HSBC Vietnam is extending a loan of USD 60 million to Duy Tan Plastics Corporation (Duy Tan), which will help the company develop the first stage of its plastics recycling factory, according to an agreement signed between the two in Ho Chi Minh City. The green loan follows HSBC’s commitment to provide USD 100 billion of sustainable finance and investment by 2025 and is the first such loan to be provided to a Vietnamese company by HSBC.
The factory will have a capacity of up to 100,000 tons per year and will be the first one in Vietnam to apply the ‘bottles to bottles’ process, a process which recycles used plastic bottles into plastic raw materials for the next production of plastic bottles. Duy Tan will also receive support in terms of expert consultancy on green finance, sustainable development and green projects governance.
Duy Tan is a leading plastic manufacturer in Vietnam with over 4,000 employees and it operates over 200 injection machines, 70 extrusion-blow molding machines and 20 stretch-blow molding machines.
(Source: Vietnam News)