Aug 23, 2023: LPBank signed an agreement with EY Vietnam to build a Sustainable Development Roadmap

On August 23, 2023, at the Head Office in Hanoi, Lien Viet Post Joint Stock Commercial Bank (LPBank) and Ernst & Young Consulting Vietnam Joint Stock Company (EY) signed an Agreement on Consulting Services for Implementation of Sustainable Development, which affirms the bank’s suitable strategy in secure, effective, and sustainable development.

Attending the ceremony, on behalf of LPBank, were Mr. Ho Nam Tien – Vice Chairman of the Board of Directors cum CEO and Mr. Bui Thai Ha – Vice Chairman of the Board of Directors. On behalf of EY Company, were Mrs. Nguyen Thuy Duong – Chairwoman and Mr. Vo Quoc Khanh – Deputy General Director; along with other representatives of the senior management from the two organizations.

LPBank and EY signed the Agreement on Consulting Services for Implementation of Sustainable Development.

As a reputable financial institution with a network of branches and transaction offices across the country, LPBank has attached great importance to the integration of sustainable development into key strategies. Speaking at the ceremony, Mr. Ho Nam Tien, Vice Chairman of LPBank’s Board of Directors emphasized: “With the cooperation agreement signed with EY, we expect a report on the 3 pillars of Environment – Society – Governance (abbreviated as ESG Report) to meet international standards, reflecting LPBank’s unwavering commitment to values ​​and sustainable development steps, bringing benefits to the Bank, our staff and society at the same time. We believe that LPBank’s ESG indicators and reports are an important basis for international investors to consider to invest in the Vietnamese banking industry in general and LPBank in particular.”

Mr. Bui Thai Ha, Vice Chairman of LPBank’s Board of Directors, also shared that: “At LPBank, we are all well aware of the fact that the bank plays an important role in coordinating green capital sources and leading the development of sustainable finance. During the operation, we have been implementing many sustainable solutions such as deploying green credit programs/products, improving the working environment and supporting the community…”

The cooperation agreement with EY on sustainable development also focuses on communicating and training necessary knowledge about ESG for the Bank’s staff in order to gradually improve awareness and application of ESG in daily operations.

“Integrating ESG assessment into strategic planning, decision making, risk management and improving information disclosure quality is an inevitable trend for banking operations in the world in general and in Vietnam in particular. ESG is not only information disclosure but also a driving force to help to shape the business model of banks in the future towards more sustainable and stable development”, Ms. Nguyen Thuy Duong, Chairwoman of EY Vietnam company spoke at the Signing Ceremony.

ESG (Environmental – Social – Governance) is a set of standards to measure factors related to the sustainable development of an enterprise. The ESG provides a common framework for assessing impact and dependency of a business on environment and society, as well as the quality of its own governance.

This is an inevitable trend in the development policies of many countries around the world, including Vietnam, towards sustainable development. The Government of Vietnam has been participating in commitments aimed at sustainable development such as Sustainable Development Cooperation Framework (CF) for the period of 2022-2026, which orients the cooperation between the Government of Vietnam and United Nations in accelerating the progress towards the Sustainable Development Goals (SDGs)…

LPBank:

After 15 years of development, Lien Viet Post Commercial Joint Stock Bank – LPBank is one of the largest joint stock commercial banks in Vietnam with a charter capital of 17,291 billion VND, total assets exceeding 350,000 billion VND and especially has a large network with more than 1,200 transaction points in 63 provinces and cities.

On August 15, 2023, the international credit rating organization Moody’s Investors Service (Moody’s) continued to remain LPBank’s Long-Term Deposit and Long-Term Issuer ratings at B1 with a Stable Outlook. Previously, LPBank was also ranked 33th among 100 Most Valuable Brands in Vietnam 2023 by Brand Finance with the brand value of 248.84 million USD, the Brand rating index rated AA- and the Brand Strength Index scored 65,34 points.

EY Vietnam Consulting Joint Stock Company:

Ernst & Young Vietnam Company Limited (EY Vietnam) is a member of the global group EY Global Limited. EY Vietnam was established in 1992, and is the first enterprise with 100% foreign investment in auditing and consulting services in Vietnam.

Currently, EY is one of the world leading firms in terms of ESG consulting. According to Verdantix’s latest 2022 rankings, EY is ranked number one in ESG consulting due to high ratings for technological breakthroughs and significant contribution to supporting businesses and financial institutions during the process of transformation.