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Vietnam: Eyeing target of net-zero by 2050

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In brief

Vietnam continues to develop regulatory structures incentivizing a shift to a green economy. The proposed classification framework for green credit and green bonds is introduced via the Draft Decision of the Prime Minister on environmental criteria and certification for projects eligible for green credit and green bonds (“Draft Decision“) released in December 2022. This Draft Decision identifies investment projects eligible for environmental incentives in the form of green credit (Tín dụng xanh) and green bonds (Trái phiếu xanh) as provided for in Articles 149 and 150 of Law No. 72/2020/QH14 on Environmental Protection (“Law on Environmental Protection“), and includes a number of definitions related to the green economy in Vietnam. Relatedly, a regional classification structure, namely, the ASEAN Taxonomy for Sustainable Finance – Version 2 was released in March of this year, providing updated science-based methods for classifying activities according to their contribution to the environment1.

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Phuong is a senior corporate/M&A practitioner with over 20 years of advising clients on FDI and M&A transactions in Vietnam. She has worked on deals covering a wide range of areas, including real estate, renewable energy, consumer goods and retailing, logistics, production. Over the last few years, she has established a strong reputation in the retail distribution market, having helped several global clothing brands and global retailers to establish their stores chain in Vietnam. Phuong also heads our Vietnam offices' corporate services department. An active member of the Vietnam Business Forum, Phuong has contributed comment and consultation to the drafting of major laws of Vietnam, including the current Enterprise Law and Investment Law.

Author

Rachelle Margaret Komarnisky is an Associate in Baker McKenzie, Ho Chi Minh City office.

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