HSBC Vietnam launches “Green Loans” for rooftop solar

HSBC Vietnam has launched a new loan program for homeowners in both Ho Chi Minh City and Da Nang to buy and install rooftop solar panels. Created in a collaboration with GIC Investment Joint Stock Company (GIC), the new loan product is a simple and affordable way for existing HSBC customers to power up their house with solar energy, reducing the cost of monthly electricity bills by leveraging on an unlimited energy source, easing the national power supply and contributing to a more sustainable future of the country.

GIC provides various rooftop solar energy systems that are manufactured and certified according to European Union quality standards with 12-year product warranty and 25-year performance warranties.

According to HSBC, successful applicants, who are existing HSBC Vietnam’s customers and have an intention to install a rooftop solar energy system for their landed house in Danang and Ho Chi Minh City, can receive financing while enjoying HSBC’s lowest unsecured loan variable interest rates of 11.99% to 12.99%.

HSBC wants to help homeowners become “Green”

HSBC spokesman, Phuong Tien Minh, said: “It’s more essential than ever that economic growth strives to achieve maximum sustainability and in that regard we acknowledge our role to accompany customers in this development process. HSBC Vietnam is delighted to enter a partnership with GIC, which shares our passion for promoting clean energy and green solutions in Vietnam. Over the last six months, we have been working closely with each other to devise a quality lending program that we believe can really make a difference.”

Le An Khang – Chairman of GIC said about the tie-up with HSBC that, “More and more Vietnamese are increasingly aware that using solar energy is more sustainable and they are willing to invest in this system. But for homeowners, the big question has always been: “Can I afford this?” That’s why we are so excited to join hands with HSBC Vietnam to create this ‘Green Loan’ product.”

The new lending product is in line with the HSBC’s global commitment to sustainable finance. In 2017, it announced plans to provide US$100 billion of sustainable financing and investment by 2025.

With power demand projected to increase by 8 per cent annually in 2021-31, Vietnam needs 60,000MW of installed capacity by 2020, 96,500MW by 2025 and 129,500MW by 2030. The Vietnamese government has been creating and developing a variety of renewable energy projects across the country to ensure energy security and address this growing demand.

Widespread use of solar panels in residential areas through the country would help ease the strain on the national power grid in Vietnam as well as positively impact the environment and boost climate resilience.