Page 86 - Ebook HTKH 2024

Environmental Protection 2020; Furthermore, the above decrees also specifically
regulate the offering of green corporate bonds and information disclosure content

(including report on accounting, management and use of capital from green bond
issuance with review opinions of auditing organizations; report on project
implementation disbursement progress and environmental impact assessment report),
however, these regulations are not really specific, nor do they clearly state the roles and
responsibilities of relevant parties, causing difficulties in creating and enhancing the
trust of bond market participants. especially in the context of a sharp decline in investor
confidence in the individual corporate bond market due to violations being handled and
false rumors, causing people to sell bonds at all costs, regardless of the condition the

issuing business is in.
A legal problem with green credit and green bonds is that Vietnam does not have
a list of projects eligible for green credit or green bond issuance. Article 154 of Decree
No. 08/2022/ND-CP briefly mentions this issue, accordingly, investment projects in the
field of environmental protection, Investment projects that bring environmental benefits
specified in Clause 1, Article 149 or Clause 2, Article 150 of the Law on Environmental

Protection and According to the provisions of Decree No. 08/2022/ND-CP, green credit
is granted and green bonds are issued.
Currently, Vietnam does not have official statistics on green bonds, however,
according to the Ministry of Natural Resources and Environment (2022), in 2020 energy
enterprises issued 35,700 billion VND for renewable energy projects, increased 274%
compared to 2019, wind power alone increased 3.5 times, solar power increased
2.75 times; However, the classification of “green project list” in the above way is only

for reference and is used for statistics, because there is no basis for classification
according to environmental goals and benefits and is not based on screening criteria,
environmental thresholds and indicators of Vietnam and international practices, and
lacks a legal basis.
Green stocks, the green stock market in Vietnam is just in the formation stage,
mainly the activities of authorities focus on improving the entire market's understanding

of green stocks; building and applying a market-wide sustainable development index
and encouraging the participation of businesses, through training activities, coaching,
guidance on sustainable development and publication of environmental - social -
governance information (ESG Report), building and applying the Sustainable
Development Index (VNSI). Regarding the legal framework, Circular No.
155/2015/TT-BTC dated October 6, 2015 of the Ministry of Finance Guidance on
information disclosure on the stock market, requires businesses to disclose
environmental information in annual reports such as: (1) Sustainable development goals

(environment, society and community); (2) Risks that may affect production and
business activities or the implementation of the company's goals, including
environmental risks; (3) Report on the company's environmental and social impacts and
assessments of the Board of Directors and Board of Directors on environmental and
social impacts on aspects such as raw material resource management, energy

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