Michele Wee, CEO of Standard Chartered Bank Vietnam, delivered a speech at the event. — Photo courtesy of the bank

HCM CITY — Standard Chartered Bank Vietnam, in collaboration with Việt Nam Securities Depository and Clearing Corporation (VSDC), on Tuesday co-organised the annual Việt Nam National Market Practice Group 2023 – the 10th Working Group Meeting in HCM City.

The event brought together representatives from the Ministry of Finance, VSDC, executives and industry experts from custodian banks, securities companies, insurance, fund management companies and financial technology firms. The event highlights Việt Nam’s carbon emission trading market plan, ESG investment strategy, and emerging innovative technology shaping the future operating model in securities services.

Opening the meeting, Dr Nguyễn Sơn, Member in charge of Board member, VSDC said: “The annual Việt Nam National Market Practice Group Meeting 2023 is an important and meaningful event for the securities services industry. The increasingly diverse market members in terms of industry segments have contributed to affirming the importance of the National Market Practice Group to the Vietnamese market.”

Michele Wee, CEO of Standard Chartered Bank Vietnam, said: “Việt Nam is a high growth market for both high tech and sustainability - a key growth market in the world and certainly for Standard Chartered. We have been operating in Việt Nam for 119 years. Our commitment to Việt Nam is unwavering not only to continue to expand and grow our business but also to the growth agenda of this great country. Việt Nam has ambitions for High Growth, High Income, High Tech, Net Zero, Regional Hub and Global Supply Chain. We have contributed and will continue to contribute thought leadership, product and services in service of the nation to achieve its ambitions.”

Digitalisation is one of Standard Chartered key priorities. Francois Verlaine, Regional Head, Financing and Securities Services, ASEAN, and South Asia, Standard Chartered shared the view about Future Operating Models. He brought in the key trends impacting securities services industry, the challenges faced by Asset Managers and Asset Owners, and the various operating models being adopted, ranging from in-house application all the way to tokenisation of assets.

Lucy Palairet, Director, Carbon Market Development, Standard Chartered, presented the carbon markets development. In her view, beyond climate, voluntary carbon markets can also deliver critical socio-economic development while supporting the transition to a low carbon economy, but these additional co-benefits are often overlooked. Developing countries have much to gain from the development of carbon markets, which can be a source of much needed investment into mitigation and adaptation activities. Standard Chartered is leading the market’s development by championing key infrastructure as well as advocating for consistent governance standards that allow for integrity and scale. We welcome the latest developments within Việt Nam.

At the panel discussion on ESG investment strategy, panellists also had an interesting and interactive discussion around the experiences on ESG journeys, increasing the awareness of ESG investment at all levels, the challenges around integrating the ESG perspectives into the business and investment strategy, and related risks, from the perspective of the Buy Side.

Standard Chartered Bank Vietnam signed an MoU with the Ministry of Natural Resources and Environment (MoNRE) on tackling climate change and carbon market development in September 2022. The bank is partnering with MoNRE to work with GFANZ for Việt Nam JETP implementation. Moreover, the bank has been strengthening its leading position in the securities services space, servicing the first domestic ESG dedicated fund, contributing thought leadership, and investing in maximising the benefit of an end-to-end digital solution for our clients. — VNS