Analysis and Insights
[Hanoi, 23 February 2023] – FiinRatings and the Global Green Growth Institute (GGGI) officially signed a Partnership Agreement to promote green bond and the sustainable finance market in Vietnam. Under the MoU, the two parties will work together to share best practices to advance the Green, Social, and Sustainable bond market bond Vietnam.
This occasion marks the collaboration between FiinRatings and GGGI to encourage and support the growth of Vietnam’s Green and Sustainable Finance Market. The two organizations will cooperate to support Vietnamese enterprises in green bond issuance in domestic and foreign capital markets, including the preparation for green bond framework, external verification, and other preparation for issuing a green bond, as well as market education and knowledge sharing for green finance development in Vietnam.
“There is a great demand from foreign investors in Vietnamese companies through green bonds or green credits. In Vietnam, the Government is also to issue the green taxonomy to stipulate the issuance of green bonds and banking credit. As a well-established credit rating agency in Vietnam and an approved verifier of green bonds under the international standard with Climate Bonds Initiative, we are very glad to join hands with GGGI to help Vietnamese companies in realizing this opportunity for green plans and bring greater impacts to the market" said Mr. Nguyen Quang Thuan, CEO of FiinRatings.
“The development of sustainable finance market could play a catalytic role in accelerating the transition towards net zero emissions by 2050 for emerging economies like Vietnam via the mobilization of private funding to net-zero, NDC-, as well as SDG-aligned projects and business models. The partnership with FiinRatings, the first local verifier on the market, would be highly relevant to GGGI’s strategies to support advancing a robust domestic green bond market and promote the green, social, and sustainable bond ecosystem in Vietnam.” said Ms. Maria Cecilia Paña, Deputy Country Representative, GGGI Vietnam.
Since 2020, GGGI and the Vietnam Ministry of Finance have been jointly implementing the Green Bond Readiness Program, a technical assistance program funded by the Government of Luxembourg to foster the development of a green bond market in Vietnam via the strengthening of policy guidance, capacity building and knowledge sharing products, and the provision of technical assistance to pilot issuers.
The cooperation agreement between FiinRatings and GGGI affirms the relationship and commitment between the two parties, setting a milestone in the formation and long-term development of green bonds and green credits market, adding momentum to the sustainable growth of the economy and the realization of Vietnam's national development goals.
FiinRatings Joint Stock Company, a member of FiinGroup and a technical collaboration partner with S&P Global Ratings, is a local licensed Credit Rating Agency in Vietnam. FiinRatings provides credit ratings and related services to issuers, creditors and investors in Vietnam credit market. FiinRatings is also Vietnam first green bonds approved verifier, in accordance with the green bond international standard by the Climate Bonds Initiative. For more information, please visit https://www.fiinratings.vn
FiinGroup is Vietnam’s leading provider of financial data analytics platforms, business intelligence and industry research service to local and foreign investors in capital market and corporates to grow their business in Vietnam. For more information, visit https://www.fiingroup.vn
About Global Green Growth Institute (GGGI)
Based in Seoul, GGGI is an intergovernmental organization that supports governments of developing countries to transition to a model of economic growth that is environmentally sustainable and socially inclusive. GGGI delivers programs for over 40- member and partner countries across Africa, Asia, the Caribbean, Europe, Latin America, the Middle East, and the Pacific regions, through technical support, capacity building, policy planning & implementation, and by helping to build a pipeline of bankable green investment projects. Find out more at https://gggi.org/