Vietnam’s journey to sustainable growth and innovation

Standard Chartered Vietnam’s CEO brings her global expertise and local understanding to drive the country’s next chapter of sustainable growth and innovation.

January 21, 2025

8 mins

Corporate & investment banking

After a career that has closely mirrored Vietnam’s remarkable growth story, Nguyen Thuy Hanh is now excited to partner with leading economic players to further consolidate these gains, benefitting the country’s large and aspirational population.

As she takes up her role as CEO and Head of Banking & Coverage, Corporate and Investment Banking for Standard Chartered Vietnam, Hanh arrives at a momentous time. “2024 marked an important milestone in Standard Chartered’s development journey in Vietnam, as the Bank celebrates 120 years in the country,” says Hanh. “And we remain committed to fostering growth, innovation, and sustainable development for the country.”

A transformed economy forges forward

Vietnam’s resilience has made it one of the world’s most compelling economic transformations. Since opening its economy nearly three decades ago, it quickly became an attractive destination for foreign direct investment, especially export-oriented FDI, which has driven higher manufacturing exports. Over the past 10 years, the country’s economy has recorded an average real GDP growth of 6.1 per cent.

“Vietnam has in recent decades posted consistently high growth rates, even in the face of periodic challenges including large trade deficits and high inflation,” says Hanh. “This transformation into a thriving upper middle-income economy is a powerful testament to the potential we are committed to.”

As the leader for client coverage and product teams with a focus on driving growth for the bank’s clients, people, shareholders, and communities, Hanh recognises the role that she and her team can play in further boosting this ongoing success story.

“Banking is considered the lifeblood of the economy, and its activities cover all socio-economic activities, closely associated with the movement of the entire economy,” she says. “The banking sector plays an important role in promoting the sustainable development of the economy through the provision of its products and services.”

Achieving growth in an inclusive and sustainable manner will be key for Vietnam’s young and aspirational population of 101 million people to reap the benefits. To this end, Standard Chartered has been working actively with the Ministry of Natural Resources and Environment (MONRE), Ministry of Industry and Trade (MoIT), and other government bodies to execute the Resource Mobilisation, helping the GFANZ Working Group, International Partners Group (IPG), and the Vietnam government to mobilise and facilitate at least USD 7.75 billion in private finance.

Building a sustainable economy

Standard Chartered has deep expertise in sustainable finance and works in close partnership with clients across different industries such as renewable energy, manufacturing, logistics, and agriculture to support them on their sustainability journey. As Hanh explains, the Bank has an extensive suite of sustainable finance products designed to meet the evolving demand of today’s market and provides ESG and transition finance advisory services to help clients across sectors transition to more sustainable operations. “It is our desire to be a catalyst for socio-economic development,” she notes.

This means leveraging the company’s deep understanding of the market to support key initiatives that can help drive the growth of sustainable financing in Vietnam. “By collaborating with our clients and partners, we are committed to fostering a more inclusive approach to sustainable finance – working together with all market participants toward achieving Vietnam’s 2050 net zero target.”

The SEA 2024 Green Economy Report – jointly produced by Bain & Company, GenZero, Standard Chartered and Temasek – recently noted that ‘Vietnam has made notable progress to date in its energy transition and now has an immense potential to further accelerate and grow its green economy.’ The country now ranks 16^th out of 50 in Asia in the Green Economy Index, with a ‘green economy’ worth USD 6.7 billion.

Hanh underscores the crucial role of banks in advancing both green finance initiatives and sustainable investment to support Vietnam’s transition to a more sustainable and resilient economy. “Many countries are developing green finance taxonomies as a guidance for green financing transactions. At Standard Chartered, we leverage our global expertise and deep local knowledge to support key initiatives that drive the growth of green financing in the country,” she notes.

Helping people keep pace with progress

To keep pace with rapid economic development, Vietnam’s banking system has implemented an ongoing technology modernisation program. After a period of economic stabilisation by State Bank of Vietnam, the country is now working to align its banking sector closer to international market standards, including non-cash payment and digital banking frameworks, enhanced banking supervision and risk management standards.

“The work is huge and thanks to it we have been able to operate in the modern banking industry we see today,” Hanh explains, noting that the transformation process is only going to gain pace. “Vietnam has been making great efforts to transition from a frontier to an emerging securities market – which underscores the pressing need for technological, regulatory, and risk management reforms to foster a robust and investor-centric ecosystem.”

To make this work for a population now transforming to a middle-income status, she says the country’s workforce must be ready to drive the new economy forward. “It is extremely important that we re-skill and upskill ourselves to meet with the new market requirements,” she notes.

In Vietnam, Standard Chartered proudly collaborates with the government, non-governmental organisations, partners, and educational and vocational institutions, to implement Vietnam’s ‘Ready to Work’ project, while actively tackling existing system inequalities. “This means we provide training and employment opportunities for disadvantaged students, allowing them to realise their full potential and gain financial independence,” says Hanh.

Advancing the role of women in Vietnam

As a country leader for Standard Chartered, Hanh stands out as a prominent advocate for women in Vietnam’s financial sector. Thanks to a policy of empowering women throughout the corporation, she is proud to work in a company with 70 per cent female representation, with nearly half of them holding leadership roles.

“In my many years of working in the financial sector, I have personally witnessed significant investments by the government and market participants to foster inclusivity and promote women in leadership roles in the financial markets,” she notes. “I believe Vietnam will continue to develop and integrate more, and Vietnamese women will have even more career growth opportunities. In my opinion, younger women today have many favourable conditions to tap on – and can reach top positions much faster than my generation,” she notes.

Realising her own career goals was not without a significant degree of vigilance, she notes. Reaching her current position meant balancing multiple responsibilities including caring for young children and elderly parents, pursuing her Master’s degree, continuously refreshing her knowledge and skills in financial products and techniques, and staying on top of the demands of a busy career. 

For young women aspiring to lead, she advises, “Find your passion early, invest in your inner values, and then build a network that can support you,” she suggests. “Over time, you will learn to balance things, physically and mentally,” she says, noting that this balance is key in terms of preventing stress, and embracing changes as it come.

“I had to take on many things at once,” she reflects. “But identifying this path early on really helped me to be fully equipped to have a career that I really love.”

Finding inspiration all around her

Hanh finds inspiration in how the younger generation of Vietnamese is embracing technology. “The young generation wants to have more work-life balance and a better life,” she notes. “They need to work smart and invest. Financial education is crucial.”

As part of its transformation agenda, Standard Chartered’s Fit for Growth program, a three-year enterprise-wide digital and technology efficiency initiative, aims to simplify, standardise and digitise operations. This aims to reduce complexity and improve service delivery across the organisation. “This will enable us to create capacity to invest in innovative solutions – and deliver better experiences for both our clients and our people.”

Reflecting on her journey, Hanh emphasises that sustainable growth transcends economic metrics; it’s about creating lasting impact for future generations. “I’m inspired daily by the resilience and aspiration of the Vietnamese people,” she shares. “This drives my desire to help foster an inclusive and sustainable future for our nation.”

Balancing her leadership role with personal life, Hanh finds strength in her family. “Their unwavering support reminds me of the importance of our mission,” she notes. “Together, we can build a Vietnam that offers prosperity and opportunity.”

[