FiinRatings Published Post-issuance Verification on BIDV’s Green Bond Allocation and Impact Report

FiinRatings Joint Stock Company ("FiinRatings"), with the support of the World Bank, announces the completion of its external review of the Green Bond Allocation and Impact Report for Joint Stock Commercial Bank for Investment and Development of Vietnam ("BIDV")'s inaugural green bond issuance.

Hanoi, October 31, 2024   

FiinRatings Joint Stock Company ("FiinRatings"), with the support of the World Bank, announces the completion of its external review of the Green Bond Allocation and Impact Report for Joint Stock Commercial Bank for Investment and Development of Vietnam ("BIDV")'s inaugural green bond issuance.  

Based on the limited assurance procedures conducted and evidence obtained, FiinRatings confirms that BIDV's Green Bond Allocation and Impact Report aligns with BIDV's Green Bond Framework and ICMA's Green Bond Principles 2021 (including June 2022 Appendix 1) regarding their Use of Proceeds. The verification covered the period from the issuance date to December 31, 2023.  

Key findings include:  

• Full allocation of the VND 2.5 trillion green bond proceeds to eligible projects in renewable energy and sustainable transport  

• 50% of proceeds allocated to new financing and 50% to refinancing  

• Robust governance processes for project evaluation, selection, and proceeds management  

• Transparent impact reporting with clear metrics and methodologies  

The complete verification report is available HERE.  

About FiinRatings:   

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. The company has developed and standardized credit rating models for more than 50 industries and sub-sectors of Vietnamese enterprises.  

FiinRatings has established itself as a leader in sustainable finance verification, being Vietnam's first approved verifier for green bonds in accordance with the Climate Bonds Initiative's international standards. The company recently completed the verification for Gia Lai Electricity Joint Stock Company (GEC)'s Green Finance Framework, marking Vietnam's first Certified Framework under the Climate Bonds Standard.  

Our credit rating portfolio includes prominent institutions such as Asia Commercial Joint Stock Bank (ACB), Vietnam International Commercial Joint Stock Bank (VIB), Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), and leading corporates across various sectors. Through strategic partnerships with global organizations like PIDG and AQUILA.is, FiinRatings continues to strengthen its capabilities in ESG assessment and sustainable finance verification.  

For more information, please visit: https://www.fiinratings.vn  

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