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Environmental criteria for green investment projects
According to Decision 21/2025/QD-TTg dated July 4, which provides environmental criteria and certification of investment projects under the green taxonomy, an investment project must meet two criteria to be certified as “green”.
First, the project must obtain a decision on approval of results of the appraisal of the environmental impact assessment report, an environmental license, or an environmental registration certificate as prescribed in the law on environmental protection, except investment projects that are exempt from environmental procedures in accordance with law.
Second, the project must be in the field of environmental protection or bring about environmental benefits and meet the requirements specified in Appendix I to Decision 21.
The decision defines the entities that are competent to certify investment projects under the green taxonomy. They include state agencies competent to appraise, or approve the results of appraisal of, environmental impact assessment reports or grant environmental licenses for investment projects in accordance with the law on environmental protection.
It goes on to say that an independent certification body must have the legal person status as prescribed by law; and make business registration in Vietnam or be established under a competent state agency’s decision.
In addition, such a certification body must be that engaged in commercially providing conformity assessment services or having the conformity assessment function; or commercially providing auditing services.
It must also have a management system and operational capacity that aligns with relevant national or international standards on conformity assessment and assurance engagements, or revised or replaced standards issued by Vietnamese authorities in accordance with law.
Certification of investment projects to be green
Decision 21 specifies forms of certification of investment projects under the green taxonomy, following the request of project owners or issuers of green bonds.
Regarding certification by competent state agencies, project owners will request the competent state agencies to certify that their investment projects belong to the green taxonomy concurrently with the settlement of administrative procedures for appraising, or approving the results of appraisal of, environmental impact assessment reports or granting environmental licenses.
The competent state agencies in charge of appraising environmental impact assessment reports or granting environmental licenses will evaluate and certify the investment projects’ satisfaction of the criteria for inclusion in the green taxonomy during the appraisal of environmental impact assessment reports or when considering the grant of environmental licenses. The certification results must be stated in the decisions on approval of the environmental impact assessment report appraisal results or environmental licenses.
With respect to certification by independent certification bodies, project owners and green bond issuers will submit applications to independent certification bodies for certification of their investment projects to be green.
Independent certification bodies will examine the applications, ensuring independence and objectivity in conformity with their standards. The time limit and fees for the certification will be agreed upon between the independent certification bodies and the project owners in accordance with relevant laws.
Independent certification bodies will bear responsibility before law, and before agencies and organizations in charge of implementing the State’s incentive and support policies for green credit and green bonds, as well as other stakeholders for the certification results.
By VLLF)
