Miza Nghi Son: Vietnam’s first recycled packaging paper manufacturer with a Green Finance Framework aligned with Regional and International Principles

FiinRatings– a strategic partner of S&P Global – has published a Second Party Opinion (SPO) on the Green Finance Framework of Miza Nghi Son Company Limited, assessing its alignment with the ICMA Green Bond Principles, the ASEAN Green Bond Standards, and the Green Loan Principles issued by the Loan Market Association (LMA) and the Asia Pacific Loan Market Association (APLMA). The SPO provides an independent assessment of the Framework’s consistency and compliance with international standards governing the mobilisation and use of green finance.

Miza Nghi Son is a recycled packaging paper manufacturer located in the Nghi Son Economic Zone, Thanh Hoa Province, with operations commencing in 2021. The Company has completed Phase I with an annual capacity of 120,000 tonnes, while Phase II, expected to be completed by Q2 2026, will increase total capacity to 220,000 tonnes per year and include the installation of a 950 kWp rooftop solar power system.

Under the Green Finance Framework, 100% of proceeds from green bond issuance are committed to new and expansion investments directly related to circular economy practices, sustainable water and wastewater management, energy efficiency, renewable energy, and sustainable natural resource management, with a 36-month allocation period from the issuance date.

Based on its independent assessment, FiinRatings found no material issues that would lead it to conclude that the Framework is not aligned, in all material respects, with the stated Principles and Standards. The Framework is assessed as Aligned across the four core pillars –Use of Proceeds, Project Evaluation and Selection, Management of Proceeds, and Reporting –   with the Reporting pillar assessed as Strongly Aligned, reflecting the Company’s commitment to annual allocation reporting and the progressive development of environmental impact reporting.

A flagship eligible project under the Framework is the Phase II packaging paper production line with a capacity of 100,000 tonnes per year, using recovered paper as the primary input, of which approximately 70% is expected to be sourced domestically. The project is expected to promote the circular economy, reduce pressure on forest resources, and improve resource efficiency, particularly in the context of Vietnam’s currently low paper recycling rate.

👉 Access the full Second Party Opinion (SPO) on Miza Nghi Son’s Green Finance Framework: HERE

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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