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On July 4, 2025, the Prime Minister issued Decision No. 21/2025/QĐ-TTg (“Decision 21”), which stipulates environmental criteria and the procedures for verifying investment projects that meet such criteria in order to qualify for State incentives and support related to green credit and green bonds. Investment projects that satisfy the environmental criteria shall be classified under the green taxonomy. Decision 21 will take effect from August 22, 2025.

To be classified as an investment project under the green taxonomy, a project must meet the following two criteria:

• It must have an approved decision on the appraisal results of the environmental impact assessment report, or an environmental license, or an environmental registration in accordance with the provisions of the law on environmental protection, except for investment projects that are exempt from environmental procedures as prescribed by law.

• The project must fall within the field of environmental protection or generate environmental benefits, and must meet the requirements set out in Appendix I of Decision 21.

To verify that an investment project qualifies under the green taxonomy, the project owner or the green bond issuer may proceed through one of the following two methods:

• Method 1: The project owner may request the competent state authority to verify that the investment project qualifies under the green taxonomy during the process of appraising and approving the environmental impact assessment report, or issuing the environmental license, in accordance with the law on environmental protection.

This verification procedure shall be carried out concurrently with the administrative procedures for the appraisal and approval of the environmental impact assessment report or the issuance of the environmental license. The verification result shall be reflected in the decision approving the appraisal results of the environmental impact assessment report or in the environmental license.

In this case, the decision approving the appraisal results of the environmental impact assessment report or the environmental license shall have the same legal validity as a written confirmation that the investment project qualifies under the green taxonomy.

• Method 2: The investment project owner or the green bond issuer may submit a dossier requesting an independent verification organization to confirm that the investment project qualifies under the green taxonomy. Such organizations are legal entities registered for business in Vietnam or established under decisions issued by competent state authorities, engaged in conformity assessment services or possessing conformity assessment functions as prescribed by law, or engaged in audit services, and having management systems and operational capacities that meet the standards and norms as regulated.

The independent verification organization shall examine and review the dossier to confirm that the investment project qualifies under the green taxonomy, ensuring independence and objectivity in accordance with its applicable standards or norms. The independent verification organization shall be legally responsible to the law, to agencies and organizations implementing the State’s incentive and support policies on green credit and green bonds, and to other relevant agencies, organizations, and individuals for the results of its verification.

The confirmation document certifying that an investment project falls under the green taxonomy, issued either by a competent state authority or an independent verification organization in accordance with the two aforementioned forms, shall serve as one of the legal bases for the investment project owner or the green bond issuer to request access to the State’s incentive and support policies on green credit and green bonds, as prescribed by law.

Within 30 days from the date of issuance of the confirmation document, the investment project owner shall be responsible for submitting a written notification regarding the confirmed green-classified investment project to the Ministry of Agriculture and Environment.