Decision 21/2025/QD-TTg environmental criteria and the confirmation of projects in the green taxonomy

DECISION
On environmental criteria and the confirmation of investment projects classified under the green taxonomy

Pursuant to the Law on Government Organization dated February 18, 2025;

Pursuant to the Law on Environmental Protection dated November 17, 2020;

Pursuant to the Government’s Decree No. 08/2022/ND-CP dated January 10, 2022 detailing a number of articles of the Law on Environmental Protection;

Pursuant to the Government’s Decree No. 05/2025/ND-CP dated January 6, 2025 amending and supplementing a number of articles of the Government’s Decree No. 08/2022/ND-CP dated January 10, 2022 detailing a number of articles of the Law on Environmental Protection;

At the proposal of the Minister of Agriculture and Environment;

The Prime Minister promulgates the Decision on regulations on environmental criteria and the confirmation of investment projects classified under the green taxonomy.

Article 1. Scope of regulation

1. This Decision stipulates environmental criteria and the certification of investment projects that meet environmental criteria in order to be eligible for the State’s incentive and support policies on green credit and green bonds.

2. The investment projects referred to in Clause 1 of this Article are investment projects classified under the green taxonomy.

Article 2. Subjects of application

1. Investment project owners and green bonds issuers that request confirmation of their investment projects as classified under the green taxonomy.

2. Authorities or organizations competent to confirm the classification of investment projects under the green taxonomy

3. State authorities with competence to implement the State’s incentive and support policies on green credit and green bonds.

4. Credit institutions and branches of foreign banks in Vietnam participating in the implementation of the State’s incentive and support policies on green credit.

5. Other relevant agencies, organizations, and individuals.

6. Credit institutions and branches of foreign banks in Vietnam are encouraged to apply the provisions of this Decision to identify and extend green credit to investment project owners whose projects are classified under the green taxonomy, in accordance with their respective internal policies and in conformity with the provisions of law.

Article 3. Environmental criteria for investment projects classified under the green taxonomy

1. Having a decision approving the results of appraisal of the environmental impact assessment report, or an environmental permit, or an environmental registration in accordance with the provisions of the law on environmental protection, except for investment projects exempted from environmental procedures as prescribed by law.

2. Falling within the field of environmental protection or generating environmental benefits and meeting the requirements specified in Appendix I issued together with this Decision.

Article 4. Agencies and organizations authorized to confirm investment projects classified under the green taxonomy

1. The competent state authority responsible for appraising and approving the result of the environmental impact assessment report or issuing the environmental permit for the investment project in accordance with the provisions of the law on environmental protection.

2. Independent certifying organizations that fully meet the following requirements:

a) Having legal status in accordance with the provisions of law;

b) Having business registration in Vietnam or being established under the decision of a competent state authority;

c) Falling under one of the following categories:

Providing conformity assessment services or having the function of conformity assessment in accordance with the provisions of law;

Providing audit services;

d) Having a management system and operational capacity that meet one of the following requirements:

National Standard TCVN ISO/IEC 17029:2020 or International Standard ISO/IEC 17029:2019 on Conformity assessment – General principles and requirements for validation and verification bodies;

Vietnamese Standard on Assurance Engagements No. 3000 – Assurance engagements other than audits or reviews of historical financial information, or the International Standard on Assurance Engagements (ISAE 3000), or any amendments, supplements, or replacements issued by competent authorities of Vietnam in accordance with the provisions of law.

Article 5. Confirmation of investment projects classified under the green taxonomy

The confirmation of investment projects classified under the green taxonomy shall be carried out at the request of the investment project owner or the green bond issuer, and in one of the following forms:

1. Confirmation by a competent state authority as specified in Clause 1, Article 4 of this Decision shall be carried out as follows:

a) The investment project owner shall request the competent state authority to confirm that the investment project is classified under the green taxonomy simultaneously with the administrative procedure for appraisal and approval of the environmental impact assessment report or for the issuance of the environmental permit;

b) The competent state authority appraising the environmental impact assessment report or issuing the environmental permit shall conduct an evaluation and confirmation of the investment project as being classified under the green taxonomy during the process of appraising the environmental impact assessment report or considering the issuance of the environmental permit. The confirmation result shall be stated in the decision approving the appraisal result of the environmental impact assessment report or in the environmental permit.

2. Confirmation by an independent certifying organization as specified in Clause 2, Article 4 of this Decision shall be carried out as follows:

a) The investment project owner or the green bond issuer shall submit a confirmation request dossier to the independent certifying organization for confirmation of the investment project as classified under the green taxonomy;

b) The independent certifying organization shall examine and review the dossier to confirm that the investment project is classified under the green taxonomy, ensuring independence and objectivity in accordance with the standards or norms applicable to the independent certifying organization as specified at Point d, Clause 2, Article 4 of this Decision; the confirmation timeline and related costs shall be agreed upon between the independent certifying organization and the project owner and shall comply with relevant provisions of law;

c) The independent certifying organization shall be held accountable before the law, the authorities and organizations responsible for implementing the State’s incentives and support policies on green credit and green bonds, and other relevant agencies, organizations, and individuals for the results of its confirmation.

3. The inspection, supervision, and handling of violations related to the confirmation of investment projects classified under the green taxonomy shall be carried out in accordance with the provisions of the law on environmental protection and other relevant laws.

