HSBC Vietnam provides loan to Gemadept

May 28, 2024 - 21:19
HSBC Vietnam and Gemadept Joint Stock Company signed a Sustainable Linked Loan agreement to help boost green development yesterday.
Nguyen Thanh Binh, General Director of Gemadept, presented flowers to Surajit Rakshit, Head of Global Trade and Receivables Finance of HSBC , after inking the deal. — Photo of courtesy of HSBC

HCM CITY — HSBC Bank (Vietnam) Ltd. (HSBC Vietnam) and Gemadept Joint Stock Company (Gemadept) signed a Sustainable Linked Loan agreement yesterday as part of a strategy to access green capital for sustainable development.

This is the next step in logistics company Gemadept's development plans, also serving to reaffirm HSBC Vietnam’s role and efforts in supporting Vietnamese businesses to become more sustainable.

Port exploitation and logistics - Gemadept's specialty - are also key for sustainable development, acting as an important bridge in domestic and global trade.

The potential of the industry is highlighted by the continuous growth of imports and exports in recent weeks, demonstrated by a 15.5 per cent increase of total import and export turnover in the first quarter of 2024.

This deal marked the first sustainable linked loan that HSBC successfully arranged for a Vietnamese enterprise in ports and logistics. To achieve this facility, Gemadept has gone through HSBC's credit management and approval process on sustainable finance, as well as building KPIs in its green and sustainable development strategy.

Gemadept will complete measurements of its ports and report on Scope 1, 2 and 3 GHG emissions, certified by Vinamarine Green Port Standards and set by the Vietnam Marine Division.

This sustainable linked loan marks a new chapter for both organisations’ strategic cooperation. — VNS