Tiếng Việt
OverviewVietnam Green Bonds 2025: Deepening Market Development through Standardization
By the end of 2025, Viet Nam’s Green Bond market recorded total issuance of VND 3,407 billion. All successfully issued green bonds obtained independent external reviews confirming alignment with internationally recognised green finance standards. While overall issuance volumes remained limited, the consistent application of standards across transactions and sectors indicates a shift toward depth-driven market development, with increasing emphasis on quality, discipline, and credibility.
Key Highlights:
🔹 Green Bond issuance in 2025 totalled VND 3,407 billion across five transactions, compared with VND 10,325.1 billion across six transactions in 2024. Non-financial corporates accounted for three out of five Green Bond issuances, up from two out of six in 2024.
🔹 100% Green Bond issuances in Viet Nam were subject to pre-issuance external reviews, conducted by recognised assessment providers. FiinRatings and S&P Global Ratings jointly accounted for 80% of total reviewed transactions.
🔹 Despite modest issuance volumes, sustainable finance instruments were deployed across multiple sectors, including infrastructure, industrial manufacturing, banking and finance. This reflects a broadening sectoral footprint of sustainable finance, moving beyond isolated transactions or sector-specific concentration.
Market Outlook and the Role of Second Party Opinions (SPOs)
FiinRatings assesses that Viet Nam’s Green Bond market is developing on a transaction-by-transaction basis, with Second Party Opinions (SPOs) increasingly serving as a core mechanism to support market standardisation, enhance discipline, and strengthen investor confidence.
In 2025, SPOs conducted by FiinRatings covered the full lifecycle of sustainable finance instruments, including:
Pre-issuance Reviews
- Green Bond Framework of Xuan Mai – Hanoi Clean Water Transmission Company Limited
- Green Finance Framework of Miza Nghi Son Hanoi Company Limited
- Green Bond Framework of Binh Thuan Plastic Group Joint Stock Company
Post-issuance Review
Investment Framework Review
The application of SPOs across a diverse range of issuers and instruments underscores the growing adoption of sustainable finance standards in Viet Nam. This supports closer alignment with international assessment practices, enabling investors to assess and compare instruments on a consistent basis and contributing to the market’s medium- to long-term stability.
Looking ahead, the supply of sustainable finance instruments is expected to expand in line with funding needs for green infrastructure, sustainable manufacturing, and corporate transition strategies. However, market access is likely to become increasingly differentiated based on issuers’ compliance with standards, governance quality, and transparency, as requirements for sustainable instruments continue to be standardised and tightened.
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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
