The Duy Tan Plastics Corporation and HSBC Vietnam on July 8 signed a green credit deal to build a factory producing renewable plastics.

At the signing ceremony (Photo: bizlive.vn) 

Some US$60 million will be allocated in the first phase of the project.

This is the first green credit from HSBC to a Vietnamese company, sourced from US$100 billion the bank has committed to sustainable investment around the world to 2025.

Stephanie Betant, Country Head of Wholesale Banking at HSBC Vietnam, said the deal between HSBC and Duy Tan aims to reach the shared goal of sustainable financial growth in Vietnam.

Le Anh, Marketing Director at Duy Tan, said the factory, which will have an estimated capacity of producing 100,000 tonnes of products per year, will be the first in Vietnam to apply “bottles to bottles” renewable technology.

The green loan is being implemented in tandem with the national strategy on green growth of the Vietnamese Government and the green bank development plan of the State Bank of Vietnam.