Executives of Vietnamese banks pose for a photo with the founding members of the Alliance for Green Commercial Banks. (Source: VNA)

Four Vietnamese commercial banks have joined the International Finance Corporation’s (IFC) Alliance for Green Commercial Banks, a global platform designed to drive sustainable finance and promote green banking practices in emerging markets.

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), Orient Commercial Joint Stock Bank (OCB), Vietnam Maritime Commercial Joint Stock Bank (MSB) and Vietnam Prosperity Joint Stock Commercial Bank (VPBank) are among 20 institutions selected for the alliance’s first cohort. Together, these members represent more than 5.6 trillion USD in assets.

The alliance serves as a platform for banks committed to embedding sustainability in their strategies while financing the transition to low-carbon, resilient and inclusive economies. Its activities cover renewable energy, energy efficiency, sustainable transport, climate adaptation and nature-based solutions.

In Asia, the programme is supported by the Hong Kong Monetary Authority, with Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC and Standard Chartered named as its Cornerstone Banks. Knowledge Partners such as the CFA Institute, Renewables Academy, and the UN Environment Programme also provide expertise and market insights.

Allen Forlemu, IFC Regional Industry Director for Asia Pacific’s Financial Institutions Group, said the alliance represents a new level of commitment among banks to sustainable finance.

“It is more than a network – it is a community of committed institutions working together to close the climate finance gap and place emerging markets at the forefront of sustainable growth,” he said.

The alliance’s inaugural members span eight markets, including France, China, Indonesia, the Philippines, Thailand, Cambodia, Vietnam and Laos. Their participation is expected to expand access to advisory services, financing solutions and knowledge-sharing opportunities, supporting the region’s transformation towards greener economies.