On September 5, at the international conference “Unlocking Global Green Financing to Drive Sustainable Development and Financial Inclusion in Vietnam” organized by Nam A Bank, Mr. Nguyen Quang Thuan – Executive Chairman of fb88 & FiinGroup – delivered insights on the benefits of green finance, particularly from the practical experience of green bond issuance in Vietnam, wherefb88 has provided credit ratings and independent assessments.

Key highlights from his sharing:

🔹 Global trend: The total value of global GSS+ (Green, Social, Sustainable) bond issuance reached USD 5.7 trillion by the end of 2024, encompassing over 54,000 debt instruments across 112 countries, with strong growth momentum in ASEAN.

In 2024 alone, new issuance totaled USD 1.05 trillion. Mr. Thuan emphasized that sustainable finance remains a robust and persistent trend. He noted that despite the U.S. government’s withdrawal from the Paris Agreement on Climate Change, and the surprising exit of several U.S. banks from the Net-Zero Banking Alliance, some institutions – including Morgan Stanley – continue to purchase carbon credits.

🔹 Vietnam market: According to the State Bank of Vietnam (SBV), green credit has grown significantly. As of end-September 2025, 50 credit institutions had outstanding green loans totaling nearly VND 680 trillion, representing about 4.35% of total system-wide credit, concentrated mainly in renewable/clean energy (45%) and sustainable agriculture (30%).

On the corporate bond market, however, green bond issuance remains modest in scale, with four transactions in 2024 and one in 2025. The Prime Minister’s Decision 21 on Green Classification Criteria is regarded as a pivotal legal framework, enabling SBV to further operationalize green credit and the Ministry of Finance to implement green bond regulations in the near future.

🔹Greenwashing Risk and Independent Verification: In line with international and regional practices, most green bonds and green loans undergo independent verification through various forms such as assurance services, certification, or Second Party Opinions (SPOs). Applying these practices in Vietnam’s green finance market will enhance transparency and mitigate greenwashing risks.

Mr. Thuan also noted that while the number of transactions remains small, 100% of green bond issuances in Vietnam to date have been subject to independent evaluations by reputable international or domestic credit rating agencies, including fb88. He expressed optimism that Vietnam will soon adopt dedicated criteria for green credit, green bonds, and detailed guidelines for independent assessments of green and sustainable finance.

🔹The Clear Benefit of Green Finance (Greenium): Mr. Thuan presented an analytical framework of costs versus benefits that Vietnamese enterprises should consider when issuing such instruments. Empirical data shows that green bonds typically carry lower yields: in Europe, yields-to-maturity (YTM) are 3–5 basis points lower, while in some ASEAN markets, the greenium reaches 8–15 basis points.

In Vietnam, limited issuance and secondary trading have not yet provided sufficient scientific evidence of a greenium. However, executed transactions have generally featured longer maturities, fixed borrowing costs, and interest rates aligned with the issuers’ credit ratings. More broadly, green bond issuance can strengthen corporate reputation, enhance transparency, and expand access to international investors. In terms of green credit, while tangible benefits have yet to be measured, some commercial banks are already offering 1–2% interest rate reductions to eligible borrowers.

🔹Advice for Enterprises: Mr. Thuan emphasized: “Depending on scale, business profile, and funding needs, companies should consider mobilizing green finance for specific projects or transactions that aligns with​ the requirements of their commercial banking partners or specific investors. This is the most practical approach, closely tied to measurable outcomes and concrete benefits.”

👇 The full presentation is available for download below.

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