BIDV and SP Group Collaborate on Green Initiatives
Hanoi, 6 February 2025 — Recently in Hanoi, Bank for Investment and Development of Vietnam JSC (BIDV) and SP Group (SP) signed a Comprehensive Cooperation Agreement, marking the beginning of a promising partnership between these leading corporations from Singapore and Vietnam.
Speaking at the signing ceremony, Mr. Tran Long, Deputy CEO of BIDV shared: “BIDV is delighted to partner with SP, a regional leader in sustainable energy solutions who is committed to Vietnam’s net-zero ambitions. Our partnership leverages the strengths of both parties to foster a sustainable future for Vietnam. In alignment with SP, BIDV pursues a strategy to position itself as a Green Bank, leading the market in ESG practices and sustainable finance, with the goal of becoming a Net-Zero Bank by 2045. By integrating our financing capabilities with SP’s expertise in sustainable energy, we aim to accelerate Vietnam’s decarbonization journey through investing in more renewable energy projects.”
Mr Brandon Chia, Managing Director of Southeast Asia & Australia, SP, said: “Our partnership with BIDV, a leading financial institution in Vietnam, is pivotal in enhancing our sustainable energy capabilities in Vietnam. This agreement marks a significant step forward in SP's commitment towards Vietnam’s sustainability objectives. With BIDV’s competitive financing solutions, we now have access to more options when expanding our sustainable energy solutions portfolio to advance the nation’s clean energy transition.”
Both parties expressed their commitment to establishing a strategic partnership to leverage each other's strengths and capabilities. BIDV and SP will jointly explore cooperation opportunities related to green projects, promoting each other's green strategies and fostering the development of a green economy. Furthermore, the collaboration is promised to contribute to the mutual prosperity of Vietnam and Singapore, while facilitating maximum access to the sharing of information about future cooperation development opportunities in Vietnam.
Kicking off the comprehensive cooperation agreement between SP Group and BIDV in December 2024, BIDV signed a financing contract for the Chu Ngoc project in Gia Lai – a project that was completed and COD in June 2019, with EVN committed to purchasing all electricity output under a PPA contract with a term of 20 years from the COD date and enjoying the FiT1 price (9.35 cents/kWh).
--Ends--
About SP Group
SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam.
As Singapore's national grid operator, about 1.7 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide.
Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region.
For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, Linkedln at spgrp.sg/linkedin and Instagram at spgrp.sg/lnstagram.
About BIDV
Established in 1957, BIDV is Vietnam's oldest commercial bank and consistently ranks as the largest in terms of total assets.
Recognizing the importance of sustainability early on, BIDV is the first credit constitution in the nation to issue the Sustainable Loan Framework and the Green Bond Framework which align with International Capital Market Association (ICMA) standards. They also pioneered the implementation of the ESMS Framework, the Sustainability-Linked Loans and the development of other solutions to support businesses in their decarbonization efforts. BIDV is committed to becoming the leading "Green Bank" and to contributing to the National Strategy on Green Growth for the period up to 2030, vision to 2050.
BIDV has also long been a trusted local bank partner for investors and FDI enterprises in Vietnam Their dedicated teams, fluent in English, Japanese, Korean and Chinese, possess a deep understanding of international business practices and cultures. Beyond traditional banking services, BIDV provides comprehensive support, including legal advisory on corporate investments, M&A acquisitions and develops tailored banking solutions to meet the diverse needs of their of FDI clients.
