Tiếng Việt
OverviewFiinRatings assesses Binh Thuan Plastic Group Joint Stock Company’s Green Bond Framework as Aligned with the ICMA Green Bond Principles
On December 3, 2025, FiinRatings – a strategic partner of S&P Global – announced its Second-Party Opinion (SPO) on the Green Bond Framework of Binh Thuan Plastic Group Joint Stock Company (BPG), assessing the Framework’s alignment with the ICMA Green Bond Principles. The SPO reflects BPG’s efforts to expand its circular production model and adopt sustainability standards in fundraising, thereby contributing to the development of green finance in Vietnam.
BPG is one of Vietnam’s leading manufacturers of plastic pallets and industrial plastic products, with more than 15 years of operation and recycled materials accounting for 51% of total input materials. The Company continues to invest in recycling technologies, automation, and circular economy models, targeting net-zero emissions by 2050.
In December 2025, BPG issued green bonds totaling VND 520 billion (approximately USD 20 million), including an initial tranche of VND 260 billion (bond: BP112501). The bonds have a 7-year maturity and a fixed coupon of 5.85% per annum and are fully, unconditionally, and irrevocably guaranteed by GuarantCo, an AA- internationally rated guarantor. This guarantee is a key factor supporting the bonds’ AAA rating from FiinRatings, nine notches above the issuer’s BBB- rating.
Bond proceeds are allocated to the development of two recycled plastic pallet manufacturing complexes in Hung Yen and Long An province. Notably, the Hung Yen project is designed to achieve EDGE Green Building standards, incorporating resource-efficient solutions and readiness for rooftop solar installation. The bonds are recognized as Green Bonds under the ICMA Principles, based on a Framework developed with technical support from GGGI and independently assessed by FiinRatings.
According to the SPO Report, FiinRatings assessed BPG’s Green Bond Framework as aligned with all four core components of the Green Bond Principles: (i) Use of Proceeds, (ii) Process for Project Evaluation and Selection, (iii) Management of Proceeds, and (iv) Reporting.
Eligible project categories (including green buildings, circular economy initiatives, clean logistics, and waste management) were evaluated based on their long-term environmental benefits, ambition, and sector-specific risks in the plastics industry. Certain project components were assessed as Partially Compliant, reflecting the need for further enhancements in lifecycle emissions control, traceability, and reliance on a high-carbon electricity grid. However, BPG’s commitments, such as maintaining at least 65% recycled material content, targeting 50 pallet reuse cycles, and transitioning to 100% electric forklifts, indicate meaningful potential for improvement.
As Vietnam has issued its Green Taxonomy, advanced the National Green Growth Strategy, and strengthened sustainability disclosure requirements, demand for green financial instruments is expected to continue increasing. FiinRatings believes that green bonds, supported by independent assessments such as SPOs, will play an increasingly important role in facilitating access to long-term capital and fostering a transparent, standardized, and sustainable capital market.
👉 Full reports are available at the links below:
