ESG is closely related to both finance and import and export
Speaking at the Workshop "Enhancing the reputation of sustainable development reports: The role of independent and guaranteed assessments" organized by FiinGroup on the morning of May 9, 2025, Mr. Nguyen Quang Thuan - Chairman of FiinGroup and FiinRatings - emphasized: "Sustainable development (ESG) not only serves the financial market such as bonds and stocks but is also closely related to trade and import-export activities. Currently, many import-export customers have requested ESG scoring and sustainable development as a basis for evaluating partners.
According to Mr. Thuan, sustainable development factors and ESG have been mentioned in many important laws and policies such as the Law on Environmental Protection, Law on Credit Institutions, Securities Law (2019), Investment Law, Business Law, National Strategy for Green growth, climate change response. In particular, Resolution 68 of the Politburo on private economic development also emphasized the promotion of green credit, encouraging credit institutions to reduce interest rates for businesses to implement green projects, meeting ESG standards.
In the securities sector, Decree 155 guiding the Securities Law, Circular 96 of the Ministry of Finance stipulates the disclosure of information related to ESG, not only for public companies and bond issuers but also for fund management companies and securities companies. Mr. Thuan cited that the number of listed companies preparing their own sustainability reports has increased from 21 to 33, according to data from the 17th Listed Enterprise Voting Council (VLCA).
In addition, Vietnam has a VNSI Stock Index for reference of 20 listed enterprises in the VN100, but the ESG score has not been announced and widely applied.
Need to improve infrastructure and policies to open up green capital
In the field of credit and corporate bonds, there have been policies such as the Green Banking Project, Circular 17/2022/TT-NHNN guiding environmental risk management in credit granting, or regulations on green bonds in Decrees 163/2018, 153/2020, 65/2022. However, the market is still lacking green taxonomy criteria, lacking standard data for comparison, lacking independent assessment and verification activities (external review, second party opinion, verification), while incentive and support policies are still in the process of being perfected. In particular, the benefits for businesses issuing green bonds (greenium) have not been clearly and methodically demonstrated in Vietnam.
Mr. Thuan emphasized: Promoting green finance is a major policy that has been concretized in central resolutions, but the market is in great need of specific action plans on institutions and policies. While sustainable finance in the world and ASEAN has developed strongly, bringing many benefits such as low interest rates, long terms, reducing risks of interest rate fluctuations, expanding investor base, and adding green transformation resources, in Vietnam, new transactions have appeared sparse, based on voluntary principles, and have not created a strong flow".
According to Mr. Thuan, Vietnamese enterprises should proactively research and take advantage of this opportunity, depending on the characteristics of the industry and investment projects to choose suitable sustainable financial instruments that optimize benefits. As an independent data analysis and credit rating unit, FiinGroup and FiinRatings hope to accompany market members, promote transparency, avoid the risk of "green laundry", thereby opening up green capital flows for both private and public enterprises.
Sharing the same view, Mr. Trinh Duc Vinh - Deputy Director, Department of Management, Supervision and Auditing, Ministry of Finance affirmed that the highest goal that management agencies, organizations and individuals participating in the market aim for is to build a sustainable, stable and quality developed market, thereby creating favorable conditions for long-term development. Vietnam has met many important legal criteria, but still needs to improve to better meet transparency standards and increase the confidence of foreign investors.
Capital attraction not only depends on market size, but also requires effective, consistent policy operation, with a stable mentality. Management agencies identify the important task of building a transparent, high-quality market infrastructure, meeting the requirements of sustainable development, not just stopping at recording transactions or technical support.
