OCB Receives Award for Sustainable Development Enterprise 2024
 OCB’s journey towards becoming a green bank began early on. The bank’s management policy on environmental and social risks, advised by the IFC, was issued in 2012, and since then, these considerations have been integrated into the credit approval process for customers. In addition to actively promoting the development of digital banking products and services, OCB has also adjusted its internal management practices to be more environmentally friendly by using energy-saving equipment and prioritizing online and digitized processes… to reduce paperwork, stationery, and energy consumption.
 In April 2024, OCB and the International Finance Corporation (IFC) officially signed an agreement for consulting services on the green banking transition and digital banking services for retail and SME customers, with a focus on sustainable and efficient development for the bank, its customers, and society. As per the agreement, the IFC will support OCB in its green transition journey while also enhancing its digital banking capabilities for SMEs and retail customers. This not only promotes climate finance but also expands access to capital for SMEs, particularly those owned by women.
Pioneering Digital Transformation: A Solid Foundation for OCB’s Sustainable Development Strategy
The strategic cooperation between the bank and the IFC is a strong affirmation of OCB’s commitment to pursuing an effective sustainable development strategy, building its overall strategic objectives based on the three pillars of environmental, social, and governance (ESG) factors, and adjusting all OCB products introduced to the market. It also raises the standards of internal governance and management within the bank.
2024 is considered a pivotal year of particular importance in achieving OCB’s long-term goals. Based on this assessment, in addition to formulating specific business strategies, OCB has also developed a plan to implement its sustainable development strategy, with a vision to become a pioneer Green Bank in Vietnam. Therefore, OCB has defined long-term goals for this transformation journey with a mission for sustainable development towards a greener and better future, shared the bank’s leadership.
With its steadfast commitment to pursuing an effective sustainable development strategy and aiming to become a pioneer green bank in Vietnam, OCB’s green credit portfolio is on an increasing trend, reaching an average proportion of 8-10% of the bank’s total credit portfolio. Meanwhile, as of June 30, 2023, green credit outstanding in Vietnam reached nearly VND 528,300 billion, accounting for about 4.2% of the total outstanding credit in the economy.
It is known that after signing a cooperation agreement with the International Finance Corporation (IFC), OCB will continuously improve the Green Academy training programs based on the IFC’s advice to enhance the green culture and capacity within the bank in project appraisal and environmental and social risk assessment. Simultaneously, OCB will design green products and green credit programs for potential customer segments. With the support of international financial institutions such as IFC and DEG, OCB has expanded its lending portfolio to include eligible sustainable development projects in various social and climate fields. OCB will also introduce preferential policies and green credit products to customers and disclose information through various media channels.
“Pursuing a sustainable development strategy will enable OCB to easily access international capital from financial organizations and investors interested in sustainable projects. However, it also comes with challenges such as high initial investment costs, employee training requirements, and the need to regularly organize processes and restructure to meet sustainability standards. The legal framework and green criteria in Vietnam also need time to be perfected… However, OCB remains steadfast in its goals. Receiving the TOP 50 Typical Sustainable Development Enterprises 2024 award in the “ESG Leadership” category is a strong motivation for us to continue striving to become a pioneer green bank in Vietnam,” added OCB’s leadership.
Top 50 Typical Sustainable Development Enterprises 2024
The TOP 50 Sustainable Development Enterprises award is an annual recognition initiated by the Nhip Cau Dau Tu magazine to contribute to promoting the trend of sustainable development among the Vietnamese business community and society. It also aims to honor enterprises that have contributed to sustainable, environmentally friendly, and socially equitable development. The award helps raise awareness and inspire sustainable development and environmental protection in the community.
Recently, OCB was also honored in the PRIVATE 100 ranking, reaching the Top 11 Banks with the highest tax contribution in 2023. Specifically, last year, OCB contributed VND 1,101 billion to the state budget (including taxes and fees).
OCB has also been ranked among the top tax-paying enterprises for many consecutive years. In 2023, OCB maintained its position at 28th place (up two spots from the previous year) in tax contribution.
These achievements demonstrate OCB’s commitment to complying with the laws and regulations of Vietnam, especially those related to taxes and fees. This commitment guides all the bank’s activities and is instrumental in achieving effective, stable, sustainable, and transparent growth.