Article 6. Dossier of request for confirmation of an investment project classified under the green taxonomy

1. In case a competent state authority confirms the investment project classified under the green taxonomy in accordance with Clause 1, Article 5 of this Decision, the content of the request for confirmation of an investment project classified under the green taxonomy shall be included in the dossier submitted for appraisal of the environmental impact assessment report or in the dossier submitted for issuance of the environmental permit, and shall include the following:

a) The content requesting confirmation of the investment project classified under the green taxonomy shall be included in the application form for environmental impact assessment report appraisal or for issuance of the environmental permit;

b) The explanatory content demonstrating that the investment project meets the environmental criteria specified in Article 3 of this Decision, shall include the contents prescribed in Appendix III issued together with this Decision, and shall be presented as a separate chapter in the environmental impact assessment report or in dossier submitted for issuance of the environmental permit.

2. In case an independent certifying organization confirms the investment project classified under the green taxonomy in accordance with Clause 2, Article 5 of this Decision, the dossier of request for confirmation of an investment project classified under the green taxonomy shall include:

a) A written request for confirmation of the investment project classified under the green taxonomy using the template specified in Appendix II issued together with this Decision;

b) The decision approving the result of appraisal of the environmental impact assessment report in case the investment project is subject to environmental impact assessment, or the environmental permit in case the investment project is not subject to environmental impact assessment but is subject to environmental permitting, or the environmental registration in case the investment project is subject to environmental registration in accordance with the provisions of the law on environmental protection;

c) An explanatory report of the investment project classified under the green taxonomy at the time of applying for green credit, issuing green bonds, or requesting to receive the State’s incentives and support policies on green credit and green bonds, shall be prepared in accordance with the form provided in Appendix III issued together with this Decision.

Article 7. Confirmation document of the investment project classified under the green taxonomy

1. In the case where the confirmation of the investment project classified under the green taxonomy is carried out in accordance with Clause 1, Article 5 of this Decision, the confirmation content shall be included in the decision approving the result of the environmental impact assessment report appraisal or in the environmental permit, which must contain the information specified in Clause 2 of this Article.

In this case, the decision approving the result of the environmental impact assessment report appraisal or the environmental permit shall have the same legal validity as the confirmation document of the investment project classified under the green taxonomy.

2. In the case where the confirmation of the investment project classified under the green taxonomy is carried out in accordance with Clause 2, Article 5 of this Decision, the confirmation document of the investment project classified under the green taxonomy must include the following information:

a) General information about the confirming organization;

b) Name of the investment project owner, the green bond issuer;

c) Scope and scale of operation of the investment project;

d) Summary of the production, business, or service technology; basic information about the products of the investment project;

dd) Content of confirmation that the environmental criteria specified in Article 3 of this Decision have been met;

e) Requirements for fulfilling and maintaining the environmental criteria specified in Article 3 of this Decision;

g) Other requirements (if any).

2. The confirmation document of the investment project classified under the green taxonomy as prescribed in Clauses 1 and 2 of this Article shall serve as one of the bases for the project owner and the green bond issuer to request incentives and support policies of the State on green credit and green bonds in accordance with the provisions of the law on environmental protection and other relevant laws.

Article 8. Responsibilities of the project owner after the investment project is confirmed as classified under the green taxonomy

1. To meet and maintain the environmental criteria specified in Article 3 of this Decision.

2. To send a written notification regarding the investment project that has been confirmed as classified under the green taxonomy to the Ministry of Agriculture and Environment within 30 days from the date of the confirmation document for compilation and monitoring purposes; the template of the notification document regarding the investment project confirmed as classified under the green taxonomy is provided in Appendix IV issued together with this Decision.

3. To fulfill other responsibilities as prescribed by relevant laws.

Article 9. Organization of implementation

1. The Ministry of Agriculture and Environment shall be responsible for:

a) Guiding, disseminating, and promoting the implementation of this Decision;

b) Compiling difficulties and obstacles and reporting to the Prime Minister for consideration of updating, amending, and supplementing this Decision in accordance with practical circumstances;

c) Compiling and updating the list of investment projects classified as green on the Ministry’s electronic information portal;

d) Adjusting and supplementing the list of investment projects classified as green as specified in Appendix I issued together with this Decision.

2. The Ministry of Finance shall take the lead and coordinate with the Ministry of Agriculture and Environment to update, connect, and integrate data regarding investment projects classified as green into the national investment database system in accordance with legal regulations.

3. The State Bank of Vietnam shall provide guidance to credit institutions and foreign bank branches in Vietnam on the implementation of the provisions of this Decision.

4. The provincial-level People’s Committees shall organize the implementation of this Decision within their authority and report annually to the Ministry of Agriculture and Environment on the implementation status of investment projects classified as green in their respective localities.

5. Ministries, ministerial-level agencies, agencies under the Government, and the People’s Committees of provinces and centrally-run cities, and relevant agencies and organizations, based on their assigned functions, tasks, and fields of state management, shall be responsible for organizing the implementation of this Decision.

Article 10. Implementation provisions

1. This Decision takes effect from August 22, 2025.

2. Ministers, Heads of ministerial-level agencies, Heads of Governmental agencies, Chairpersons of the People’s Committees of provinces and centrally-run cities, and relevant agencies, organizations, and individuals shall be responsible for the implementation of this Decision.

* All Appendices are not translated herein.