Miza Nghi Son’s Green Bond: A Breakthrough in Sustainable Finance
On January 16, a landmark event unfolded in Vietnam’s financial landscape as Miza Nghi Son Co., Ltd. successfully issued a green bond. This initiative was supported by Maybank Investment Bank (Vietnam) and Maybank Investment Bank Berhad (Malaysia), with MSVN acting as the sole arranger and MIBB as the sole sustainability structuring adviser. The independent financial rating agency FiinRatings provided a crucial second-party opinion (SPO) for the transaction.
A Historic First for Vietnam’s Paper Manufacturing Sector
This bond issuance marks a significant milestone, being the first green bond in Vietnam’s paper manufacturing sector issued without an international payment guarantee, adhering to the International Capital Market Association (ICMA) Green Bond Principles and the ASEAN Capital Markets Forum (ACMF) Green Bond Standards.
The eligible projects under Miza’s Green Finance Framework align with Vietnam’s Green Taxonomy, established in July, as well as the regional ASEAN Taxonomy for Sustainable Finance. This harmonization of standards underscores the importance of sustainable financing structures and reflects an increasing commitment to environmental sustainability in Vietnam.
Compliance and Verification
FiinRatings, through its independent second-party opinion, affirmed that Miza’s framework meets both regional and international standards. Their SPO verified compliance with the ICMA Green Bond Principles and ACMF Green Bond Standards, as well as the Green Loan Principles laid out by various reputable financial associations. This rigorous third-party analysis serves as a significant validation of Miza Nghi Son’s commitment to transparency and responsible governance.
Financial Allocation and Sustainable Goals
The financial proceeds from the bond, valued at VND150 billion (approximately $5.7 million), are earmarked exclusively for eligible projects under Miza’s framework. The funding will primarily be used for Phase II of the Miza Nghi Son Recycle Paper Manufacturing Plant located in the Nghi Son Economic Zone of Thanh Hoa province. This phase aims to increase production capacity, expand operations, and enhance efficiency—goals that directly relate to Miza’s overarching environmental objectives.
Miza Nghi Son’s operational focus is rooted in a circular economy model, emphasizing sustainable resource utilization. Projects financed by the green bond will support investments in circular economy practices, sustainable water and wastewater management, energy efficiency, renewable energy, and sustainable natural resource management.
Commitment to Sustainable Development
Le Van Hiep, CEO of Miza Nghi Son Co., Ltd., articulated the company’s commitment to sustainability and circular economy principles: “This green bond issuance underscores our long-term commitment to sustainable development. This reflects market confidence in our transparent governance and long-term growth vision.”
He reiterated that all proceeds will be channeled towards upgrading green technology, strengthening environmental treatment systems, and fully integrating Environmental, Social, and Governance (ESG) standards into Miza’s operational framework. These initiatives aim to position Miza as a critical player in Vietnam’s circular economy, contributing to emissions reductions and resource efficiency.
A Boost for Vietnam’s Bond Market
Kim Thien Quang, CEO of Maybank Investment Bank Vietnam, remarked on the significance of this issuance: “This landmark green bond issuance highlights the increasing maturity of Vietnam’s domestic bond market and the growing confidence of investors in sustainable financing structures.” Such transactions not only facilitate enterprises in accessing long-term local currency funding but also promote the nation’s transition towards sustainable practices.
Quang emphasized the collaborative efforts between Maybank Investment Bank in Vietnam and Malaysia, leveraging their regional expertise to support capital market development within Vietnam and ASEAN. Their success in mobilizing sustainable finance, amounting to approximately $38.45 billion from 2021 to September 2025, nearly doubles their initial target of $19.7 billion.
A Path Toward Sustainable Finance
Nguyen Quang Thuan, executive chairman of FiinRatings, noted the importance of this pioneering green bond issuance for Vietnam’s sustainable finance market. He stated, “This transaction marks an important milestone that illustrates how domestic issuers can access green capital through robust frameworks and transparent reporting.”
The involvement of independent reviewers like FiinRatings reinforces the credibility of sustainable financing structures, contributing significantly to Vietnam’s broader environmental goals and economic resilience.
Peer Recognition and Future Pathways
This breakthrough by Miza Nghi Son serves not only as an exemplar for the paper manufacturing sector but also sets a standard for future green financial initiatives in Vietnam. As more companies explore sustainable practices and green financing, the dialogue around responsible investments continues to evolve.
With the success of this green bond, companies in Vietnam are likely to feel encouraged to follow suit, potentially leading to a wave of sustainable projects that can positively impact both the economy and the environment.