Accelerating the green transition: First onshore verified green bond issuance in Viet Nam

Hanoi, 15 July 2022 – With technical support from the Global Green Growth Institute (GGGI), the first onshore, local currency, internationally verified green bond was issued in Viet Nam by EVN Finance Joint Stock Company (EVNF). The value of the issuance is USD 75 million (VND 1,700 billion equivalent).

“Green finance is increasingly becoming a driver of the global sustainability agenda,” Dr. Frank Rijsberman, GGGI’s Director-General noted. “As Viet Nam is actively pursuing its National Green Growth Strategy for 2021-2030, this first verified onshore Green Bond issuance in Viet Nam marks a significant step for the country in raising the much-needed capital to achieve net-zero emissions targets by 2050,” Dr. Rijsberman added.

GGGI is proud to bring its green bond technical expertise and advise EVNF in this pioneering transaction which can further catalyze the market for green bonds in Viet Nam. The support was made possible through a technical assistance grant under the Viet Nam Green Bond Readiness Program supported by the Ministry of Finance – the Government of Viet Nam and the Government of Luxembourg through its international climate finance program.

Commenting on this landmark transaction, Dr. André Weidenhaupt, Director General, Ministry of Environment, Climate and Sustainable Development, the Government of Luxembourg said, “We are delighted to see that GGGI’s technical assistance and expertise in preparing this green bond issuance, together with the partial corporate credit guarantee by GuarantCo has been crucial in realizing this first of a kind green bond transaction in Viet Nam.”

“The issuance of Viet Nam’s first private sector Green Bonds by EVNF is a landmark in the realm of green financing in Viet Nam,” Dr. Jason Lee, GGGI Deputy Director and Head of Emerging Economies Asia, Viet Nam Country Representative said. “It demonstrates the transforming investment appetite and maturity of Viet Nam’s sustainable financial market,” Dr. Lee added.

In this transaction, GuarantCo, part of the Private Infrastructure Development Group, provided a USD 50 million (VND 1,150 billion equivalent) partial credit guarantee to support the bond issuance by EVNF. Vietcombank Securities acted as the mandate lead arranger whilst Manulife and AIA were the anchor investors in this transaction. This is also the first-ever partially guaranteed corporate green bond that has attracted institutional investors in the country.

The signing ceremony organized in Ha Noi, Viet Nam with participation from EVN Finance, GuarantCo, Vietcombank Securities (VCBS), Manulife Vietnam, AIA Vietnam, GGGI Viet Nam, UK in Viet Nam, Swiss Agency for Development and Cooperation, and Australian Department of Foreign Affairs and Trade. Photos by GGGI & EVNF.

EVNF will allocate the bond proceeds for eligible green projects under its Green Financing Framework, including loans towards the fast-growing renewable energy, including but not limited to solar, and energy efficiency sectors in Viet Nam. This landmark green transaction will help build market confidence in the potential of local currency green bonds as a means of raising financing for sustainable infrastructure development in Viet Nam.

Based in Seoul, GGGI is a treaty-based international, inter-governmental organization that supports developing country governments transition to a model of economic growth that is environmentally sustainable and socially inclusive. In 2021, GGGI’s support to its Members led to the mobilization of USD4.7 billion from domestic and international capital markets. This included the issuance of the Government of Peru’s first sustainability bond for USD3.25 billion and the country’s first social bond for EUR1 billion. GGGI’s collaboration with NAFIN – Mexico’s second largest development bank – resulted in the issuance of the bank’s first sustainability bond for USD371 million. With GGGI’s strong expertise and growing portfolio of green bond initiatives, it is able to utilize green bonds to increase the flow of finance to NDC- and SDG-aligned projects for its Members.


More information on the GGGI Viet Nam Green Bond Readiness Program can be found here or please contact:

  • Srinath Komarina, Program Manager:
  • Ha Nguyen, Communications Expert: