Independent Verification of Green Bond Frameworks: A Foundation for Trust and Market Standards

On 16 January, the Signing Ceremony of the Green Bond Agreement Towards a Circular Economy between TPBank and Miza Nghi Son Co., Ltd. was held, marking a notable green finance transaction in Vietnam’s capital market and establishing a meaningful reference case for domestic manufacturing enterprises.

According to the announcement, Maybank Investment Bank (Vietnam)(MSVN), together with Maybank Investment Bank Berhad (MIBB), Malaysia, supported Miza Nghi Son in the issuance of the green bond. MSVN acted as the sole arranger, while MIBB served as the sustainable structuring advisor for the transaction. FiinRatings participated by providing a Second Party Opinion (SPO) on the issuer’s green bond framework.

Speaking at the event, Ms. Ba Thi Thu Hue, Head of Commercial at FiinRatings, outlined the practical relevance of independent verification of green finance frameworks for both transaction stakeholders and the orderly development of the green finance market. She also addressed greenwashing risks in the context of rising expectations for transparency and accountability.

According to Ms. Hue, issuers of green bonds and green loans contribute to the elevation of market standards by improving the transparency of their green finance frameworks and adopting independent assessments aligned with recognised standards. Well-structured and standardised transactions may serve as reference points, thereby raising expectations for other issuers seeking access to green capital.

Through independent assessment services such as Second Party Opinions (SPOs), together with credit rating and risk analysis capabilities, FiinRatings supports the establishment of clearer and more credible transaction standards. This contributes not only to higher-quality individual issuances, but also to building a solid foundation of trust for the long-term development of Vietnam’s green finance market.

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FiinRatings' Sustainable Finance Specialist Team can help with below offerings:
▪️ Second Party Opinions on Green Bonds and Green Loans
▪️ Green Bond Verifications
▪️ ESG Assessment
▪️ Sustainable Finance Advisory

Contact FiinRatings today for consultation:
📩 Email: support.fiinratings@fiingroup.vn
📞 Tel: (+84-24) 3562 6962