate financing for the private sector to develop Vietnam’s advanced clean energy. 

"This partnership is a model to expand collaboration with financial institutions and help accelerate the country’s goal of net-zero emissions by 2050,” he said.

Joining the event, SC Deputy General Director Nguyen Thuy Hanh said that the MOU with USAID is part of their commitment to support their clients and help them access sustainable financing and achieve net-zero goals. 

"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,” she said.

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