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On January 16, Maybank Investment Bank (Vietnam) (MSVN) and Maybank Investment Bank Berhad (MIBB) of Malaysia supported Miza Nghi Son Co., Ltd. in issuing a green bond, with MSVN acting as sole arranger and MIBB serving as sole sustainability structuring adviser. FiinRatings provided an independent second-party opinion (SPO) for the transaction.
The transaction represents the first green bond in Vietnam’s paper manufacturing sector to be issued without an international payment guarantee and in accordance with International Capital Market Association (ICMA)’s Green Bond Principles and ASEAN Capital Markets Forum (ACMF)’s Green Bond Standards.
The eligible green project portfolio under Miza’s Green Finance Framework is designed to comply with Vietnam’s Green Taxonomy under Decision 21, issued last July. The framework also references the ASEAN Taxonomy for Sustainable Finance (Version 3) and the Singapore–Asia Taxonomy for Sustainable Finance.
FiinRatings provided an independent second-party opinion, confirming that Miza’s Green Finance Framework aligns with regional and international standards. The SPO affirms compliance with the ICMA Green Bond Principles, ACMF Green Bond Standards, and the Green Loan Principles issued by the Loan Market Association, Asia-Pacific Loan Market Association, and Loan Syndications & Trading Association across all four core pillars.
Proceeds from the green bond will be allocated exclusively to eligible projects under Miza’s framework, supporting the company’s expansion and environmental objectives. These include new and expansion investments linked to circular economy practices, sustainable water and wastewater management, energy efficiency, renewable energy, and sustainable natural resource management.
Most of the funds will be used to procure machinery and equipment for Phase II of the Miza Nghi Son Recycle Paper Manufacturing Plant in the Nghi Son Economic Zone, Thanh Hoa province. The investment is expected to boost capacity, expand operations, and improve business efficiency over the medium to long term.
Miza Nghi Son operates a recycled packaging paper manufacturing facility and has been in operation since 2021, with a business model centred on circular economy principles and sustainable resource utilisation.
“Our participation in the green bond issuance underscores Miza Nghi Son’s long-term commitment to sustainable development and the circular economy,” said Le Van Hiep, CEO of Miza Nghi Son Co., Ltd. “The seven-year, VND150 billion ($5.7 million) bond reflects market confidence in our transparent governance and long-term growth vision.”
“We will allocate all proceeds to green technology upgrades, strengthen environmental treatment systems, and integrate environmental, social, and governance (ESG) standards into our operations. These efforts position Miza Nghi Son as a key link in the circular economy, supporting emissions reduction, resource efficiency, and Vietnam’s green growth goals,” he added
Kim Thien Quang, CEO of Maybank Investment Bank Vietnam, said, “This landmark green bond issuance highlights the increasing maturity of Vietnam’s domestic bond market and the growing confidence of investors in internationally aligned, market-based sustainable financing structures. It expands access to long-term local-currency funding for enterprises to implement large-scale sustainability projects and support the country’s green transition.”
“Through close collaboration between Maybank Investment Bank in Vietnam and Malaysia, we are leveraging our regional track record and expertise to support capital market development across Vietnam and ASEAN. Reflecting this commitment, the Maybank Group mobilised approximately $38.45 billion in sustainable finance from 2021 to September 2025, nearly doubling our original $19.7 billion target,” he added.
Nguyen Quang Thuan, executive chairman of FiinRatings, said, “We are pleased to provide the SPO for Miza’s Green Finance Framework, which demonstrates strong alignment with international and regional standards, including the ICMA Green Bond Principles and ASEAN Green Bond Standards. This pioneering transaction marks an important milestone for Vietnam’s sustainable finance market and shows how domestic issuers can access green capital through robust frameworks and transparent reporting.”
He added, “FiinRatings remains committed, as an independent reviewer, to supporting credible, market-based sustainable financing structures that contribute to Vietnam’s environmental goals and long-term economic resilience.”
